High Acceptance Payday Loans

WARNING: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

How much would you like to borrow:

How long would you like it for?
3 months
6 months

Your monthly repayments are:

Total amount to be repaid:
Annual percentage rate:
  % APR

Representative Example: £200 loan for 6 months at a fixed interest rate of 290% pa. Total amount payable is £359.71 in monthly instalments of £74.65, £71.73, £64.05, £58.76, £49.75 and £40.77. This is based on the amount of credit plus interest, no other fees apply. Representative 1266.9% APR

As a customer looking for a payday loan, you are likely to have your own key criteria influencing where you decide to make an application. Websites that offer a high acceptance or a high approval rate often seem like an attractive option, either for those who know they have a bad credit record or those who need money fast and don’t want to risk wasting time on rejected applications.

What can you expect when applying to indirect lenders?

A man in a panic in front of a laptop

It is important to be mindful that when a company is offering high acceptance loans, this may indicate that it is not a direct lender. If you are guaranteed a high approval loan, it is more likely that you are applying to a loan broker who will use the personal information you enter on their site to scan through all the lenders on its database and try to match you with the ones you are most likely to be approved by.

This may sound good, but it can mean that you are bombarded with advertising and marketing messages from many different lenders, and your information could be passed on or kept by the broker indefinitely, so these texts or emails will continue to be sent to you long after the date when you needed the loan.

It is worth bearing in mind that borrowing from a lender that offers the most accepted same day loans is not always going to be the best option.

Be prepared, that:

  • you may find these lenders charge you a much higher interest rate to cover the costs of the loans they approve that are then not repaid;
  • if you encounter difficulties with your loan repayments, some lenders may charge larger late payment fees.

If you want to avoid these scenarios, you may prefer to apply for a loan with a direct lender.

What are the advantages of dealing with a direct lender?

You can usually contact a direct lender and ask for your application to be reconsidered if you object to the use of automated credit scoring defining whether or not you are approved for a loan. In this instance, you may be asked to provide evidence to prove that the loan is affordable to you, such as copies of your bank statements and wage slips. If you have suffered from a poor credit rating in the past, asking for a manual review may be the best way to get approved for a payday loan and if you repay on time, you can start to rebuild your credit score.

cashasap.co.uk is a direct lender and there are many advantages of dealing with us.

A smiling woman with an ipad

Remember that payday loans generally do have a higher acceptance rate than longer term credit products, such as bank loans, when it comes to thin credit files, volatile earnings or previous cases of bad credit file records. However it is unlikely that you will find a direct lender who offers payday loans without carrying out a credit check first.

When is it possible to avoid a credit check?

No credit check loans may be appropriate for:

A car secured loans such as logbook loans where your car is pledged as security;
A silhouette guarantor loans where someone else will make your loan repayments in the event that you fail to make them yourself;
Another silhouette payday loans from a direct lender when submitting additional information with your application instead, such as your bank statements.

However for unsecured payday loans, looking at your credit file is one of the main factors a lender has to base their decision on.

In any case, you should always remember that taking out a payday loan when you cannot afford to make the repayment is not a good idea in the first place, as missing repayments can cause you serious money problems. You should always aim to borrow from a responsible lender and keep in mind that payday loans are not intended for such frequent use that you become reliant on them every month.