The fast-paced economic world we live in creates a complex situation for people who don’t have a lot of money. Many of us simply can’t afford to save cash back for a rainy day, which means that when emergencies happen, we need to look elsewhere for support. If you’ve struggled with cash in the past, or you don’t have a fantastic credit history, you might not be able to access money from traditional routes like personal loans.
The good news is that a payday loan could give you quick access to the money you need, even if you have a bad credit history. For those facing an emergency, these types of loans can be a financial lifejacket.
If you’re seen to have “bad credit” then you may have missed some of your expected payments in the past or have CCJs against your name. In most cases, when a person falls into trouble with money, they begin to lose some of the good points or “credit” that make them appealing to lenders. The more you struggle with money, the worse your credit rating becomes, until it’s increasingly difficult to get a loan in the future.
There are some ways that you can improve your credit. For instance, you can make sure that you always pay your bills on time by setting up direct debits with your bank account. On the other hand, you can also sign up to be included on the electoral roll. However, building credit can take a lot of time, and time is something you don’t have with disaster strikes.
A no-credit loan simply ensures that you can still get access to emergency finances when something unexpected happens in your life. Instead of looking at your credit history to determine whether you’re a risk, no-credit-check companies evaluate your existing situation, including whether you have a regularly paying job. The only difference between a bad-credit loan and a standard one is that you’ll need to pay more in interest if you fail to pay your money back on time.
Unfortunately, a no credit check loan isn’t something we’d be able to offer you at Emu.co.uk as all of the lenders we’re partnered with do perform at least some kind of credit check. However if you do have bad credit other things will be taken into consideration. We do however offer regular payday loans and just like any other loan, the interest you’ll pay on the loan will depend on which lender you choose to work with. The FCA, however, has ensured that no provider can charge more than 24% in credit, so you can only pay a maximum of £24 for every £100 you borrow.
Typically, payday loans are:
You might be concerned that taking out a loan will have a negative impact on your credit rating if you already have a bad history. However, the truth is that your new loan could help you to improve your credit rating substantially. After all, it gives you the chance to demonstrate that you’re a trustworthy borrower. If you commit to repaying what you owe on time, then you can convince your future lenders that you aren’t as much of a risk as they may have thought.
Whether or not a no-credit loan is right for you is a decision you’ll need to make based on personal factors. However, if you’re struggling to find support for an emergency, these quick and simple lending devices could be the key to getting you back on track. Perfect for those who want to borrow money in a hurry, a payday loan takes the stress out of applying for cash.
Emu.co.uk is NOT a direct lender and our loan-matching service is free to use. We don't charge a fee, but there might be a charge from some lenders within our network. Emu is a trading style of William Ellis Sinclair. Emu.co.uk does not make lending or credit decisions, we are not a lender - as a broker we match customer's loan applications with lenders in our database depending on the information provided. William Ellis Sinclair is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number 618190 with registered address 26A Dunraven Place, Bridgend, CF31 1JD. Licensed by the Information Commissioners Office (registration number ZA033005).