Smart uses for a payday loan
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Avoiding bank charges and credit card charges are just two smart ways to use a payday loan. Almost a million Brits go overdrawn in the week before their pay day arrives, research from moneysupermarket.com also shows that tens of thousands of us end up in the red one week after we’ve been paid.
Takes 2 minutes to apply for a payday loan and you could have a fast loan of up to £750 in your bank account within a few hours.
Fix your credit rating and improve your credit score
- Without a credit history you’ll have a poor credit score.
- If you have bad credit history then you won’t be able to apply for many financial products (bank accounts, loans, credit cards, mortgages). Payday Bank often approves loan applications from people with bad credit, including those from people with CCJs.
- If you want to fix your credit, applying for, receiving and paying off a payday loan can improve your credit rating. Apply for an amount you are you can comfortably clear on your payday.
- Once you’ve been approved it will appear on your credit report that you applied, you were accepted, you paid in full and on time. Do this over a number of months and you credit score will keep rising.
- Find out more about how fast payday loans and other methods can help your credit rating in our Credit repair tips to improve your credit rating guide.
In this section
• Make the Most of your Payday Loan
• Finding the Best Deal for your Short-term borrowing
- Without a credit history you’ll have a poor credit score.
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