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Payday Loans

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
786 Loans is a credit broker and not a lender

What is a Payday Loan?

It is a small and short-term loan borrowed without pledging any asset. These loans are unsecured in nature and that is the reason no collateral is involved in the process of lending. Traditionally, a payday loan was borrowed only for a period of 30 days. These loans are often termed as cash advance loans or payday advance.

Back in the old days, a borrower had to repay the loan and the interest amount on their next paycheck. The borrower has to write a postdated check to the lender quoting the complete amount [Loan + Interest Charge]. However, with changes in the unsecured lending industry and considering the convenience of the consumers, lenders are not offering payday loans for a period of a year or less.

These unsecured loans are otherwise known as high-cost short-term credit. The reason is that the loans are unsecured and are given out for a short period and therefore, they have a higher rate of interest.

Payday Loans for People with Bad Credit in the UK

The credit score always plays an important role in the loan approval process. Why? Because a credit report contains a summary of an individual’s credit history. Creditors or lenders use a borrower’s credit report as part of their decision-making process. This helps them to decide whether they should offer the loan or not and if yes, then at what terms.

However, lenders also understand that a poor credit score may be a result of unforeseen circumstances that a borrower had to go through. That is why they assess the borrower’s current repayment affordability.

Payday loans for bad credit are specially designed credit products for borrowers who do not have a spotless credit history to help them manage their personal finances. Also, bad credit payday loans are given out to people with no credit history. Sometimes, these loans help borrowers with no credit history to build their ratings.

At 786 Loans, we have a pool of regulated lenders who provide payday loans in the UK. The rates of interest may vary from lender to lender and it also depends on your repayment affordability.

What Should You Consider When Choosing a Payday Loan Online in the UK?

If you need an online payday loan, you should first calculate how much money you need in order to facilitate your necessities. Once you figure out an amount, you have to consider your monthly income and expenditures. Draw up a budget and calculate the amount that will remain after your necessary expenses. If you find that you can easily repay the loan taken out with the remaining amount, then you may opt for a loan. If you find that the money left will not be sufficient for loan repayment, then consider a few other payday loan alternatives that are available in the UK. You can choose No Guarantor Personal loan as an alternative to Payday Loan.

Repayment affordability is a major concern as if you fail to make the repayments, it will cause severe damage to your credit score, also affecting your ability to borrow an unsecured loan in future.

Consider a few key points listed below while applying for a payday loan in the UK online:

Authorisation
Make sure you to borrow loan from FCA authorised lenders in the UK to avoid any loan scams and potential frauds. If you are not sure about the lender, you can verify and check them up on the Financial Services Register, which is available on the website of the financial watchdog of the UK, the Financial Conduct Authority (FCA).

Upfront Fees
Check whether you have to pay any upfront fees to the lender or the loan broker. Brokers generally demand an advance fee for arranging a loan on your behalf. And sometimes, there are some hidden fees as well, which may be added to the total cost of the loan.

786 Loans neither charge any upfront fees nor does it have any hidden charges.

Annual Percentage Rate (APR)
Before deciding and finalizing your loan, check various APR quotes from different lenders. This process will help you to choose the best one according to your financial abilities and needs. Moreover, this will also help you save money. Comparing your loans before deciding will allow you to choose the best available rates for a payday loan in the UK.

How to Apply for a Payday Loan Online in the UK?

Follow a few simple and easy steps to get trouble-free access to funds to solve your financial troubles with 786 Loans. As the loan is unsecured, minimal documentation and paperwork are required to avail a loan, the whole process will be carried out online. Isn’t that easy?. Our application form is designed for easy use on desktop and mobile devices. It will only take a few minutes for you to complete and submit the application form available on our website.

  1. Application Form: Fill in the application form where you will be asked a few basic questions such as your date of birth, email ID, residential address, employment details, bank account number, and contact number. Once you fill in the application form, click on the submit button.
  2. Loan Eligibility: The lenders will run an eligibility assessment that will allow them to make their decision regarding loan approval.
  3. Final Decision: Once the lenders complete their verification and assessment process, their decision will be displayed on the screen.

The total time for the completion of this whole process depends on the lender. However, it doesn’t take longer than a few minutes. If they approve your application and if you accept their Terms & Conditions, the loan amount will be disbursed to your bank account.

Apply for a Small Payday Loan – With 786 Loans

786 Loans is a loan broker authorised by the Financial Conduct Authority in the UK. It offers a varied range of unsecured credit products including small payday loans. All the lenders that we deal with are also authorised by the FCA. Hence, applying for a loan with us is safe, secure, and convenient.

A bad credit payday loan might come with high rates of interest but if you manage to repay your debt responsibly, it may also improve your credit score. Improving your credit score is a sign that you are a reliable borrower and lenders may choose to take a risk to lend you money in the future.

If you are worried about your debt repayment and you need advice, you can always contact free debt advice services such as Money Advice Service and StepChange.

Be a responsible borrower and help us to enhance fairer industry practices.

Contact us

Talk to us

0203 633 1034

Customer Support

customer.support@786loans.uk

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Registered Office

786loans.uk is a registered Trading Name of Tiger Lion Financial Limited. Tiger Lion Financial Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 753151. Tiger Lion Financial Limited is registered in England and Wales (Company number 10189367), Registered Office: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. Licenced by the Information Commissioners Office, (registration number ZA185613)

Authorisation can be checked on the Financial Service Register at www.fca.org.uk.


786loans is a dependable brokering service available from Glasgow to Southampton, covering all the major cities including and not limited to Leeds, Manchester, Liverpool, Sheffield, Nottingham, Birmingham, London and Bristol. Fill a form to find out the closest loans near you.

Disclaimer

786 Loans is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.

786 Loans does not charge any fees. If you are contacted by anyone claiming to be from 786 Loans and requesting you to make a payment, report it to www.actionfraud.police.uk.


All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.

photo of Organization Organization
786 Loans
71-75 Shelton Street
Covent Garden, London, WC2H 9JQ United Kingdom
0203 633 1034
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