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Why does having bad credit stop me from getting a loan?

Short term loans for bad credit have been created because many people found it too difficult to get approved for a loan from a traditional lender such as a bank or building society. As these lenders based their decisions solely on your credit score, if you had a less-than-perfect credit score, it was highly likely that you would be declined. Furthermore, because your credit score could be affected by even the smallest of things, such as a missed credit card repayment, it became increasingly difficult to get a loan.

Therefore, in the past, if you had a poor credit score, it was likely that you would be turned down as direct lenders saw you as being an unsuitable candidate. Thankfully, you now have much more opportunity to be approved following the introduction of bad credit short term loans. This is because many direct lenders now place just as much weight on other factors when assessing your suitability for a loan. This means that in addition to your credit history, lenders will consider your current financial status, such as incomings and outgoings, employment status, and whether you are a home or car owner or not. As such, you now have a much better chance of getting a fair and competitive bad credit short term loan.

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Can I still get an instant decision loan with bad credit?

In order to enable you to borrow money as quickly as possible, many lenders now offer instant short term loans for bad credit. This means that even if you have a low credit score, you can still apply for a competitive payday loan and find out straight away whether you have been successful or not. To make the entire process as simple as possible, you can now apply for a loan completely online. Featuring simple instructions and basic forms of identification, direct lenders will give you their decision as soon as you have completed your application.

If you are successful with your application for a bad credit short term loan, most lenders will try to get the money paid into your bank account in just 10 minutes* after you have been approved. Therefore, no matter the situation, or your location, many of the lenders in our panel will be able to get you the money you need the very same day as you apply. This makes them ideal for those situations where you suddenly and unexpectedly find yourself needing money fast.

What are the best bad credit loans?

If you have bad credit and are looking for a short term loan, it is only natural for you to want a loan that offers you the best deal in terms of how much you repay and over what period of time. Furthermore, it is important that you borrow from a lender that you trust, and which is licensed to lend you money in the UK. Therefore, because you have so many options, what now makes the best short term bad credit loan for you, may not make it the best for another person.

As you have so much freedom, and the loans on offer are so adaptable, you can now get a loan perfectly matched to your specific requirements. From whether you want a small loan or large amount, and a repayment period of just 3-months or 2-years, you can now be in total control of your loan. Constantly keeping you up to date regarding how much you have paid back and how much you have left to pay, lenders will be completely transparent with you regarding every aspect of your loan.

Getting a loan with Xav Loans

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Will you give me an instant decision regarding my loan?

Yes, we will ask you a series of short questions designed to help us find you the very best bad credit short term loans, all of the direct lenders on the panel will return an instant decision, meaning you will know if you have been approved straight away. Fully authorised and regulated by The Financial Conduct Authority, we will not charge you any fees for any of our services. This means you will not have to pay any expensive finders fees or additional charges – allowing you to repay back as little as possible. Once approved the lender will send the money to your bank account in as little as 10 minutes*.

Will I need a guarantor if I have bad credit?

As there are now so many loans available for people with bad credit, you now have many more options in terms of the type of loan you can apply for. One such loan is those not requiring you to have a guarantor. A guarantor, usually a friend or family member, is someone who agrees to take over the payments of your loan should you find yourself suddenly unable to. As this person must also pass an affordability check, they serve as an additional level of security.

Some lenders are eager for you to have a guarantor when applying for a loan. However, some people are unable to have a guarantor or even do not wish to have one; preferring to not involve someone else in their loan. Understanding this, many of the modern direct money lenders featured in our panel offer guarantor loans to those that want them and without for those that don’t. Whilst some lenders may require a guarantor if you are looking to borrow larger amounts of money, for smaller sums of cash, many will not. Therefore, if you are looking for a loan with no guarantor, we are confident that we can help you.

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    How can I prevent my credit score from becoming worse?

    When you have a bad credit score, it can be easy to think there is nothing you can do about it. Furthermore, there are many ways that you can, in fact, damage your credit score even further. One such way is making multiple applications for credit. This problem is made more complicated if you already suffer from a poor credit rating as you have more chance of being declined; therefore, putting you in a downward spiral in which your score falls lower and you find it harder and harder to be approved for a short term loan.

    To help eliminate this problem and protect your credit score, we have developed our Eligibility Checker. This enables you to see if you are likely to be approved for a loan before you apply. By increasing your chances of being approved for a loan and allowing you to avoid lenders who would have said no, we can help you protect your credit score and by keeping up to date with your repayments, you will gradually improve your score

    Do I need to be a UK citizen to apply for a bad credit loan?

    Yes, you will have to be a UK citizen to apply for a bad credit short term loan in the UK. All of the direct lenders featured on the panel are authorised and regulated by The Financial Conduct Authority. Therefore, to apply for a loan with these lenders, you must meet certain requirements before being considered. One of these is being a UK citizen. Evidence of this will be accepted in various ways, and your lender will explain what you need to provide them.

    There will also be other requirements that are considered essential; one of these being that you have a bank account and debit card with a registered UK bank. However, as with everything, there are of course exceptions. One exception being that some loans can be delivered to your doorstep. As such, these loans do not require you to have a bank account. Other requirements will vary depending on the lender and can include the need for a guarantor or being in part-time or full-time employment.

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