Instant payday loans allow you to make an online application and receive the funds instantly into your bank account if you are successful. In reality, instant loans do not exist as FCA regulated companies must carry out some affordability and credit checks prior to funding any loan. But Payday Bad Credit can help – we are an authorised lender who can provide money transferred to your bank account in 1 to 2 hours, or sometimes sooner.
The entire application process is online, so if you are looking for quick loans, we can process your application to provide funds within the hour. Simply click on apply now below where you will be taken to our form. Once you have filled in your details, you will receive an instant decision letting you know if your application has been provisionally accepted or not. If successful, you will be asked to sign an online agreement, complete some final checks and funds can be transferred to your debit account.
Instant payday loans are best suited for those with emergency expenses and looking to borrow a few hundred pounds to tide them over. We never know when an unexpected bill is going to pop up, whether it is car repairs, a medical bill or an urgent home repair.
The average car repair bill in the UK is £125 to £200 and other typical emergencies include up to £1,250 for a broken boiler or maybe you need a portable air conditioning unit at around £500 to handle the heatwave.
Life is unpredictable and even if we try hard to save money, we can never be certain when a problem will occur and will need money to be fixed. There are also things with a tight deadline such as rent, household bills or a broken boiler which need instant loans to get us back on track.
The benefit of the loans we facilitate at Payday Bad Credit is that they provide the money in one lump sum, so that you receive the money into your bank account and can pay off your expensive quickly.
Repayments are then made every month for several months (that you can select), whether it is 2,3 or 4 months and you have the choice to repay early if you wish to. This gives you the much needed breathing space to be able to repay your loan off in small instalments, so that you can get your finances back on track very soon indeed.
Can I Get an Instant Decision Loan With Payday Bad Credit?
Yes, once you have completed our loan application, you will receive an instant decision on the screen letting you know if you have been provisionally accepted or not. If successful, you will be given the details of the lender who is best suited to your criteria and loan requirements. You may be required to provide further information such as proof of income or a phone call with their customer services team, but provided that you meet their criteria, your loan can be accepted very soon after.
Provisional acceptance: As mentioned, instant loans are not something that can be provided, since payday lenders and other similar companies must carry out sufficient checks before funding a loan to ensure that customers can afford their loans and do not fall into financial difficulty. Since the introduction of the FCA as the governing body of the payday loan industry in 2015, instant loans no credit check are therefore something of the past.
In addition, a lot of lenders only make a batch repayment every couple of hours or on the hour. So whilst a loan is not instantly paid, it can be set up for the next payment run.
Nevertheless, if customers have the right criteria initially, they can be “provisionally accepted” and subject to some further checks, they can receive their funds very quickly indeed. This includes having a sufficient credit score, being in employment and having a registered address with their local council.
Funded within 1 hour: Lenders will carry out further checks including credit scoring and affordability checks to match the amount you wish to borrow with your level of income and current debt. In some cases, payday lenders will request proof of income with a copy of your bank statement or pay-slip. Some lenders also like to have a quick phone call with the customer prior to funding, just to confirm some further details such as loan amount, repayments etc. But provided that all your information checks out, your instant payday loan can potentially be funded in around 1 hour or less.
Am I eligible?
Payday Bad Credit works with dozens of lenders in the UK and the general criteria for applying is:
Over 18 years of age
UK resident and living in the UK full-time
Working in the UK and earning a minimum of £500 per month (full or part-time)
Working debit or current account (to receive funds and make repayments)
Working UK mobile phone account and email address
Not on benefits or pension
Adverse credit considered
Able to afford monthly repayments
When making an application, you will be required to verify your account with a PIN code sent to your phone and a unique email link. This gives you access to you personalised loan agreement and you use the PIN code to electronically sign it. This means that there is no need for printing off lots of forms, signing and scanning them, or waiting for the mail to arrive – the process is very much automated online and helps you move things along quicker.
But ultimately, it means that you are confirming your email address and mobile number which is a good sign for the lender as it means that they can contact you in the future if need be.
How to Apply for an Instant Cash Loan?
You can start your application with Payday Bad Credit by clicking on the ‘apply now’ button below. You will taken to an online form and asked to fill in a few details about yourself including: name, address, employment, income, expenses and bank details. The form takes around 3-5 minutes to complete and is accessible on mobile, desktop and tablet.
There are no fees for applying and we will not pass on your information to any other companies without your permission. Your details will be reviewed by our lending partners and we will allocate a lender who is best suited to accept your loan.
We also cater for instant loans for bad credit, so if you have been turned down previously due to your credit score, we can help. We work with such a range of providers that they will take a view on adverse credit, CCJs and IVAs. You may be presented with options for different types of loans which are better suited for your criteria including guarantor finance and credit cards for bad credit.