The downturn in the economy has caused many households in the UK to default on their bill payments, causing their credit scores to decline. As a result, these people cannot get loans from traditional lenders.
Payday loans for poor and bad credit
Payday loans lenders may have a different credit checking mechanism to approve and deny payday loans or they may use your credit score as one deciding factor against their own criteria. The basic eligibility criteria for payday loans is having a full-time job, an in-use bank account, and being over the age of 18. Once you provide proof of your salary and employment, payday loans lenders may approve your application.
People with poor credit scores may be able to take advantage of payday loans to pay their bills on time. This, in turn, helps them rebuild their credit score.
Finding payday loan lenders
Today, payday loans lenders have a presence online, so it is easy to find lenders, but this ease also comes with certain risks – there is a risk of borrowing from an unregulated lender who charges a high interest rate or provides loans with unrealistic terms and conditions. Hence, it is important that borrowers do their due diligence before applying for a payday loan.
The allthelenders website is the UK’s first price comparison website dedicated to the payday loans industry. It puts prospective borrowers in contact with payday loans direct lenders and also lets them compare the loan terms and rates. The site is regulated and authorised by the FCA and assures borrowers of 100 per cent independent results to help them make an informed borrowing decision.
If you have poor credit and are struggling to pay your bills or have a financial emergency, use the allthelenders website and find the payday loans lender to help you with your financial situation.