You could be eligible to apply for a small loan with bad credit, but only if you:
Have not been declared bankrupt in the last 12 months
Do not have a CCJ in your name from the last 12 months
Are not on a debt management plan
A payday loan is one of the most expensive ways to borrow money, and although it is a quick way to get cash you should only apply if you have exhausted all other options.
How to get the cheapest £100 loan
This comparison shows small loans that could accept you if you have bad credit. To help you find the cheapest one, think about when you want to have the loan paid off, then:
Get a quote from lenders; or use our calculator above
Compare how much it costs you to repay £100 by checking each quote
Apply for the cheapest option; this is where you get credit checked
When you get your loan, you need to pay it back by the agreed date. If you cannot, you could ask your lender to roll over your payment to the next month, but this will cost you more.
Should you get a payday loan?
Payday loans charge high interest and can have a negative impact on your credit record, so only apply if you need the money in an emergency and cannot get it any other way.
Having a payday loan on your credit record can also affect your ability to get a mortgage, though this depends on the lender you choose when you buy a home.
£100 loan with bad credit FAQs
What if my payday loan application is declined?
Ask the lender why. You should also find out if there are any issues with your credit record.
Is it harder to get a loan with bad credit?
Yes, your credit record tells lenders if you are a responsible borrower, but the lenders in this comparison may accept you with bad credit.
When will I know if my payday loan application is approved?
Most lenders tell you within minutes, but it can take longer if you have given incorrect information on your application.
When will the money arrive in my bank account?
Most payday lenders send the money on the same day your application is approved, but it could take up to a couple of days to reach your account.
Can I get a payday loan without going through a credit check?
No, all payday loan applications require a credit check.
Are payday lenders regulated?
Legally, they must be regulated by the Financial Conduct Authority (FCA) but not all are. Check the FCA website to find out which lenders are regulated.
What does responsible lending mean?
Lenders can only let you borrow money if you can afford to pay it back. Here is more information on the rules a lender must follow.
About our payday loans comparison
Who do we include in this comparison?
We include our panel of direct lenders and credit facilities that offer short term loans. We check and verify they are all authorised and regulated by the FCA. They also need to complete our due diligence questionnaire to make sure they satisfy our screening standards.
We check these lenders do not pass your details to other lenders or brokers without your permission. Here is more information about how our website works.
We check this because lenders you find elsewhere may not be authorised and could even try to defraud you. Find out more about unauthorised lenders on the FCA website.
How do we order our results?
We display them based on the details you enter in our payday loan calculator, e.g. the loan amount and term you need. The results are ordered by how much they cost, and the cheapest deals are shown first. If two separate loans cost exactly the same amount, we choose which comes first at random.
How do we make money from our comparison?
We have commercial agreements with the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.