Bad Credit Payday Loans

Looking for a payday loan for bad credit? Cashflex could help you search for a suitable alternative. Check your eligibility for a short-term personal loan of up to £10,000 today, with no impact to your credit score.*
Any credit score considered.

What is a bad credit payday loan?

A payday loan is a sum of money borrowed from a lender, which is typically required to be repaid within a month. As the name suggests, a bad credit loan is a type of loan that could be suitable for those with poor credit history.

However, if you have bad credit, a payday loan might not be your only option.

Could I search for a bad credit payday loan with Cashflex?

None of the lenders on the Cashflex panel offer payday loans. They do, however, offer short-term loans from £100 to £10,000, with a range of repayment terms between 3 and 60 months, depending on the amount of money you apply to borrow.
Several of the lenders on the Cashflex panel specialise in loans for people with bad credit.

Bad credit payday loans vs bad credit short-term loans

If you’re hoping to spread the cost of borrowing, a short-term loan could be something to think about. As discussed, payday loans are usually required to be repaid in full on your next payday, whereas a short-term loan can be repaid across months or years.

Remember, the longer the term, the lower your monthly repayments will be, although you’ll pay more in interest in the long term.

Who can search for a bad credit short-term loan with Cashflex?

You’re welcome to use Cashflex to help you search for a bad credit, short-term loan if you:

• Are over the age of 18;
• Are a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

Things to think about before you search for a bad credit loan

• Some lenders may consider your application to apply for a bad credit loan, although you might not be approved to borrow as much money as you need.


• You should never apply to borrow more money than you need or can afford to repay.


• A bad credit loan could come with a higher rate of interest. You should consider how this will impact your monthly repayments.


• It’s important to make sure that you can comfortably afford your monthly repayments. Repaying your loan should never leave you unable to cover the cost of your essential monthly outgoings, such as rent or mortgage and bills.


• Making your repayments on time each month is really important if you want to avoid the risk of being stung by additional fees. In addition to this, a late or missed repayment will harm your credit score.


• When you apply for a loan directly with a lender, they will carry out an affordability check. This will be in the form of either a hard search or via Open Banking. A hard search will remain on your credit file for up to 12 months and multiple hard searches within a short period of time could have a negative effect on your credit score. Using a credit broker, such as Cashflex, to help you search for a loan could protect your credit score from multiple hard searches.


• The free Cashflex FastCheck tool will reveal your chances of approval and will not harm your credit score in any way. If you have bad credit, checking your chances before you apply could offer you some peace of mind.

Jargon buster: Open Banking is a secure process used by authorised third parties, such as a lender. With your permission, Open Banking allows lenders to access a read-only view of your online bank account and recent financial transactions. Third parties cannot make changes to your account or deduct any money; you’re in complete control and can withdraw your consent at any time.

How can I search for a bad credit loan with Cashflex?

Our process can be completed entirely online, 24 hours a day, 7 days a week. Whether you’re a shift worker, an early riser, or a lunch-break visitor, we’ve got your back.

1. Fill out our online form – this should take no longer than five minutes. Let us know how much money you need, and how long you’d like to borrow it for.

2. Using soft search technology, we’ll scan our panel of over 30 responsible lenders, all authorised and regulated by the Financial Conduct Authority (FCA), for a suitable loan. This stage will take around 60 seconds.

3. If we’re able to match you with a loan, you’ll be redirected to the lender’s website where you can decide if you’d like to make a full application. If you choose to go ahead, a hard search or Open Banking check will be carried out. Remember, a hard search will stay on your credit file for up to 12 months and undergoing multiple hard searches in a short space of time could cause your credit score to decline.

4. If the lender is satisfied with the outcome of their checks, you’ll be sent a loan agreement.

5. Take the time to read through the terms and conditions of the loan carefully. If you’re happy with everything, you can sign and return the agreement. Your lender will let you know when you can expect your money to be sent. Some of the lenders on the Cashflex panel are able to send your money on the same day as your application is approved.**

How can I improve my chances of being accepted for a loan?

Improving your credit score could increase your chances of being approved for credit.
Those with a good credit score may find that they have a wider choice of borrowing options, although it’s important to remember that there’s no such thing as a ‘guaranteed loan’ and each application will be assessed on an individual basis.

Here are some ways that you can begin your journey towards a healthier credit position:

• Pay your bills and any current credit commitments on time each month.


• Register to vote. Being on the electoral roll will make it easier for potential creditors to verify you and your current information, such as your address.


• Check your credit report for errors and report any outdated information to the credit reference agency (CRA) as soon as you can.


• Try to limit the number of hard searches on your credit file.

I can’t afford to repay my loan; what should I do?

If you’re having difficulty repaying the money you’ve borrowed, you should get in touch with your lender and let them know about the situation. They will listen with empathy and may be able to suggest things to help ease the financial pressure that you’re currently experiencing.

I need help with money; where can I get advice?

Please know that you can access free, confidential money and debt management advice through charities and organisations such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.

*Cashflex is a credit broker, and we use soft search technology to check your eligibility. If we’re able to match you with a lender and you choose to make a full application, an affordability check will be carried out. This could either be a hard search or Open Banking. A hard search will remain on your credit file for up to 12 months and multiple hard searches within a short period of time could have a negative impact on your credit score.

** The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.