When emergencies strike our finances often take a hit and there are many circumstances which can stretch our budgets, from broken appliances to home repairs. However, many of us do not have the cash readily available to cover these unexpected expenses and it can be very difficult to wait until payday. If you have a poor credit history, a high acceptance payday loan could provide the cash you need quickly.
Payday loans are designed to be alternative forms of borrowing, often offering small amounts with repayment required in full on your next payday. If you have struggled to obtain credit from traditional lenders in the past, payday lenders may be willing to still offer finance. Although all reputable lenders will consider your credit score when processing your application, there are lenders which may be willing to offer payday loans for people with a bad credit history. All lenders which are authorised and regulated by the Financial Conduct Authority are required to ensure that loans are affordable, so there are no guarantees that your application will be approved. If you have a poor credit history but can demonstrate a commitment to repaying what's borrowed, effective budgeting and are applying for an amount which is affordable, there is an increased chance your application could be approved.
If you have a poor credit score this may hinder your ability to obtain traditional high street finance, however, there may be alternative options available to you. The best way to improve your chances of being accepted for a loan is to take the first steps to improve your credit score. This can be achieved by paying bills on time, keeping credit applications to a minimum and registering on the electoral roll. By managing your finances well through careful budgeting, your credit score could gradually improve and your chances of being accepted for a loan may increase. If you are faced with a cash emergency and need to apply for a loan quickly, you may be looking to make an application now rather than improving your credit score first. If you have a poor credit score there are lenders which may be willing to lend to you, however, your chances may improve if you can demonstrate an ability to repay the sums borrowed. By providing accurate details during your application, such as your income, outgoings and employment information, lenders could be more willing to consider your application.
Although payday loans are designed to provide quick access to cash, it is important to keep up with repayments. One of the main reason’s borrowers fall into arrears with them is the requirement to repay the loan in full on their next payday. In many situations, this is unaffordable and leads to further shortfalls in the following months when eventually repayments are missed. If you fall into arrears, the lender is likely to initially contact you to collect the debt. Eventually, they could use a debt collection agency to collect the debt if the payments remain unpaid. If the debt collection agency is unable to collect the missed payments, they may take legal action with the court in the form of a County Court Junction (CCJ). The missed payments and potential CCJ may also be reported on your credit file, which could damage your credit score and hinder your ability to obtain credit in the future. If you are unable to make your repayment, you should inform the lender as soon as possible. The majority of lenders will allow you to arrange a repayment plan, however, you may be charged late repayment fees and the outstanding balance may be subject to daily interest charges.
There are manypayday lenders available, which can make it difficult to find the most competitive loan with the highest chance of acceptance. For example, many lenders claim to offer a high approval rate for those with a poor credit history. However, there are other factors which you should consider, such as the interest rate, repayment terms and whether they are operating responsibly. Instead of rushing into an application, it is advisable to take your time and apply for a loan which is an ideal option for your individual circumstances. Each application you make to a lender will result in a hard check on your credit file, which could have a negative impact on your credit score. If you are already struggling to obtain credit due to a poor credit history, it is advisable to avoid making multiple applications as your score is likely to decrease further.
Here at CashFlex, we understand how difficult it can be to find finance with a high chance of approval. As a credit broker, we are committed to helping borrowers find the best loan for their individual situation, with a straightforward and transparent approach to lending. We have partnered with a panel of lenders which specialise in offering loans from as little as £100 up to a maximum of £5,000. We have high acceptance rates from lenders willing to consider your application. As part of our commitment to responsible lending, it is not possible to apply for payday loans through our website. Instead, we can help you find finance with flexible repayment terms from lenders with a high acceptance rate. Instead of repaying the full loan on your next payday, our lenders offer terms designed to offer affordable repayments. For example, loans of less than £1,000 are offered repayment lengths of 3, 6 and 12 months, with larger sums offered maximum terms of 36 months.
To find out if you are likely to be considered by one of our lenders, we recommend entering your details into our FastCheck tool. Our innovative tool is designed to calculate your chances of being approved before you even apply, with no impact on your credit score. If the tool indicates a likelihood of acceptance, you can choose whether to proceed with the application process. If you decide to apply, we aim to match you to a lender which indicates that there is a chance of your application being considered. If you decide to apply, the application form on our website takes just 2-minutes to complete. We will then pass your details across to suitable lenders who will complete a soft search of your credit file. Although there are no guarantees your application will be accepted, as soon as a lender indicates a high chance of approval, we will redirect you to their website. At this stage, the chosen lender will complete a final hard credit check, which will leave a mark on your credit file.
The whole application can be completed online and if you are approved the money could be sent to your bank account in minutes*. However, the availability of the funds will depend on the processing speed of your bank. Here at CashFlex we always aim to find borrowers a loan with affordable repayments. However, you should always think carefully about the impact on your finances and whether you will be able to comfortably repay in full. If you are struggling financially there are a variety of organisations which offer free and impartial advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.
Try our FastCheck tool with no impact to your credit score
Our new tool allows you to calculate your chance of being accepted for a loan.
You are age 18 and a UK resident
You have a regular income
You have a valid UK bank account with an active debt card
Why choose us
Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.
The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £5,000
This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.
Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.