Same Day Loans for People with Bad Credit

Money managers like to tell you that you should always strive to be financially flexible. The goal is to have enough cash in reserve for any unforeseen expenses. But for many people having a well funded nest egg to hand is a luxury. When the unexpected occurs we don’t always have the ready cash on hand to cover the sudden costs. Same day loans can provide some of the financial flexibility you need to help you manage those sudden spending crises.

However, if you have a poor credit rating you might find it difficult to qualify for the short-term loan you need in an emergency. But a bad credit score shouldn’t be a barrier to securing the funds you need when you need them. Even if your credit history has taken some knocks over the years you might still be able to qualify for the same day loan you need in spite of your current rating.

What are Same Day Loans?

Same day loans are much like any other short-term loan product. They provide quick cash to qualified borrowers to help cover an unexpected spending crisis. Same day loans for people with poor credit provide the financial flexibility that consumers need to handle a financial shortfall.

These short-term loans provide limited funds with brief repayment periods. Qualifying applicants typically receive the cash they need within hours of being approved for their loan. That cash can then be used to cover a variety spending needs, including:

  • Household expenses
  • Emergency car repairs
  • Outstanding tuition fees
  • Ballooning utility bills
  • Moving and relocation costs

How Bad Credit Impacts Your Financial Flexibility

Traditional lenders place a great deal of importance on a person’s credit status. Before they will underwrite any loans they want to know that their customers have a solid credit history. But millions of UK residents have what most lenders would consider a less than perfect rating. And that can make it difficult for people to secure the loans they need. Especially in the middle of a financial crisis.

Credit ratings are primarily based on your borrowing history. Late or missed payments on credit cards and utility bills will drop your credit rating by quite a few points. If those late or missed payments become a patter your score will plummet. Add in a county court judgement or a bankruptcy and your credit rating can end up in real trouble.

Once your credit rating slips below a certain point traditional lenders will class you as a ‘high risk’ borrower. That can severely limit your borrowing power, and effectively cut you off from the funding you need in an emergency. But people with bad credit still have options, and those options can not only help you access the money you need they can also help you rebuild your credit history.

How much would you like to borrow?

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Same Day Loans for People with Poor Credit Histories

Traditional lenders focus on providing long-term financing opportunities for customers with strong credit scores. Their goal is to limit their overall risk while helping customers with major purchases. These types of loan products are well suited to address the more conventional financial interests of the public. But they don’t effectively serve borrowers with short-term needs.

At Bad Credit Loans we take a different approach. We offer loan products that serve consumers looking for short-term finance opportunities with a quick turnaround. Same day loans are purposely designed to offer financial relief to borrowers with immediate financial needs. We are able to offer these loan products by looking less at our customer’s credit history and more at their real ability to repay a loan on time.

If you have a poor credit history, or no credit history at all, our same day short-term loans offer distinct advantages over traditional lenders:

  • Easy Online Application Process – At Bad Credit Loans our online application process is quick and easy. We simply need you to answer a few questions about your current financial profile such as employment status, current income, and current outstanding debts.
  • Rapid Approval Times – Spending emergencies demand quick action. At Bad Credit Loans we provide quick loans to everyone. Approved borrowers should see their loans processed in a matter of hours. Qualifying applicants can typically receive their cash loan on the same day.
  • Individually Structured Repayment Terms – Each customer’s loan and repayment schedule is structured to match their individual financial situation. At Bad Credit Loans our lending terms are clear and easy to understand so that all borrowers can successfully manage their loan.

The Costs of a Same Day Loan for Bad Credit Borrowers

Bad credit same day loans provide the flexibility people need in an emergency. Unfortunately, a poor credit history can leave borrowers classified as ‘high risk’ customers. In order to underwrite even a small loan lenders will need to charge more for their products. As such, same day loans for people with bad credit will almost always come with higher interest rates than would be offered to customers with sterling credit histories.

However, same day loans for customers with poor credit provide an important financial need for people facing unforeseen spending needs. They can help consumers to more effectively manage expenses and, in the long run, also help borrowers to rehabilitate their credit rating. This is an important consideration for consumers with poor credit. Timely repayment of any short-term loan (same day, payday, personal, etc.) can do a lot to build a stronger credit profile.

What To Consider When Applying for a Same Day Loan

Any loan requires the borrower to make prompt payments and to discharge that loan in full. Short-term loans are no different. Same day loans may involve a relatively small amount of money but the same rules of lending apply to all borrowers.

Before agreeing to any loan offer you need to understand your responsibility as a borrower. Consider the following points before entering into any loan agreement:

  • Loan Cost – Regardless of the loan amount you must be prepared to repay your loan on time and in full. That includes all attendant fees and accruing interest. Consider the repayment terms and contrast them with your income. Will you be able to repay your loan relying only on your regular income? If not, you may need to reconsider the loan amount of the repayment terms of your loan.
  • Annual Percentage Rate (APR) – Lenders charge interest on the loans they provide, and a poor credit rating may mean a higher than average interest rate. This is part of the cost you will paying to access the money you need quickly. Be certain you understand those costs before agreeing to any loan.
  • Repayment Terms – Same day loans typically involve brief repayment periods. Before accepting a loan review your payment schedule to ensure that you can complete your payments on time.
  • Penalties for Late or Missed Payments – Late payments and missed payments should be avoided at all costs. Not only will they put you in arrears they will adversely impact your credit rating. If it looks like you may be late on a payment contact your lender immediately to avoid any potential repercussions.

Who Can Apply for Same Day Bad Credit Loans?

Bad Credit Loans accepts loan applications from any UK citizen over the age of 18 years. Applicants must also be a UK citizen and must be able to satisfactorily demonstrate their ability to repay the desired loan in full and on time. All applicants should be prepared to provide accurate information regarding their current income and outgoing payments.

The online application process is quick and easy. Applicants will need to meet the following requirements:

  • All applicants must be 18 years of age or over.
  • All applicants must be legal UK residents.
  • Applicants must have proof of employment.
  • All applicants must have an active UK banking account.
  • Applicants must provide a valid e-mail and telephone contact.

Why Use Us

  • PCAW Approved
  • £100 - £5,000
  • Instant Transfer
  • Same Day Cash
  • Direct Lenders
  • Flexible Terms
  • Reputable Lenders
  • No Guarantor
  • 1 - 36 Months
  • 98% Approved
  • Fast Application
  • No Paperwork
  • UK Service
  • 24/7 Support
  • Quick Decision
  • Bad Credit OK
  • Easy Repayments
  • No Hidden Fees

Learn How to Better Manage Your Credit Profile

Millions of UK residents are currently struggling with poor credit histories. Short-term lending products are an effective way to rebuild your credit and rehabilitate your credit profile. But effective management of these loans is the key. All loans, regardless of the amount of repayment terms, should be treated with respect and repaid on time and in full.

If you’re in need of effective financial advice there are some free UK government resources that can help you learn how to better manage your finances and protect your valuable credit history. Contact the following services for free financial advice and counselling:

Apply Now

Simply select how much you'd like to borrow and for how long:

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).