Is Miss-Payday A No Refusal Lender? 

Good question! At Miss-Payday we pride ourselves in being able to get you a loan when you apply with us. As such, we would like to see ourselves as a no refusal payday loans lender.

The reality though is that there is no such thing as a no refusal payday loans lender.

Why can lenders not guarantee loan approval? Let’s explore this next.

Due Diligence

All loan Lenders have a duty to be responsible when loaning people money. The Financial Conduct Authority overseas and regulates the financial services industry strictly.

The onus is upon the loan provider to perform a series of tests that ensure they do not place a customer in a difficult financial situation that could have been avoided.

Of course, due diligence works both ways; the Applicant should check their incomings and outgoings to make sure that they have enough surplus income to service any loan that they want. Generally, loans shouldn’t be used to repay other debt since eventually this will only lead to an ever-increasing amount that will be harder to repay.

The exception to this is, of course, the consolidation loan. This type of loan combines several outstanding loans into one and usually offers a lower repayment that is spread over a longer period. Payday or short term loans are definitely not suitable for this and need to be repaid as quickly as possible.

It is for these reasons that a lender cannot profess to truly be a no refusal payday loans lender.

High Acceptance Payday Loans 

This query is different and at Miss-Payday we can claim to help our applicants with high acceptance payday loans. The reason is simple: the majority of those who apply with us receive a loan.

The risk profile for most who apply is one whereby payday loans are ideal, hence where the term high acceptance payday loans comes from. In fact, this type of loan is far more accessible than a typical bank loan, mortgage or guarantor loan. Even credit cards are often more expensive for this risk profile, hence why people turn to payday loans instead; they are often cheaper than similar alternatives for those with a poor credit profile.

The Loan Lottery 

A lottery is what is sometimes feels like when we apply for a loan, especially if we apply with the mainstream banks and similar lenders where their risk adverse criteria is greater.

Banks have less tolerance for risky profiles and small loan lenders like Miss-Payday have filled the void that they do not want to service. Where an application to a bank may have been a lottery even if your credit profile was ok, it is far less so with a small loans lender that specialises in adverse credit history applicants.