What credit score do I need for a payday loan?

Last Modified 16th of February 2021

There is no simple answer to this, firstly because you don’t actually have one specific credit score anyway – you actually have about three, one from each of the main credit reference agencies. So a better question might be:

How good does my credit need to be?

Some companies are prepared to give out payday loans with no credit check, although generally some form of security will be required such as a car that you own (aka logbook loans). Additionally these loans will often have exceptionally high interest rates.


What if a credit check is required?

Well logbook loans aside, payday loans are generally targeted at the sorts of people who are likely to have poor credit and therefore the lenders do realise that if their credit checks are too strict they simply won’t get any business (or at least they’ll end up turning it all away).


So while there is no particular score that will be required, as long as you have some income that you can use to pay back the loan you might find it is easier than you expected. However, the thing you should be aware of is that these loans are expensive and if you do miss the payment deadline you will be hit with some high charges and your credit score will be hurt even further.