Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
The rate you are offered will depend on your individual circumstances.
All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54 .
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.
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.
With the advancement in technology, the unsecured lending industry has also advanced over the years. Now, a borrower can easily apply for a Payday Loan 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!
Once you submit the application form online with all the necessary details, the lenders will verify the information provided. Also, they will assess the loan eligibility by conducting credit checks.
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:
If you feel that a payday loan 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.
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. 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.
Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.