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Poor Credit Loans UK Guarantor
If you have a bad credit, applying for a loan is almost impossible. Banks and traditional lenders are likely to reject you automatically. After all, the credit score is the primary basis they use to know your behavior in repaying loans. One mistake, such as filing a bankruptcy, committing arrears, CCJS, late or missed payments, and default, reduces their trust in lending money. Borrowers who have no credit history face the same fate.
However, this doesn’t mean that you cannot get a loan in any way. The demand for bad credit loans is high and lenders are trying to supply it with different kinds of loan. One loan option you have is the bad credit personal loan. It is unsecured, thus there’s no need to pledge collateral. You can borrow from around £1,000 – £10,000 and is payable for 12-24 months. The loan can be settled in installment basis. Although it appears flexible and convenient, it carries a high-interest rate. Even with the intention of lending money, the borrowers still see the poor credit loan seeker as a high risk to their business and the only way to secure their capability to repay the loan is their willingness to handle the expensive rate.
Poor Credit Loans No Guarantor
No guarantor loans for bad credit borrowers are still a good option to consider when you’re looking for extra cash or you are in need of financial assistance. It is versatile and accessible online, and it can be used for different purposes such as:
- Repaying current utilities
- Pay mortgage, rent, car loans, and other debts
- Consolidate credit cards
- Repair car
- Unnecessary travel
- Buy new gadget
You have to be careful though and only consider the loan as a last resort. The loan is not for free and in fact, it is expensive. You are going to settle an amount that is bigger than you’ve originally borrowed so you better make it worthwhile.
Poor Credit Loans Bad Credit
If you want to reduce the interest rate and apply for a bigger loan amount, you can start by fixing your credit report. Even with the presence of poor credit loans bad credit, having a good, if not excellent credit rating is two times better. Imagine, you can borrow a larger loan amount with a very low-interest rate. In addition, your approval rate is higher.
If you want to maximize your loan benefits through an improved credit remark, here are some tips that can consider:
- Check Your Credit Repor
Improving your credit remark to get a low-interest rate loan starts with a credit report. Ask for a free copy of it and check it on your own. Your credit report, which includes different account, due date, and the amount you need to settle, is an important factor for most lenders. The data is used to calculate your credit score. Unfortunately, it is not accurate all the time. Discrepancies are likely to happen to be sure to check for incorrectly listed late payments, arrears, CCJs, bankruptcy, defaults, and the like. For inaccuracies, contact your credit bureau immediately.
- Take Advantage Of Payment Reminders From Banks
If you’re borrowing loan from a bank or a private lender, you can ask them to notify you through email or SMS. Most of these services are for free. Repaying on time is beneficial to avoid missed payments so be sure to consider this. Otherwise, you may set your own reminder using an app or by marking your calendar. Discipline is the key to avoid further dilemma with loans.
- Repay Your Debts One By One
It doesn’t matter how slow you are in repaying all your debts, the important thing is you are settling it one at a time. It may sound like an impossible job but with a little effort, you can make a significant difference to your credit remark. Make it a habit to track your expenses so you know where your money is going to and be sure to prioritize. Before a debt is due, repay it to avoid additional charges. You may also talk to your lender about your situation and ask if they can provide a flexible repayment term.
Poor Credit Loans: Poor Credit Loans Instant
Whether you’re looking for a secured or unsecured poor credit loan, one way to acquire it is by going online. Unlike traditional loans, there’s no need to get out of your bed, dress in a fine suit, drive for hours, and impress a lender. All you need is to type in a few keywords to find a specific lender, fill out an online application form, and wait for the money to be transferred to your bank account. Even if it’s your first time to borrow the loan, the entire process is simple and fast.
However, before you borrow online, it is important to know which among the thousand lenders is the best one. It takes a lot of time doing a research and comparing terms, rates, and policies; however, this is a crucial part to avoid scams and other fraudulent activities. Only licensed lenders apply for maximum protection on their website so be sure to choose a poor credit loans direct lender to protect your personal and financial information.
Poor Credit Loans Direct Lender
A poor credit loans direct lender offers a fast and easy way of getting money. There are no middlemen involved aside from you and the lender. This is advantageous because they are in full control of the loan’s terms and conditions. You can negotiate with them directly as they don’t rely on other people. They have the right to waive fees or adjust terms according to your needs in some cases. In addition, their fees are minimal and more affordable. One downside, however, is that they offer the same products. You have no other options to choose from. So, it’s either you look for another direct lender or rely on loan brokers. These licensed professionals have a wide access to different lenders, helping you find the one that fits your needs and requirements.
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)