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"Bad credit" doesn't mean what it used to. A decade ago it could have implied gross mismanagement of your finances. But in today’s post-banking crisis world there are many people who have – and still do struggle with - financial complications casued by it. A blemish causes by a few missed repayments is enough to mark you as having a "bad credit history". All the more frustrating is to have this label even though you are in steady employment with a steady income. But it's quite typical for today's cautious banks to refuse to lend even though you could afford to repay the loan.
Unscrupulous payday lenders used to target people with bad credit, and very often all this would do would be to make matters worse. The lending space has been cleaned up by new rules. And lenders now have to focus as much on affordability as your credit history. A historical credit problem may not deny you a loan, but being judged as not being able to afford it certainly will. So, if you need a small short term loan for a precise emergency purpose you can certainly apply for a payday loan. The usual benefits of a fast payday loan apply, namely:
A person's credit history is damaged when they fail to meet repayment obligations on a loan. Far better therefore to test a person's ability to meet those obligations before lending them money in the first place. This is why all lenders (payday loan or otherwise) have to do affordability checks.
So, when it comes to repaying the loan can you do this without struggling to cover your other monthly outgoings? Lenders will ask you to list your regular household expenses (e.g. rent, food, energy, travel, etc) and compare these to your income. If you have some money left over after covering your expenses then a loan may be affordable.
With the cost of short term loans now capped there is also less risk than there used to be. But keep in mind that you must repay these loans. No longer can you simply roll these loans on while trying to delay the repayment.
So, for those who don’t have the perfect credit score but who are still looking for access to a short term loan to help keep their finances in check, there is good news. Payday loans make it easy for many people to access the short term credit that they need even if their credit history is not perfect.
1 Subject to application being approved by the lender. Not all lenders are able to provide up to £1000.
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