Payday Loan for Bad Credit
Despite what you may read in the news, obtaining a payday loan even if you have bad credit still means you need to show you can afford to repay the loan and not in financial difficulty. There are millions of people in the country who at one point or another suffered from some form of financial difficulty. Whether it is fixing a broken down car, getting a new washing machine or needing to buy clothes for your children. Sometimes things happen that are out of our control and this can lead, in some circumstances to missing a few bills. Unfortunately, this can mean that your creditors mark your credit file with a negative mark which can impact you for years to come.
Will having bad credit impact my chances of getting a loan with PiggyBank?
At PiggyBank we always strive to help our customers when we can. This means that when you apply for a loan, we will look at your credit file to see how you have repaid credit in the past, but we will also look at your current financial situation to see how you are repaying credit now and we will also look at a number of other factors including your income, expenditure and the amount of disposable income you have left at the end of the month.
Will you take my previous defaults into account?
Yes we will and we will also look to see if you are paying these off now. Sometimes a reduction in income in a household means you cannot afford to pay all of your bills, but if you are paying these off now, lenders will see this and although your credit file will show defaults or missed payments, it will also show that you are making steps to pay these off.
What can I do to improve my credit and affordability if you decline me for a loan?
If for any reason you are declined for a loan from PiggyBank or any other company, the best thing to do is to make a list of all of your income and expenditure. You may find that once you go through everything you earn and everything you are due to pay out, that you find you don’t have enough money to pay back requested loan. Look at ways you can cut back on certain things without sacrificing too much. It might be that you can cut back your shopping bill, switch energy providers or even car sharing to save petrol. There are so many little things you can do that add up to a lot of saving. See our blog on switching energy here (clickable link to energy switching blog) and our blog on ways to save here(clickable link to saving blog).
The other thing you can do is to check your credit report. Noddle offer a free service for life and here you can see all of the outstanding credit you have. If you are in the position to do so, pay off as much credit as you can so that your credit commitments are lower. This may help your affordability with lenders when you apply for credit again.
Why Choose Us?
- Direct Lender
- No Payout Fee
- No Hidden Costs
- Fast Online Application
- Multiple Repayment Options
- 100% UK Based
- Fully Authorised by the Financial Conduct Authority