What Happens If I Can’t Pay Back a Loan?

However, having a bad credit score or no credit history whatsoever doesn’t mean you won’t be able to get a loan, some of the lenders we work with specialise in helping bad credit customers, rather than relying on your credit report they can put far more emphasis on your current financial situation and your ability to repay on time. Apply through us and you may just be surprised.

Why should I use Cobra Payday Loans if I want to apply for a loan?

As an FCA authorised company we are in an excellent position to help you find the finance you need. We work with a wide range of lenders, many of which will accept applications from people with a bad credit history, far more importantly they are more interested payday loans in North Ridgeville in whether you can afford to repay the loan and don’t base their decision solely on your credit past.

Why do people search for no credit check loans?

More often than not the main reason people search for this type of loan is because of problems obtaining finance. That may be because they either have no credit history or have had trouble in the past and are now classed as having a bad credit record.

But all may not be lost, having a bad credit record does not have to be the be all and end all. We have helped thousands of people find the credit they need. Some of the lenders we work with will consider applications from all types of credit background. So give us a try today and find out if we can help you too.

How can my credit score be improved?

A lot of people in the UK suffer with a bad credit record and as such are unable to get very good deals on credit and finance, if any at all. As a first step you should check your credit record with the big 3 credit reference agencies, Equifax, Experian and Transunion. Check for any incorrect information that they may hold and rectify with them as necessary.

Unfortunately if a poor credit score is because of historic financial mistakes then there is no quick fix, first and foremost it’s important to get on top of your current credit commitments and pay them in a timely fashion. Over time your score will gradually improve.

If you have been approved for a payday loan, but you now find you can’t pay that loan back, the best thing to do is to speak directly to the lender. In many cases, they understand issues that may arise for customers. The worst thing you can do is ignore payments, as these will then default and lead to further financial problems down the line. As soon as you know you can’t make a payment on your loan, it would be best if you spoke up.

As lenders, most payday loan companies have had customers fall into difficulties. As such, they have processes and support in place to help you if you cannot pay. Alongside speaking directly to your lender, you can also talk to the Money Advice Service for general financial help. If you’re struggling with money, speaking to a debt charity like StepChange may also help get you back on steadier financial ground.

When Is a Payday Loan Not the Right Choice for Me?

This type of loan is designed to be a short-term, infrequent form of lending to get you through a difficult time. If you do not feel that you fall into that category, then a payday loan ple, if you would like to fund a holiday or buy a new car, there are better forms of credit on offer to you that fit your needs. Payday loans also should not be used for day-to-day spending. If you find yourself having to borrow every month, then you may want to speak to the money support services mentioned above.