Loans For Bad Credit

Are you interested in hearing more aboutpayday loans for bad credit? Apply with Moneyboat and receive up to £1500 today upon approval.

Our loan decisions are swift and simple with funds often transferred the same working day. Moneyboat is a trusted UK direct lender and accepts lower credit scores.

Why Moneyboat?

The Potential Impacts of Short-Term Financial Problems


According to a recent report, at least 60 per cent of the nation currently faces occasional monetary struggles.
The economic sector describe these sporadic situations as usually short-lived. However their impacts often linger for quite some time. At MoneyBoat, we offer a range of short term loans, or payday loans for bad credit.
These loans are there to help combat not only these temporary financial issues, but also their possible long-term effects.

It’s no secret sudden and unexpected setbacks can leave a family suffering both emotionally and physically. Missing a day of work due to illness is a prime example.
As a result, you have to shell out money for a doctors appointment that you hadn’t worked into this month’s budget. At the same time, the next payday will be a bit short because of the time you missed.

Though it may not sound all that bad initially, scenarios like these tend to snowball over time. Making up for the trip to the clinic and missed wages, you end up having to offset your future budget by putting off other payments.
Creditors are typically willing to make arrangements in such situations. However may still be looking at weeks or even months of barely scraping by in an attempt to catch up.

Aside from all this, the car or even mortgage payment you had to postpone goes down on your permanent record. When it does, you’re facing the dreaded plummeting credit score so notorious for making future financial hardships all the more difficult. After all, the lower your credit score goes, the slimmer your chances may be of getting a loan afterwards.

Representative Example: based on the last working day of each month

Interest rate 255.5% pa (fixed) Representative 939.5% APR

Payback period4 months
Monthly repayments£144.94

What are Payday Loans for Bad Credit?

Simply stated, a payday loan is a relatively small amount of money provided to those who need it. We offer amounts ranging from £200 to £800. If approved, the money is typically sent to your bank account by the end of the business day. Depending on the amount borrowed as well as certain other factors, you’ll have one to three paydays to pay back the money.


Should you already have a less-than-perfect credit history, you’re well aware of what a mediocre score can do to your chances of being eligible for a conventional loan.
If circumstances similar to those mentioned above apply to you, chances are you also understand just how the snowball effect can begin and grow.
At MoneyBoat, we may offer payday loans for bad credit. This solution is geared toward those who’ve had past credit issues.
It’s also a viable alternative for those who’d like to take a more proactive approach to combatting the possible long-term effects of what could be no more than a temporary hurdle.

Moneyboat’s Service Is Rated Excellent | 9.6/10

What are the Benefits of a Payday Loan for Bad Credit?

Perhaps the most significant benefit of a payday loan for bad credit is fast access to extra cash. When the need is urgent, having an equally instantaneous application approval and deposit process to fall back on can be invaluable.
Some of the other advantages include:

Minimal Qualifications
Our payday loans for bad credit are designed with the needs of those who’ve experienced past difficulties in mind. For this reason we don’t require credit scores more than 663 or better. Most conventional lenders do.
We provide online applications that usually only take a few minutes to complete. You won’t have to make an appointment or miss time from work to apply. Simply go online at home or on your mobile device at your own leisure, and provide the information we request.
Smaller Payback's
Because you’ll be borrowing no more than £1500, you won’t have thousands of pounds to pay back over time like you would with a traditional loan. Less to borrow usually results in less to pay back.
Short Term Commitment
Since payday loans for bad credit are paid back over the course of a few paydays, you will know the exact duration of your agreement from the start.
If you have bad credit, your only other option might be to borrow money from friends or family members. No matter how understanding and trustworthy those generous souls may be, there are still bound to be embarrassment or hard feelings on the horizon. Having to air your financial troubles to close acquaintances is rarely easy.

This option provides the money you need with fewer eligibility requirements in place than many of the other loan products on the market. You’ll receive a small amount and pay it back quickly as opposed to other loan alternatives.


Are Bad Credit Loans the Right Option for You?

Payday loans for bad credit can definitely help get through a tight spot. Especially if past financial struggles have left you with few other options. The circumstances have to be right for this type of loan to suit you. Take a look at the bigger picture before taking out a loan.

Can I use a short term loan to pay my mortgage?
Some borrowers take out payday loans for bad credit to cover the monthly mortgage payment, but it’s not always necessary. Many mortgage lenders offer alternatives. Payments are not reported as late during a grace period which some lenders have. This could be the case even though they’re made after their technical due date. Some lenders allow borrowers to miss a single payment and simply roll it over to the end of the loan term.
Should I use a short term loan to cover my utilities?
As alluded to earlier, its understood by most utility providers that situations beyond our control are bound to crop up here and there. They’re usually willing to make payment arrangements as long as you contact them and explain your circumstances. While utilities are essential, paying for them with a loan may not be.
I can't afford my monthly expenses - would this help me?
If your income regularly falls short of expenses, payday loans may not be the best choice for you. They’re useful on an occasional basis to help mitigate temporary setbacks. Abusing them could place you in even greater turmoil in the long run. Those in these types of situations may fare better with debt counselling or other solutions geared more toward their specific needs.
Can I take out a loan to go on holiday?
We don’t recommend using payday loans for bad credit for recreational purposes. Things like weekend vacations, concert tickets, a new state-of-the-art television and other non-essentials don’t warrant the need for a loan. Frivolous spending courtesy of a high-interest short term loan could leave you in worse financial shape than before, so use this option wisely.

How Do I Know if I Qualify for a Bad Credit Loan?

We do hold applicants to a few prerequisites in order to determine their eligibility. You must be a UK citizen of at least 18 years old with a valid UK address and bank account in order to qualify. We also require steady, stable employment generating an income of at least £1000 per month in take-home pay. It’s important to point out we do not accept social benefits as a source of income, and we cannot provide loans to students per regulations. Once we receive all of your information, we’ll perform credit and affordability checks to ensure repaying the amount you’re asking to borrow won’t place unnecessary strain on your budget. Though credit checks do come into play, having a lower credit score won’t necessarily disqualify you. Keep in mind, our payday loans for bad credit are here to provide assistance in such situations. Don’t be afraid to fill out an application if you’re unsure of your eligibility. Nothing bad can come from trying. If we can’t provide the amount you’re requesting due to your circumstances, we may still be able to grant you a smaller loan.

Are There Any Drawbacks?

Every silver-lined cloud sheds a few drops of rain. Yes, there are a few downsides to payday loans for bad credit. Interest rates are higher in this realm than with other solutions.
We charge 0.7 per cent per day for each £100 borrowed. It’s well below the maximum amount allowed by the Financial Conduct Authority but still considerable when compared to traditional loans.
Another pitfall revolves around missed payments. Should you find yourself unable to make a payment as scheduled, you’ll be charged a £15 late fee and additional interest will continue to accrue at the previously mentioned 0.7 per cent daily rate.
This could really add up and make payback a great deal more difficult than it would be otherwise. Check in with our helpful and understanding customer care team if you’re unsure how to organise your payback scheme.

Your Short Term Payday Loan Alternative

Payday loans for bad credit can provide a certain level of relief when bills are causing greater-than-average tension. They have their fair share of benefits, but certain disadvantages come along with the option as well. Consider your circumstances carefully and use these short-term solutions wisely and sparingly. They’ll always be here when you need them. Contact us to learn more and fill out the form we’ve provided to see how we may be able to help during your next bout of financial stress.

We are open: Weekdays 8AM - 5:30PM


call: 0203 818 7470


text: 07533 023 333

34 The Mall, High Street, Bromley, BR1 1TS, England