Payday Loans | Rep 49.9% April | Easy online application
What is a personal loan?
Historically, payday loans were loans for small amounts of money that were intended to help people get through until their next payday, in which case they would have to be paid back in full plus interest.
Payday loans have come a long way in recent years. Although many people still call them payday loans, the loans we help customers find are actually short-term loans.
So what is the difference? The main difference is that the loans you can find through CashLady can be repaid over several months – you don’t have to repay when your next paycheck lands in your account. Many customers find the additional repayment term to be much more forgiving on their monthly budget.
There have been a number of positive changes in the regulation of these loans. Daily price caps and limits on the number of times a loan can be repaid provide greater consumer protection.
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Representing 49.9% APR
Can I get a payday loan if I have bad credit?
If you have a bad credit history, it won’t necessarily prevent you from getting a loan. We have many lenders in our panel who can provide loans to customers with a low credit rating.
Potential lenders look at affordability as well as your credit score. So, if you are able to repay the loan amount you request, you can still receive a loan offer. You may find that your bad credit results in a loan offer with a high APR, but if you are able to manage money properly and meet all repayments in full and on time, it could help you improve your credit score for any future loans. or credit applications. Learn more about payday loans for bad credit here.
See our experts
Paul Wilson – Over 15 years of experience in financial services
“Payday loans have come a long way since their inception, and the short-term loan products we have today are a far cry from the products that rightfully enjoyed such a bad reputation in the past. .
The additional regulation and price caps that were introduced by the Financial Conduct Authority (FCA) in 2015 were much needed and welcomed, and what we have now is a valuable loan product that helps customers who might not be able to obtain a loan from a general public. lender, quickly and securely access credit if needed.
Can I get a payday loan without a credit check?
When you complete the application form on our site, we perform a soft credit check – it will not affect your credit score. Following this, we can present your application to the lenders on our panel to find the best loan for you, based on the lowest APR and best chance of acceptance.
So you can start your loan search with us with the confidence that there will be no impact on your credit score. If you receive an offer from a lender and decide to pursue your application, the lender will need to perform a thorough credit check before you can be approved and the money can be sent to your account.
This is because all lenders approved and regulated by the FCA must carry out a credit check before they can lend you money. This is for your protection as well as that of the lenders to ensure that you should be able to meet your repayments and not get into financial hardship. At CashLady, we only work with FCA authorized and regulated lenders. Learn more about no credit check loans here.
You should note that if you were to secure a loan elsewhere that does not require or require you to complete a thorough credit check before approving your loan, you will almost certainly not be covered by FCA protections should something go wrong. , such as access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).
Am I eligible to apply for a payday loan?
To apply for a loan through our website, you must:
- Be 18 or older
- Have a regular income
- Be a resident of the UK
- Have a UK bank account with a valid debit card
If you meet all of the above criteria, then yes, you can apply.
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Representing 49.9% APR
How much can I borrow?
When you complete our application form, you can apply to borrow between £100 and £10,000. Generally speaking, the lower the amount you are requesting to borrow, the more likely your request is to be approved.
You should only ask to borrow the amount you need and should not be tempted to borrow more.
Will I be approved?
Whether your application is approved or not depends entirely on your personal situation. The lenders on our panel consider several factors regarding your application when deciding whether or not to approve. These factors include (but are not limited to):
- Your income
- Your outings
- Your credit score
- How much do you want to borrow
- How many dependents do you have
- How long have you lived at your address
Different lenders look for different things from potential clients, so even though our lenders all see the same information about you, their opinion on whether or not to accept your application is likely to differ.
In truth, the only way to know if your application is likely to be approved or not is to fill out our application form and see. The good news is that you can do this without any risk to your credit score. We only perform a soft credit check on your application, which is visible on your credit file only to you.
However, you should note that once we have processed your application and directed you to a lender’s website, if you choose to complete your application with that lender, they will need to perform a thorough verification of your credit before your application is completed and you can receive the money.
When will I receive the money?
Speed is at the heart of short-term loans and payday loans, so if your application is approved, money could be sent within minutes*. If your bank account accepts faster payments, you can even receive it the same day.
It should be noted that lenders have cut off times so if you apply late at night the money may not be sent until the next day so if you need the money ASAP it may be wise to apply as early in the day as possible.
Will applying for a payday loan negatively affect my credit rating?
The simple fact that you apply for a short-term or payday loan, as opposed to a more traditional loan with a lower APR, will not negatively impact your credit rating.
You should be aware that when you apply for a loan from any of the CashLady panel lenders, the lender will need to perform a “hard” credit check before the loan can be approved and the money can be sent to your account. This check can be seen on your credit report by other potential credit grantors and making multiple loan applications in a short period of time is likely to negatively impact your credit score.
But the mere fact that your most recent application, whether approved or rejected, may have gone to a payday lender shouldn’t work against you.
Payday loans from direct lenders
When you submit your loan application, we present it to all the direct lenders on our panel, so everyone can see your application and decide very quickly whether they are ready to offer you a loan or not. The benefits for you as a consumer are:
- You only have to complete one application rather than visiting each lender and entering your details over and over again.
- You can get these initial decisions from lenders without any impact on your credit score. If you were to visit each lender directly and make each request separately, your credit rating would be significantly affected.
What to do if you are concerned about your finances
If you have concerns about your finances or are in mounting debt, there are a number of organizations you can contact for free, unbiased advice. See the links below: