What Are Payday Loans?
It is a short-term personal loan
that a borrower has to repay within a year or less. Since these loans are unsecured and do not
require any guarantor, many people opt for it during a sudden emergency. Traditionally, a payday
loan had to be repaid by the borrower within 30 days. However, with evolution in the unsecured
lending industry, the lenders are now offering this credit product for a period of a year. A
borrower can easily avail a loan and can repay it back in easy monthly instalments.
These high-cost
short-term credits are beneficial to resolve any financial difficulties as there are no
limitations or restrictions on its usage. A borrower has the complete degree of freedom to use
the loan amount for any purpose they want.
Payday Loans for People with Poor Credit in the UK
At Oyster Loan, we believe that a poor credit score may be a result of financial distress that a
borrower went through. We understand that nobody will intentionally damage their scores. Hence,
we deal with lenders who are authorised by the FCA and who provide payday loans for poor credit in the
UK.
A credit score is undoubtedly an important part of your financial health. Many lenders take their
decision of loan application based on the credit score of the borrower. That is how they gauge
the borrower’s repayment affordability. While, there are lenders who consider the
borrower’s creditworthiness and hence, they take the risk and lend money to people who do
not have a perfect credit history.
It is important to find such lenders who are willing to take the risk or else it will become a
challenging task for you to find the right one.
Moreover, our lenders will perform a soft credit check to present the options available to you.
Please bear in mind that a soft check doesn’t impact your credit
score and hence, your score will not be damaged during the initial loan application
processing.
Online Payday Loans in the UK
With the advancement in technology, the payday loan industry has also advanced over the years. Now, a borrower can easily apply for a payday loan for bad credit with Soft Credit Check online.
And with Oyster Loan, the process is much easier. The form of loan application has been designed to
be operational on desktop and mobile devices. Because your convenience matters to us!
A borrower has to fill in the application form with all the basic details including their
residential address, current and past employment details, bank account details, personal details
such as date of birth, email ID, income, contact number, etc., While filling in the information,
a borrower may be assured of the safety of their data as our website is hosted on a secure
server. You may read more in our Privacy Policy.
Once you submit the application form of a payday loan online with all the necessary details, the lenders will verify the information provided. Also, they will assess the loan eligibility by conducting a soft credit check.
The decision of your loan application will be displayed on the screen if you meet the
lender’s eligibility criteria.
An online payday loan applicant must consider the following points before making an application:
- a) The applicant must be 18 years or above.
- b) She/he must be a citizen of the United Kingdom.
- c) They must have a valid and functional bank account.
- d) They must have a regular income stream.
Alternatives to Payday Loans in the UK
If you feel that payday loans uk is not the answer you were looking for your financial queries, then you might try to consider a few other alternatives that are available in the UK. To choose
the right credit product, you need to understand your own requirements first. Calculate how much
do you need to borrow and for how long. Remember that the amount borrowed has to be repaid by
you as agreed or else that may result in severe damage to your credit score.
A borrower may opt for a short-term
loan. If you feel you need funds to cover some of the expenses of your dream day, you
may opt for a wedding loan. If you want to unwind and relax, you may avail a holiday loan.
The choice of the credit product depends on you completely and your credit requirements. Hence,
make sure that you know why you are borrowing the money and how much you can afford to repay the
loan.
Borrow Responsibly – With Oyster Loan
Oyster Loan is an FCA registered loan broker that
operates in the UK. Our aim is to promote responsible lending and borrowing in the financial
market of the country. We care about our borrowers and therefore, we believe in maintaining the
highest level of transparency to avoid any confusion and inconvenience.
Always remember to shop around and compare for more options if you are searching for low interest rate on a personal loan. This way you are more likely to find out a loan with favourable rates that you can easily afford.
Once you borrow the loan, start repaying it regularly on time to avoid damaging your credit score. If you have borrowed a
Payday Loan for Bad Credit, then timely repayment will help in building the
score.
We deal with FCA registered lenders only and we do not charge any upfront fees to our
borrowers. Oyster Loan will help you in finding the right lender and the right
credit product so that you can smoothly sail through the financial distress.