High-Acceptance Payday Loans

Financial trouble is often unavoidable. No matter how well planned out your monthly budget may be, it is not uncommon to face a monetary shortage. An unexpected expense, a long-overdue bill, or a lack of funds in your savings account may catch you off guard, necessitating the need for extra cash padding. In such cases, individuals can turn to short-term payday loans for financial relief.

And because such loans are sought during times of immediate cash needs, customers may look for high-acceptance payday loans from direct lenders.

Payday loans are generally short-term cash advances that can provide relief to customers who have no other cash options. These cash advances are typically made out to be repaid within a few weeks or when your next month’s salary arrives, depending on the lender and borrower’s specific situation.

But while such loans may be more flexible than traditional or conventional ones, there is typically no such thing as a high-acceptance payday loan. Not only can loan applications take up to an hour or more, but lenders will also typically vet applicants before making a loan decision. There are also certain requirements mandated by the Financial Conduct Authority (FCA) that borrowers and lenders must follow.

Because payday loans are typically sought after by customers who have nowhere else to go and need the money desperately, it may be tempting to turn to lenders who advertise high-acceptance payday loans. But such lenders are typically making false claims and may be predatory in nature. You should only work with a well-researched and trusted lender.

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Types of Loans

Although high-approval loans are not possible, there are some other alternative financing options that may help during an emergency.
Payday Loans
Also known as emergency and short-term loans, payday loans are often used to address unexpected financial shortages. These emergencies may include overdue bills and rent, medical costs, auto repairs, or home renovations. Payday loans are cash advances taken out against your future salary. As such, they are due relatively quickly, typically by your next pay date.
Online Loans
Like payday loans, online loans can also be requested for small-sum emergencies. Many direct lenders now offer online applications that expedite the process, minimize paperwork, and reduce hassle.
Guarantor Loans

Some applicants may have difficulty obtaining a loan on their own due to poor credit. As a result, they may turn to guarantor loans to increase the likelihood they may be approved. Guarantor loans require an individual with a strong credit rating to co-sign the loan.

Keep in mind that this individual will be responsible for the loan if you default. Additionally, the guarantor’s credit score may also drop if you default.

Is a Bad Credit Score Okay?

When it comes to loans, it is common for banks to require good credit scores from their customers. Indeed, banks are interested in what you have done in the past in terms of financial transactions, whether it be bill payments, loan repayments, amount of credit card debt, or any other sort of cash transactions. But this can often be unattainable and prove to be an obstacle for those who have poor credit scores or have not had access to prior lines of credit.

Individuals may turn to short-term loans as an alternative and search for online payday loans or direct lenders that do not perform credit checks. But potential borrowers should note that such loans are not typically attainable as lenders are obligated to perform credit checks, no matter the amount of cash being borrowed.

Direct lenders do not solely base their decisions on their customers’ credit scores, though. Payday lenders may also consider other factors, such as income, to determine if an applicant will qualify for a loan.

Advantages

Small payday loans can potentially provide individuals with cash advances that may be useful during times of financial emergencies. Consumers may also be drawn to such loans because of the following:

Easy Application

When confronted with a time-sensitive financial emergency, individuals shouldn’t have to jump through hoops to find funding. Online loan applications through direct lenders are relatively hassle-free and quick. The form can be completed in a few minutes with fast decisions.

Convenient and Flexible

In addition to fast applications, online forms can also be completed any time and from anywhere. This makes it more accessible for consumers who don’t have the luxury of going to different brick-and-mortar lenders.

Moreover, some payday lenders may be willing to work with damaged credit applicants. These lenders may consider income and credit score when determining eligibility.

Minimal Paperwork

Since many direct lenders have online applications, you don’t have to worry about keeping track of your documents. Additionally, these lenders will typically ask for minimal financial and personal information.

Before starting your loan process, it is always advisable to do adequate research. This can help to ensure that you are working with a trusted lender. Although Quidable is not a direct lender, when you submit a loan request with us, we try and connect you to a reputable lender. All our partnered lenders have been thoroughly vetted before being added to our network.

Diadvantages

Although emergency loans are appealing to cash-strapped individuals, please consider these factors before applying:

High-Interest Rates

Unfortunately, high APR payday loans are common. The FCA has capped interest rates at 0.8% daily; however, high-interest loans still come with rates between 18.7% and 1,576%. As a result, many borrowers find it difficult to repay their loans plus interest, causing them to damage their credit and incur penalties.

Cycle of Debt

Many times, borrowers are unable to pay their loans due to the high fees. As a result, they may obtain an additional loan to pay the first one. This often leads to a cycle of debt that is very difficult to escape.

Penalties and Credit Damage

In the event of a missed payment or default, lenders may charge penalties. Additionally, they may report your missed payment to the credit bureaus, causing your credit score to drop. Therefore, if you suspect that you will miss a payment, contact your lender immediately. They may be willing to work out an extension.

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How to Improve Your Chances

Although those who apply for payday loans are never guaranteed one, there are a few requirements to keep in mind and steps to follow that can potentially help your loan application process run smoother. These include:
Checking Your Credit Score

Before beginning your loan application, it can be helpful to examine where you are in terms of your financial capability. One way to do this is by checking your credit score and rating. Doing this can give you a better big-picture perspective of how you fare in terms of creditworthiness and perhaps what your chances of getting approved for a loan are.

The three major credit bureaus allow individuals to check their credit score for free once a year. As a result, you can view your score every four months at no cost. Additionally, you can download credit monitoring apps that alert you when your score has changed.

Meeting the Requirements

As with all loans, meeting the requirements is the first step toward getting your loan application on the way. Make sure that you review all the requirements outlined by the FCA and that you are able to present any and all paperwork or information that may be requested.

Although some lenders may be willing to work with poor credit applicants, there are still minimum credit score requirements. Additionally, many lenders will also have minimum income requirements.

Paying Off Your Loans
If you have any past loans lingering around, it is always advisable to close off these debts before beginning a new one. Paying off your debts on time may not only have a positive impact on your credit score but can also give you more financial bandwidth before opting for another loan.
Bottom Line
As noted prior, a guaranteed high-acceptance payday loan for a bad credit score holder is not possible. Although chances of loan approval will typically be low if you currently suffer from a lower-than-expected credit score, you can still apply for a payday loan to see if you are approved. Whether you are looking to repair your car, pay any overdue bills, or even cover your household expenses, a payday loan can provide you with a short-term cash padding.

FAQ

How Much Interest Will I Be Charged?

Your interest rate will depend on several factors: the lender, your credit score, the loan amount, and term. Typically, if your credit score is low, you will likely be charged a higher rate. Nevertheless, it is best to conduct research before committing to work with a lender.

Can I Get a Low-Interest, Guaranteed Loan?

Unfortunately, low interest is not guaranteed, and neither are loans. Instead, your loan eligibility and APR will depend on your credit, income, loan amount, term, and lender. Guaranteed loans are never legitimate. However, some applicants may be eligible for low-interest loans.

Do I Qualify for a Payday Loan with No Credit Check?

Unfortunately, no credit check payday loans are not legitimate. All lenders need to conduct a credit check before determining whether an applicant is eligible for a loan. Therefore, your credit and financial history will always be considered when applying for a loan.

How Much Can I Borrow?

Applicants may request between £50 and £5,000. However, the amount that a lender approves you for will vary depending on your income and credit.

Can I Get an Instant Loan?

Like guaranteed and high-acceptance loans, instant loans are also not possible. Although payday loans are faster than traditional loans, the process does still take some time. The lender will need time to conduct a credit check and make a decision. Additionally, the funds may take a few days to be deposited into your account.

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