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Loans For Bad Credit Scores – Compare Direct Lenders
- Having a bad credit rating used to be a stopping point when looking to take out a loan.
- UK direct lenders are willing to consider all credit histories nowadays when considering a loan application.
- There may even be online lending options if you are unemployed or have no guarantor.
Are you finding it difficult to get a loan because you keep getting turned down by banks and other financial institutions just because of your personal bad credit? If this is the case, your best option is to look for loans for bad credit, which are loan products designed for people with poor credit scores or those without any credit history at all.
Bad credit loans might have a higher interest rate but provide a viable financial solution when you urgently need money for a pressing need that cannot wait until your next pay check.
They are a better borrowing alternative to regular sources of credit which often use stringent credit checks before they can approve or deny your loan request.
What are poor credit loans?
Loans specifically designed for less than perfect credit are designed to provide quick financial assistance of a small amount of cash to anyone having a difficult time getting a loan from banks and other financial institutions due to his or her poor credit history.
These are loans for small amounts of cash to help you handle urgent needs for cash before you receive your next pay check. They are short-term loans with a short repayment period, a smaller limit, and relatively higher interest rates than traditional bank loans.
They are specifically designed to give you access to quick funds ranging from 50 pounds to £2,500 when you need money urgently.
Can you get a loan if you have a bad credit rating?
It is quite possible to get a loan from a direct lender despite your poor credit history. However they are not provided by every company or lender so it’s important to use a service like ours to find the best options available.
Those that provide these loans normally charge a higher interest rate. This is because your poor credit history is considered by the lender as a higher risk. If you take a bad credit loan and provide timely payments you will improve your credit score over time.
What are the most common types of bad credit loans?
There are several types of loans that consider a poor credit history including the following:
- Unsecured personal bad credit loans that allow you to borrow money quickly without leaving any type of collateral as security for the loan.
- Guarantor loans where you need someone to guarantee or agree to pay the loan if you default or miss your payments. Guarantor loans for bad credit have lower interest rates than unsecured loans.
- Secured loans, which require that you put up an asset against the loan such as your home’s equity or car. The lender has the right to repossess the collateral if you fail to pay the loan. Since this type of loan has a form of security it usually comes with a lower interest rate than an unsecured loan.
How can I know my credit score?
If your loan request keeps on getting denied by lending institutions because of your bad credit rating, you may want to know your exact credit score and find ways to improve it.
So where can you find your credit score?
There are three major credit reference agencies in the UK where you can find out exactly what your credit score is. These three agencies are Equifax, CallCredit, and Experian. Checking your credit score is free of charge. CallCredit and Equifax even provide you with unlimited access to your credit file.
Keep in mind that each agency works out your overall credit score using different bits of information regarding your credit history, which is why your credit score may be different in each agency.
How do I find the best lenders?
There are many online direct lenders and companies promising to give you a loan even when you have bad credit scores. However, not every lender has the best interest rates and terms for bad credit loans. It is therefore important to do due diligence and research for a good lender with the best rates and terms.
At FinanceJar, we have made it extremely easy for you to find UK direct lenders with a reputation for quality services and the most reasonable rates. We give you access to over 40 different lenders of bad credit loans and other types of loans across the UK.
Our goal is to help you access financial assistance from reputable online lenders of every type of loan when you need money urgently. We have an easy and free to use platform that you can rely on to find the best lender for bad credit loans.
If your application has been turned down by traditional High Street lenders and you still can’t find a lender to borrow money from, we can help you get the money you need urgently.
Although we do not guarantee that your application is going to get approved by lenders, we give you a wide choice of reputable bad credit loan lenders that you can borrow from.
Does the lender consider my bad credit score when reviewing my loan application?
Lenders will usually check your credit rating to determine if you are a good fit for the amount you want to borrow but this does not mean that the decision is solely based on your credit history. Your credit score is just one of the factors that potential lenders consider in your loan application.
They will also look at other factors such as your age, current employment, salary or source of income, and where you live among other things before they decide to approve or deny your loan application.
However, all this is done online in a quick and efficient way, which means you will get the lender’s decision in a few minutes or seconds after you submit your application.
If your loan request is approved, you will have the money in your account on the same day and sometimes within a few hours or minutes.
How can I apply for loans with bad credit?
The application process for bad credit loans is quite simple. You are only required to be at least 18 years old, have a permanent address in the UK, have a job with a monthly or weekly salary, and have an active bank account where the money will be deposited.
You’ll be required to fill a simple form with personal details including your full legal name, your UK address, bank account details, proof of age, and proof of employment.
Your application will be reviewed in less than 5 minutes and if approved you will have the funds in your bank account within a few hours.
Representative 305.9% APR.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.