New Payday Lenders
CHECK RATESBorrow £3,500 over 12 months, repay £311.81 per month, total repayable £3,731.96. Interest rate 12.7% (variable). Representative APR 12.7%.
Warning:Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Payday Bad Credit is a new payday lender and is proud to be offering new payday loans in 2020. We are part of an established finance group based in London and we specialise in offering loans for people with bad credit ranging from £1,000 to £10,000 repaid over 6,9,12,18 or 24 months.
We understand that people might be looking for new payday loans companies as a way of getting better rates or finding alternatives to traditional loans. There is a lot of bad press out there for existing lenders and finding someone new under stricter FCA regulation can offer a breath of fresh air and a more suitable loan for your requirements.
How Payday Bad Credit is Different
Payday Bad Credit specialises in assisting those with less than perfect credit scores, including history of default, arrears, CCJ and IVA. We know that keeping a clean credit score is not always easy, especially with increasing living costs and unexpected emergencies that can pop up at any time. Whether it is a broken boiler, car repairs or something breaks at home, you sometimes need a few hundred pounds to get life back on track – but payday can be just too far away.
Borrowing money online allows you to receive funds within 15 minutes to 1 hour provided that you have passed our credit and affordability checks that ensure that you can afford to repay your loan on time, without falling into financial difficulty.
There are no guarantors required to be eligible, meaning that you do not have to get an extra person you know to co-sign your loan agreement and you can apply directly with us as your lender.
As a new payday loans lender, we come to the market with a fresh take on underwriting and funding loans. Using new and different technology, we are able to review all kinds of different credit histories and help find the loan they need. If you are not successful, you have peace of mind knowing that you will not be charged any fees and we will still be able to match you with one of our partnered lenders who can offer you a loan.
Funded in 1 Hour
Once approved you will normally receive your funds into your bank account in 1 hour or the same day.
Direct Lender
We are a direct lender only, we will not pass on your information to any other third parties without your full consent
High Acceptance
We welcome loan applications from UK individuals with a bad credit rating or a poor credit score.
No Guarantor Required
Each application is considered on its own merits and no guarantor is required for your loan.
FCA Authorised
We are an FCA authorised direct lender, an absolute must for any loan company you consider.
Five Star Service
Our mission is to provide a 5-star service to our clients, from initial application to final payment.
New Payday Lenders Not Brokers
When you apply with Payday Bad Credit, you will be making an application directly with us and our in-house team and not be automatically sent through a broker. The last thing you want is to be sent hundreds of emails and text messages from random companies. We will always try our best to offer you a payday loan – and if we cannot assist, you will be passed onto a partner company who is fully authorised by the FCA and will treat your application with the utmost confidentiality.
Apply With a New Payday Lender
To apply with Payday Bad Credit, simply click on the apply now button below and you will be taken directly to our application form where you can get started. You will be asked to fill in few details including your name, age, residence, income, employment and bank details (so we know where to send the funds). Each applicant will be subject to a credit check so we can ensure that you are suitable for our loans and other requirements include:
- Over 18+
- UK resident
- Valid current account, mobile number and email address (so you can be contacted)
- Employed (part-time or full time)
- Able to make monthly repayments
What Rules Are There For New Payday Loans Companies?
Whilst the industry has always been subject to criticism, it has improved significantly in recent years and this has seen various payday lenders shut down and far better treatment and products for customers. The main things that new lenders must adhere to are:
- Strict FCA regulation
- Daily price cap of 0.8% (£24 per £100 borrowed)
- Default fees capped at £15 over the life of the loan
- Responsible lending
With strong regulatory framework in place, payday lenders in 2020 must following strict guidelines. For instance, they cannot charge more than 0.8% interest per day and this has led to even more companies trying to offer lower, competitive rates. In the event of a default, lenders can only charge a one-off fee of £15 and most lenders used to charged £30 to £100 for a missed payment.
Above all, lenders must be committed to responsible lending which you can read about here. This means that treating customers fairly and offering responsible practices is at the forefront of the company’s culture and everything they do. Customers should only receive funds if they can afford to repay them and they must be offered forbearance and help if they cannot meet repayments.