Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
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How do I find the best payday lender?
Getting the best payday loan is basically a matter of finding the lender that will offer you the loan amount you need with the lowest rate. When choosing a loan, It’s also important to check if a lender has any hidden fees, as these can have a big effect on the overall cost of your loan.
Which payday loan lenders are good for bad credit?
Most short-term lenders will consider offering loans to those with bad credit, but there’s likely to be other eligibility criteria you’ll need to meet in order to get a loan.
However, a payday loan should only be considered a last resort, even if you have bad credit and can’t get approved for a regular personal loan. Having a bad credit score generally suggests you’ve struggled to repay previous debts, and failing to repay a short-term loan can have serious financial consequences.
Do all payday lenders perform a credit check?
Yes, all short-term lenders will perform some type of credit check when you apply for a loan. Some payday loan providers will claim to offer “no credit check” loans, but this is misleading. When you apply for a loan, the lender will do a credit check to make sure you meet the eligibility requirements.
However, you can still be eligible for a payday loan even if you have bad credit, but may receive a less favourable rate than someone with a better credit score.
Comparison of short term loans from popular providers
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