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Finding the best bad credit payday loan lenders

Bad credit payday loan lenders are willing to provide a loan to anyone who has been rejected elsewhere, either due to a poor credit score or because of CCJs. However, the interest rate for payday loans if generally very high, a representative example being Wonga loans which charged £15 for the initial loan and almost 4000% APR there after.

Added to that, bad credit payday loan lenders will charge more than any other provider because they're lending to someone who has a track record of non-repayment or debt, as opposed to a good customer who is likely to pay back the money.

You can find a good deal on bad credit payday loans, however. If you've struggled to pay back money in the past you should try looking for a bad credit payday lender which allows you to pay back the money gradually over the course of a few months. A few good bad credit payday lenders are FML loans (guarantor is required), Provident Finance and Greenwood Personal Credit.

 

Brokers

If you do a quick Google search for bad credit payday loan lenders you'll find a list of websites appearing to offer a loan. Be cautious of these sites as some are brokers and comparison websites; they'll use your information, sell it on to other companies you're not interested in and you probably won't end up getting a loan at all.

Normally, broker services will charge a hidden fee. Because bad credit payday loan lenders are harder to come by brokers know that customers will do anything to get a quick, easy cash payment and take advantage of this. Make sure you check the website's hidden information, privacy policy and terms and conditions to ensure the company is the actual lender, not the broker.

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