subject: Will I Be Eligible For Quick Payday Loans With A Poor Credit History? [print this page] Maintaining a good credit history can be very difficult in todays economy when so many of us rely on loans and struggle to make ends meet. On the other hand, those of us that have been overly cautious when it comes to borrowing may find that we are refused the loan we need it simply because of a lack of a credit history. Either situation can be both frustrating and stressful to be in. If you are finding it difficult to make your incomes stretch to cover your living costs then it can be helpful to seek advice about how to manage your finances better. However, even those of us that are really organised when it comes to money may find ourselves in a panic when faced with an unexpected bill.
If you are in the position of not being able to cover the cost of an emergency repair or unforeseen expense then it is likely you will need some kind of financial assistance in the form of a loan. This can cause further stress if you have been refused loans in the past because filling out loan or credit applications can be time-consuming and even detrimental to your credit history if you are refused again. Most lenders will not process an application if you have been refused a loan or credit card in the past six months and even if your application is passed for approval it is likely to take longer than you would hope to complete. This is where a payday loan can help.
The payday loan is a small, short-term loan that is designed to cover unforeseen costs. The loan is typically repayable within one month i.e. after your next payday and since the timeframe and amount you borrow is much less than a regular bank loan the interest rate is much higher to reflect this. Due to the fact that the loan is small and short term then most applications will be approved as long as you are in employment, over the age of 18 and a resident of the UK. This means even those with a poor or lack of credit history will be eligible for a payday loan in most cases.
A payday loan application can be completed online in just a few minutes and once approved you can arrange for the money to be transferred into your bank account on the same day. If you do have a poor credit history then the interest rate may be adjusted slightly to secure the loan, however, once you have made your repayments in time you can begin to rebuild a good credit history once again. Remember to always borrow from a responsible lender and ensure you use the loans appropriately.
