Can I Get A Payday Loan With A Low Credit Score?

Published: November 18, 2022
By the Pachyy Editorial Team
The Pachyy Editorial Team comprises a diverse and experienced team of writers, researchers and subject matter experts whose aim is to provide you with useful insights, guidance and commentary on all matters related to your personal finances.

Some payday lenders are happy to lend money to individuals with poor credit scores. However, consumers should be cautious from who they take a loan.

Some payday lenders take advantage of individuals with low credit scores because they know that borrowers with low credit scores are unable to get a loan from traditional banking sources.

Therefore, if you have a bad credit score, you should always compare multiple lenders to ensure that you find the lowest APR loan from a reliable and ethical lender.

Why Do Some Lenders Accept Individuals With Bad Credit Whilst Others Do Not?

Some lenders are more open to lending to individuals with low credit scores as they recognise that the traditional credit score metric can leave many credit worthy individuals without the ability to take out a loan.

Although the credit score metric is widely used by traditional banks to determine who is and who is not suitable for a loan, it has a variety of shortfalls.

  • Some individuals have not had the time to build up their credit histories and therefore are automatically given a low credit score.
  • Some individuals may have not paid back loans previously and therefore have had their credit score reduced.


The fundamental issue of the credit score metric is that it is ‘backwards looking’. Although the past may be a reliable guide to the future in many cases, in some circumstances, your prior credit behaviour and history will not be a reliable indicator of your ability or willingness to build your financial health in the future and meet your future credit obligations.

If I Have A Low Credit Score, Is A Payday Loan The Best Option For Me?

If you have a low credit score and need some additional cash to cover some unexpected expenses, a payday loan could be the right option for you.

Firstly, you must consider that payday loans are designed as a short-term lending option only. You should not consider taking a payday loan out for the long-term. If you need to take out a long-term loan, you should instead consider collateral loans.

Secondly, if you have a low credit score, some payday lenders may charge you a very high APR because they know that you will struggle to get a loan elsewhere. Therefore, if you have a low credit score, you should always compare various payday lenders to identify the best loan possible.

If you have a low credit score and are in need of cash, a payday loan could be a very good option if you know that you will be able to pay it back when you get you next payslip and you compare various lenders.

Does Pachyy Offer Loans For Individuals With A Low Credit Score?

First and foremost, at Pachyy, we only work with fair, affordable and ethical lenders that share our mission to improve the financial health of our customers.

Secondly, some of our partners do offer loans to individuals with low credit scores. You can use our online application to check if you are eligible for a payday loan and compare loans from various lenders, ensuring that you get the lowest possible APR payday loan.

Our application process takes 5 minutes, displays your potential loans as soon as you submit the application, does not affect you credit score and is completely free.