Can you get a payday loan with bad credit?

Can you get a payday loan with bad credit?

  • Bad Credit short term loans
  • Bad Credit Payday loans 

If you find yourself with Bad Credit on your credit file there are still some options to borrow money.

Many lenders will decline an application for a loan if your credit file is showing a low score or previous bad credit which can be very frustrating after you have spent 30 minutes completing a long winded application form.

If you are looking for a short term solution to help you out of a tight spot when your car breaks down or your washing machine gives up, a Payday or short term loan might suit. It is important that you do not rely on a short term loan too often as they are meant as a short term solution only.

At THL direct, we work with lenders that offer short term loans, sometimes called payday loans – Click on the link to apply  and be matched to one of our lending partners.

Is it possible to get accepted for a short term loan with bad credit?

There are still many lenders that operate in the Short term loan sector and they all have different lending criteria that accept different levels of Bad Credit. The majority of these lenders will put a lot of the emphasis on the affordably of the loan and income from your employment rather than your credit score. However they will look at your credit history to ensure it fits within their acceptable limits, sometimes called their lending criteria.

These lenders are still keen to lend money and may well offer you a lower loan amount or in many cases a different loan term.

Payday lenders or short term lenders like to start lending a small amount and may increase once you have proven your ability to pay; their largest arrears are generally from first time borrowers so they are normally cautious at the beginning of the relationship.

At THL direct, we work with lenders that offer short term loans, sometimes called payday loans – Click on the link to apply  and be matched to one of our lending partners.

Pros and Cons of Short term lending or Payday Lenders

It is easy to apply for a payday loan, most lenders have a strong online presence and spend a lot of time making their application form more user friendly.  The better lenders will usually offer to credit your funds by bank transfer on the same day.

Things to do

It is worth applying to different lenders as they all have different lending criteria allowing for all different types of credit score.

Lenders may approve people with previous bad credit, depending on their affordability and how recent any poor credit event may have occurred.

If you are rejected for a payday loan it is always worth asking why, so you will know what action you need to take in the future to remedy it.

It is essential you only borrow the amount you need and the payments fit your budget

Payday loans are normally repaid over a short term typically 1-4 months

Make sure you look at all the different repayment options, if you get paid weekly they might allow a weekly repayment- It is important you stay in control of your finances

Lenders run special promotions and it is worth checking if they have any when you apply so you do not miss out

Settle your payday loan as soon as possible. Payday lenders will allow you to pay your loan off before the due date if you have the funds available. This will save you paying additional interest and help keep you in charge of your finances

Things to watch out for

  • Have a good look around what lenders are offering, most payday lenders show their deals on their web site so it is easy to understand and apply
  • Do not keep borrowing from Payday lenders, If you find you are caught in a cycle of borrowing seek advice and look at other options;
  • Always make the repayment on the due date, if you miss payments this will show on your credit report and can reduce your credit score.

Warning: Late repayment can cause you serious money problems. For help go to






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