Have you been tempted by a small payday loan to see you through a tricky financial time? We can help you find something which could be much more suitable.
Payday loans are generally not a good idea, they have very high interest rates that can leave you with spiralling debt and repayments far in excess of the value of the loan.
We have a panel of lenders offer more sensible short term solutions to financial problems whether you need a small amount to see you through a difficult time or a larger, longer-term loan for vital expenses.
The representative APR on a payday loan is particularly high because the lending risk is perceived as very high on these types of unsecured loans. However, if you have had financial problems in the past you might think these are your only option. This is not the case.
Sensible loans for everyone even those with a poor credit rating
Our lenders will consider all applicants even those with a bad credit history who may have been refused loans in the past. As long as you are a UK resident and have not been declared bankrupt or are subject to CCJs you will be eligible to apply.
Our lenders have loans that range from very small, short-term amounts to up to £12,000 for larger expenses such as home improvements or even the consolidation of other debts.
As you make your repayments on the loan you will be improving your credit score as our lenders report each payment to the major credit agencies. This will hopefully give you the freedom to borrow more in the future or apply for more conventional lending.
Hang on, this sounds too good to be true. What’s the catch?
There is no catch! The reason our lenders are able to offer these affordable loans is because they do not judge your suitability on your credit rating but on that of a guarantor. As long as the repayments are affordable and you can find a friend or family member to support your application you will be able to take out a loan.
Your chosen guarantor will need to be:
- Between 18 and 75 years of age for the full duration of the loan
- A UK resident
- Someone with a good credit history
- Prepared to make the repayments on the loan if you are unable
Lenders will accept applications from both homeowners and tenants depending on their own particular criteria.
To find out how much you can borrow use our loan calculator and once you’re happy with the sum and the repayment costs you can apply online using a simple form which will have offers back to you within minutes.
Not sure you can afford the repayments and worried what will happen if you can’t?
Our lenders are very responsible and would never lend more than the borrower is able to repay. We do, however, also know that circumstances do change and sometimes there is nothing we can do about it. Our strong advice is that if you are ever worried about your financial situation you speak to your lender immediately. They will work with you to try to come up with an affordable new repayment plan. As a last resort, however, they will expect payment from your guarantor if you are unable to continue.