Quick Loans allow you to borrow up £1,100 and receive funds within 1 hour of approval. At Payday Bad Credit, we work with a number of quick loan companies who can process your application and help you receive funds with a matter of hours or on the same day. Our lenders use a system known as FPS (faster payment system) allowing funds to be transferred faster than a standard BACS payment.
The online application at Payday Bad Credit takes just a few minutes to complete and you will receive an instant decision letting you know if you have been provisionally accepted or not by one of our featured lenders. There are no upfront fees for applying and you can simply get started below.
Quick loans are designed to help people pay for immediate and emergency expenses. Whilst we always put money away for a rainy day, we never know when we are going to need money fast. When you are running a household, a car and having children, there are plenty of expenses that come from out of the blue including home repairs, urgent plumbing, broken down cars, doctor bills and more.
Sometimes we need just a little extra money to see us through the month and this is where a quick loan can help. No need to worry how you are going to make it to the end of the week – you are able to borrow a few hundred pounds to restore some order and give you some breathing space. Successful applications have the money transferred to your debit account in one lump sum so that you can use the funds and pay for your expense immediately. Simple.
Payday loans are used to provide you with much needed income, until you receive your salary from work, known as your payday. So whilst many people will be waiting for payday to get their next pay cheque from work, you can access the money faster through a quick loan and then pay interest for the duration of the loan term.
Traditional payday loans were typically used within 2 to 4 weeks whereby customers would borrow the money and then repay on their next pay date. The average sum borrowed was £200 and customers would commonly repay £240-£260 back.
Recent changes following FCA regulation have moved away from the traditional payday model to a more instalment loan product – so quick payday loans today are more likely to be repaid over 3, 6 or 12 months, giving customers much needed breathing space and the ability to repay loans with smaller payments over a longer period of time.
Lenders are always required to carry out checks prior to funding a loan and therefore they require at least 1 hour before being able to transfer funds. However, there are some things you can do to speed up the application process:
Have your details ready: Your loan application always starts with filling in some information online, which you can do by clicking on ‘apply now.’ You can make sure that you have your details ready when filling in the Payday Bad Credit form. Information that is required includes your monthly income, expenses and bank details so that the lender knows where to send the money to. You can avoid scrambling through papers and instead have your information at hand and ready to go.
Make sure you meet the criteria: The lenders we feature (and most payday lenders) require you to be over 18, living and working in the UK, in employment and earning over £500 per month. If you are unemployed, on benefits and have no income, this will inhibit your chances of being accepted. So making sure you meet the basic criteria is key to making the next stage of the application.
Provide accurate information: To make sure that your application runs smoothly, it is essential that you provide accurate information and do not try to outsmart the lender or beat the system. With thousands of checks carried on a standard application, the quick loan lenders we feature will notice any fake addresses, wrong bank details or over-inflated income. Plus, it is always important to give your own information and not apply on behalf of somebody else.
You have peace of mind that our website is secure and your information is held confidentially, so you can enter your correct details and get your application processed as fast as possible.
Make yourself available: The lenders we work with may have some additional questions for you and may request a proof of income or utility bill to show proof of address. To truly speed up your application, you should be in front of a screen and near your phone so that you can answer any questions by phone, complete the online loan agreement and electronically sign the form. If you make an application whilst at work or on the go, it may slow you down and you may have to wait before taking the next steps.
Keep your credit file clean: Whilst this might take a bit of time, there are ways to tidy up your credit record to make it more attractive for a prospective lender. Of course, we cater for quick loans for bad credit, but a good credit score will always maximise your chances of approval and help you get access to the best rates.
If you can access your credit file using Experian, Noddle or Equifax, you can make some quick changes and see how your credit score improves. This includes joining the electoral roll and closing down any store cards or credit cards that you do not use – as this will show you having less outstanding debt and is preferred by lenders.
If your application is successful, funds can typically be transferred to your debit account within 1-2 hours.
Our lenders will run a number of checks to determine your eligibility and although they may request further information (payslips, bank statements) and request a phone call to confirm details, your loan can still be completed and transferred on the same day of applying.
We understand that if you need money for an emergency, you need it quickly and our lenders have processes set up to ensure a fast transfer. Since the amount that customers borrow is typically around £300 to £1,000, it is an amount which can be transferred within hours (compared to a huge sum).
At Payday Bad Credit, you can apply for a quick loan by clicking on our apply now button below. Our form only takes a few minutes to fill and there are no upfront fees for applying. Our commitment to responsible lending means that we treat customer data very seriously and will only put your application forward to lenders who are FCA authorised and will process your application responsibly. For any questions relating to our products, please contact us here.