£50 Payday Loan: How It Works

If you need a £50 payday loan, Quidable can help you try to find that small amount of cash. We work with a vast network of lenders that may offer payday loans from £50 to £5,000. Moreover, our partners sometimes provide flexible repayment terms to accommodate your financial situation and preferences.

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What is a £50 Payday Loan?

As the name states, a £50 payday loan is a small loan that amounts to 50 pounds. Small payday loans are relatively easier to obtain and are designed for borrowers experiencing a financial emergency that cannot wait until their next paycheck.

Applying for small payday loans in the UK can be quick and easy. The borrower must pay back the £50 plus interest to the lender on the due date. The loan is typically paid back in a lump sum after a short period of time.

What Can I Use a £50 Loan For?

People often borrow a £50 loan to address emergency expenses. The most common emergency £50 expenses include:

Unexpected small bills

For example, these may include seasonal expenses, pet emergencies, special occasions, and school expenses.

Emergency home repairs

Such as broken pipes, a leaking roof, broken water heater, overflowing toilet, broken windows, furnace issues, broken air conditioning unit, and electrical problems.

Minor car repairs

These can include oil changes, tire changes, and the headlight and windshield wiper replacements.

Medical emergencies

A small loan can help pay for an office visit or prescription costs.

£50 Payday Loan Requirements

Applicants who wish to get a £50 loan must undergo a credit check to ensure they are eligible for the loan. To be eligible to apply for a small loan, borrowers must meet the following payday loans direct lenders criteria:

  • Be at least 18 years of age
  • Be a UK resident with a permanent address
  • Be in employment with a regular income
  • Hold a UK bank account and debit card

The loan providers may have additional requirements. For example, in many cases, some payday loan direct lenders may refuse to lend to an applicant who is currently bankrupt. On the other hand, many different lenders may still be willing to work with a person who is unemployed but has a steady source of income.

Average Interest Rates

Quidable is not a direct lender. Hence, we do not set APR or loan terms. However, the lending companies we partner with have 7-day to 84-month loan terms with 18.7% to 1,576% APR.

Moreover, our lending partners follow the rules and regulations set by the Financial Conduct Authority (FCA). According to the FCA, interest caps on short-term payday loans must be capped at 0.8% per day of the amount borrowed. Also, under FCA law, interest and default charges must not exceed the initial loan amount. Nevertheless, it is always good practice to pay back loans as soon as possible to save money and avoid paying more interest. Consider the following example: if you were to borrow a £50 payday loan with a fixed interest of 292% over one month, your total debt, including interest, would be £62.17. Whereas if you were to pay back that same amount with the same interest over three months, your total would be £76.09.

£50 Loans for Bad Credit Borrowers

Even if you have a bad credit score, you may still qualify for a £50 payday loan. Even though our trusted network of lenders performs a full credit check, your credit score is not the only factor they take into consideration. Our £50 loan bad credit direct lenders may assess your current affordability and circumstances and offer a flexible payment plan. Some lenders may also consider income when assessing an applicant’s eligibility for a loan.

The lenders we partner with may use a risk assessment model that adds more weight to your income than your credit score. For example, if the lender sees that you generate enough revenue to pay off a loan, they may be willing to lend to you even if your credit score is low. This can be especially true for small short-term loans due within a couple of weeks.

Benefits of £50 Loans

Getting a £50 payday loan has many advantages, especially when faced with an emergency expense. Below are the many benefits of taking payday loans from direct lenders.

  • Easy application
  • Quick funding
  • Available to many credit types
  • Convenient
  • Higher acceptance rates
  • Flexible repayment options

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What Should I Consider Before Applying?

Even though you can borrow a £50 payday loan for non-essential purposes, these types of loans are designed for emergencies and should be limited to such situations. Payday loans are very attractive because they offer a fast solution through quick funding. However, they can be more expensive than other types of credit. That’s why it is wiser to take out £50 payday loans as a last resort when you have exhausted all other sources of cash and low-cost alternatives such as borrowing from family and friends. You may also want to consider how you are going to repay the loan because failing to do so on time can incur additional fees and hurt your credit score.

Can I Get a £50 Payday Loan with No Credit Check?

No. Even though some payday loans direct lenders claim to offer a “£50 loan no credit check,” nearly all lenders carry out a credit check with any loan. Nonetheless, you may still be eligible to qualify for a £50 loan if you have bad credit by ensuring that you can repay the loan in a timely manner.

Am I Guaranteed a £50 Payday Loan?

Quidable doesn’t guarantee a £50 payday loan to anyone using their services. To increase your chances of loan approval, make sure you meet the eligibility requirements mentioned above.

How Do Repayments Work?

Borrowers should pay back their loan in a lump sum by the loan’s due date, likely when they receive their next paycheck. To simplify the process, funds may automatically be collected from your bank account. So, remember to have enough money in your account during the due date. In case of late payment, the lender can charge a one-time late penalty fee of £15.

What Happens if I Don’t Repay the Loan?

In the event of non-repayment, our lending partners may review and consider providing an extension of up to 12 months on your loan. However, this will negatively impact your credit score. In addition, if you fail to repay your loan during the extended period, the lender may seek a County Court Judgment (CCJ) as part of the debt collection process.

How Can I Save Money on My Payday Loan?

Paying back your payday loan earlier can save you money on interest. Many lenders don’t charge an early repayment fee. However, it is best to double-check beforehand. Consider the example mentioned above: if you were to borrow a £50 payday loan with a fixed interest of 292%, paying it back in one month instead of three months will save you £13.92

What Are the Best Practices for Paying Off a Small £50 Loan?

Bring extra cash: To have more money in your budget, you must earn more income or cut expenses. They are both very effective ways to pay back your loan on time and even earlier. If possible, try to find extra short-term work. If doing so is challenging, consider selling something you own. If you are unable to bring in extra cash, try to reduce your spending and cut unnecessary costs until you have enough money to pay back your small loan.

Consolidate debt: If you are unable to pay back your small loan, you may be able to roll your existing loan into a new one. Consolidation can provide you with a more affordable loan, better terms, and lower interest rates.

Get a co-signer: If you can’t get approved for debt consolidation, consider asking a close friend or family member with good credit to cosign for the loan. However, only ask for such a favour if you are confident that you will pay back your loan on time. If you don’t, it will become your cosigner’s responsibility to pay off that loan. And if you default on the loan, your cosigner’s credit may be damaged.

Sum Up

£50 payday loans are ideal for short-term situations. However, before requesting a loan, ensure that you meet the requirements and have the means to repay your loan. When looking for emergency funds, you can complete Quidable’s online form to see if you connect with a lender.

Ready to Get Started? Apply for Up to £5,000

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