How the UK bad credit loans system works

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Research has shown that the number of companies giving bad credit payday loans and the customers receiving them are on the increase. It will be important for any person who wants to access this kind of loan to be armed with first hand information. This will help in making an informed decision.

Meaning of a bad credit payday loan

A pay day loan is a loan that is usually short term and is therefore to be paid within 1-2 weeks. This loan is to be reimbursed when one’s pay check arrives. Payday loans as a result, bridge the gap between one pay cheque to another. Sometimes payday loans are referred to as payroll advance loans, cash advance, check loans or pay cheque loans.


A majority of the people are not able to keep a budget or spend within their means especially when they receive their pay cheque. By the time the month ends, a person may not be able to keep up with the expenses. Paying the rent for the house, phone, electric and medical bills and other services may pose a big challenge. A Payday loan comes in handy to meet these urgent needs.


With the advent of the new technology, especially the internet, payday loans can now be accessed online. A variety of companies that promote these cash advances do exist. There are also financial institutions and other banks giving out the loans. An online application or a physical visit to a particular institution may grant one access to a loan.

  1. The borrower should have a valid and operational bank account.
  2. A monthly income of not less than £1000 a month.
  3. A person should be employed and be having a regular income.
  4. One is supposed to be 18 years old and above.

The recommended time to apply for the a payday loan is between Monday and Thursday. This is because one will get this loan on the subsequent working day. However, one accesses the loan on Tuesday if the application was done on Friday. Monday to Thursday proves to be the appropriate time to apply for a loan. After all, this is an emergency loan that one needs to settle urgent and pressing expenses.

Due to the urgency of payday loans for bad credit, most companies and financial institutions use online systems of loan application. Once a person’s documents and data are verified, the loan gets an approval. One does not need to wait for days and weeks as in the personal loans. Within 24 hours the loan is disbursed to one’s account ready to be withdrawn and used.

The advantage that bad credit loans have over personal loans is the speed with which these loans get approved. Next time one has a pressing financial need; one should not hesitate to apply for these payday loans.


Warning: Late repayment can cause you serious money problems. For help, go to