Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Acceptance of payday loan depends on various factors, so no one can guarantee 100% acceptance of loan. For a person who is UK citizen, having employment with good wedges for past six months, the loan acceptance chances are high. On other hand an applicant with poor or bad credit history and net monthly income is low, then loan rejection chances are high.
Before loan approval lender have to fit the borrower in suitability and affordability of loan criteria, without passing in this check loan approval is not possible.
If we think about point of view of a borrowers in UK, he is expecting following things to ease in their loans approvals: loans from direct lenders, bad credit loans, no credit check loans, high acceptance loans, instant approval loans, 100% guaranteed loans etc which is clearly reflects from their online searches.
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Although above searches are not realistic in regulated payday loan era but the person who is in financial crises tries to get all possible efforts to solve it quickly.
Following points may help you in getting high acceptance loans
In mathematical term we can say loan acceptance chances are inversely Proportional to the loan amount, means high acceptance for small amount and low chances for high sum. As we know payday loan amount ranges from as low as 100 to as high as 3000. If monthly savings of loan applicant is higher in comparison to applied loan amount then he can easily pass the affordability check of lender, in this case result will be "high acceptance loans". In other way if monthly income is less than loan amount then lender will never accept this loan.
Risk of loan in lenders point of view, is increases with loan term. As payday loans are unsecured loans and due to cap on interest rates, lenders are very selective in loan approvals. Now lenders have financially constrained, they are not in position to charge interest or defaulter's penalty more than fixed by FCA.
For short term loan, say till next payday of the borrower, they can easily approve loan amount with in the repaying capacity of the borrower. For long term loan of 3 month or 6 month the may ask for guarantor to secure their risk. Generally lenders work on formula "high acceptance loans" for "short term" and "low acceptance loans" for "long term".
Basically credit ratings of a borrower is one factor only of loan approval by the lenders. Lenders consider followings for loan risk assessment.
Above are not full list of factors on which lenders underwrite your loan, so no need to panic for your bad credit, if other points are OK, then your loan approval chances are still high, despite of bad credit.
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.