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You need a payday loan, but unfortunately, your credit is bad. Don’t despair – there are lenders online who offer payday loans even if your credit does not look good. What makes it better is that you can get the money that you need immediately – yes, no waiting needed!
Can I Get a Payday Loan Even if I Have Bad Credit?
Payday loans offered by online lenders do not require a credit check which can be detrimental to your loan application. This means that even if your credit history is not flawless, you can obtain a payday loan in an instant. If you are suddenly presented with an emergency that requires money to pay for unexpected medical expenses, an emergency car repair, or maybe an unplanned trip, a payday loan is a viable option because you can get the loan proceeds in less than 24 hours.
There are plenty of payday loans online and the loan application process is quite simple. All you need to do is fill up an application form with your personal details including your bank and employment information and submit it online. The lender reviews the form and requests the necessary documents from you to support your application. Once the lender reaches a decision, the funds will be deposited to your bank account in a matter of hours. Repayment of the payday loan is done through automatic debit.
It is important to remember that payday loans are short-term borrowings that have high fees and interests. Make sure to settle the loan as agreed upon so that you avoid higher interest rates and additional fees.
Payday loans are short-term credits that are designed to help tide borrowers over to cover their financial shortage until their next payday. While most lenders expect borrowers to pay the principal and the interest on their next payday, or by the end of the month, there are lenders that may allow borrowers to choose their preferred term.
How Payday Loans Work
Lenders can lend between £100 to £1,000, though this can vary from lender to lender. Considering how this is a short-term loan, expect that the interest rates will be generally high. However, the fast processing time and the lenient requirements have made these loans the go-to among many a borrower, especially those whose credit records aren’t especially spotless.
The funds, once the loan is approved, is typically paid into the borrower’s bank account. Usually, this is within 24 hours of the loan approval with some even releasing the funds a few hours upon approval. Repayments are usually taken from the borrower’s bank account once due. Typically, lenders charge £24 for every £100 that is borrowed.
Requirements for Payday loans
There are basic requirements that potential borrowers will need to meet to get approved for a payday loan. A borrower needs to be 18 years old and a UK resident. He must have a working bank account as well as this is where the lenders are going to deposit the funds directly. This is also the same account that they will be deducting the payment from come the loan’s due date.
In addition, a borrower needs to have a steady source of income too. He need not be employed, but must prove that he gets a steady source of regular income to ensure that he can pay off the debt by the time it is due.
Benefits of Payday Loans
The speed in which one can take out a payday loan is also one of the many reasons it has grown in such popularity among the borrowing public over the years. The requirements tend to significantly easier, more lax, and lenient compared to standard bank loans. In addition, most lenders do not require a hard credit check when assessing prospective borrowers, which makes it possible for those with bad credit to get access to emergency funds. Applying for one is convenient too, since most lenders offering this credit are operating online. So, you can choose to send your application through this medium.
If you want to buy a car, it is next to impossible for you to produce the money needed to buy the vehicle right then and there. To be able to afford the purchase, you will need to take out a car loan to help you with the financing. While car dealers offer specific financing programs for potential car owners, you always have the choice to go for independent financing. All you need to do is sign up for a personal loan.
Things to consider about personal car loans
When getting a personal loan to purchase a car, all you need to do is figure out how much you need to make the purchase. You will then apply for a loan to a lender and once approved, you pay the amount to the dealer, you take home the car, and you then start paying off the loan to the lender who you got it from.
One of the best things about getting a car loan through a personal loan is that the funds do not have to be solely used for buying a car. Since it is a personal loan, the borrower has considerable freedom on how he will use it.
How to qualify
Just like any personal loan, you’ll need to meet the basic legibility requirements that lenders have set in order to be granted approval. From having the necessary income to having the necessary credit score, it is best that you find out what lenders require first before ending an application. The loan can be secured or unsecured. Generally, unsecured personal car loans can be a bit expensive interest-wise. If you will choose to secure it, you may be able to borrow more and you may get significantly competitive interest rates.
You’re advised to shop around too and to compare rates. Do see to it that you will ask for soft quotes when shopping so this isn’t going to end up causing a dent on your credit score.
So you have taken out a car loan but now find yourself in a situation where you do not really wish to go through with the agreement anymore. You know of somebody who may be interested in taking on the loan instead and you’re wondering if this is possible.
Is it Possible to Transfer Car Loans?
It is important to understand that a car loan is different from a car finance. This is what you get from the actual dealers which details the agreement involved in the vehicle purchase. Most of the time, this would include you making a down payment and then making monthly instalments. The car will finally be yours the moment that you have successfully paid it off.
A car loan, meanwhile, is more like a personal loan. This means that you’re borrowing money from a lending institution based on your credit history and credit score, as well as on the amount of income that you are earning. It could be secured or unsecured. If secured, it will usually mean that the vehicle you’re buying is used as collateral.
If you’re wondering whether it is possible to transfer your car loan to somebody else, the plain answer is no. It is a personal loan, after all. Personal loans are approved by lenders based on your circumstances as a borrower. It is based on hard credit checks as well as the details contained in your credit history. These are requirements that could not be transferred to another person. Which is why a car loan is non-transferrable.
What You Need To Know About Car Loans
Also, if another person wants to get a car loan, then he will have to meet the necessary eligibility requirements and should qualify through his own means. What you can do is first pay off the loan and then sell the car if you no longer need it to recoup the costs. Just remember that you cannot sell the car while there is still a loan attached to it.