Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Lenders have put in place so many checks and balances in payday loan approval process like credit score check, address proof, income proof etc. The basic purpose of these checks is to confirm affordability of loan for the borrower which is mandatory for all lenders. If anyone says that he knows the lender who approve payday loans no credit check then please do not believe in this.
Some people wanted to bypass the loan credit check process because they think it will delay their funding. But credit check process in payday loan is very fast in today’s computerized era. On the basis of your given details lender can quickly perform this by the online process, so no need to worry.
Normally past loan repayment history is reflected in person’s credit score, but bad credit rating of a person also may be due to so many other previous financial transactions. If borrower will not repay loan on due time without proper intimation to lender then the lender may refer his name to credit score maintainer agency to give adverse remarks in his credit book, with every negative entry borrowers credit score decreases and ultimately he will be tagged as bad credit borrower. As poor or bad credit is not well defined score, so people with all credit scores can apply for payday loan. The poor credit score mark varies from lender to lender and many lenders in the market are ready to finance according to their suitability check formula. So poor rating will not be alone factor for loan denial.
For the bad credit borrower lender treat his loan as high risk loan and may charge higher interest rate to mitigate this additional risk. So bad credit loans may be approved by the lenders if other financial parameters of borrower like his employment and wedges are satisfactory. For financially sound borrower lenders may approve loan irrespective of credit ratings.
There are so many advantages of funding with direct lenders
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.
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