Bad credit payday loans?
Do you have a bad credit history? Well, we have the top lenders on our panel who consider bad credit payday loans. These bad credit payday loan can be anywhere between £50 to £1000. These types of bad credit payday loans are those who have a bad credit history. If you have taken arrears on any previous debt you have, it will stay on your credit file for 6 years since the completion of the loan.
Having bad credit may have come from a long time ago. We are all aware of the difference it makes as years past by. You may now be in a better financial position but your credit file may still show it as a bad credit file. Therefore, we have lenders who will fund bad credit customers for loans up to £1000.
You must be aware of the consequences of taking a payday loan based on bad credit, these are the following:
- A higher interest rate. However, most lenders tend to reduce the interest rate after you have settled bad credit accounts with them previously. Interest rates are slightly higher based on the fact that it may be a higher risk compared to a person with a good credit history.
- The loan amount be lower to start of with. As mentioned, as you settle loans with the same lender, your credit limit may go up. If you would like a higher credit limit, you must contact the lender via phone or email.