Can I get a bad credit loan?
In the past, if you suffered from a bad credit history, you would often find it very difficult to be approved for a short-term loan. This was because loans for bad credit were seen as too big a risk by many direct lenders. Therefore, if you did suffer from a poor credit rating, it was likely that you would either not be approved, or you would be forced to take out a loan that was not favourable in terms of what you were being forced to repay.
Thankfully, this situation has changed, with many direct lenders now offering competitive bad credit loans to people with poor credit ratings. This is because lenders have realised that credit scores are often not a fair reflection of your suitability for a loan as the situation may have occurred several years ago. Modern lenders will now take into account other contributing factors when considering your suitability for a loan. Whilst we cannot guarantee that you will be approved for every loan if you have bad credit, we will do everything we can to find you bad credit instant loans to suit your circumstances.
What are the best loans for bad credit?
If you have a bad credit rating, loans can be a very stressful topic to think about. However, whilst this was true in the past, the situation has now changed for the better. As such, many direct lenders now operating in the UK have developed a range of short term loans that cater specifically for people with poor credit rating, including bad credit instant decision loans.
This means that if you do have a less-than-perfect credit score, you are still able to apply for a short term loan if you need one. An obvious question when considering taking out a short-term loan is ‘What is the best loan for me?’ Whilst this may seem an easy question, the answer is often not so straightforward. This is because we believe that the best loan with bad credit for you is the one that matches your specific requirements.
What makes a loan great for you, will most likely not make it the best for another person. To ensure you get the right bad credit loan, we use your information to quickly match you with the most suitable lender. Once we have found you a direct lender who will accept you, we will quickly put you in touch with them to finalise your loan and have the money sent to you. We will always send your application to the cheapest lenders first to make sure we are getting you the best possible deal for your circumstances.
Are bad credit loans expensive?
When considering loans for bad credit, one of the biggest concerns is the price. This is because most people still believe that short term loans, and those aimed at helping people needing to apply for bad credit loans are much more expensive than they actually are. Whilst this was true in the past, things have now changed significantly. As such, loans for people with bad credit are now much more affordable.
Of course, some direct lenders will attempt to charge you more if you do suffer from a less-than-perfect credit score. To help you avoid this and ensure you get access to the best loans available, we have created an extensive panel of lenders – all of which specialise in helping people with poor credit scores get the loans they need. Therefore, we are confident that we can find a suitable lender, regardless of your circumstances.
To further help reduce costs and help you repay the least amount possible, we will not charge you for any of our services. This means everything we do is completely free of charge. As such, you can rest assured knowing that you will not be hit with any nasty hidden charges or fees. All lenders now have to be authorised and regulated by The Financial Conduct Authority. The FCA have introduced a rate cap that covers all short term loans, this means that a direct lender can charge a maximum of 0.8% interest per day.
Can I get a bad credit loan with no guarantor?
Traditionally, some direct lenders required you to have a guarantor in order to be eligible for a loan. Seen as almost a requirement, many lenders would not consider an application without a guarantor. Furthermore, if you also suffered from poor credit, it was most likely that you would struggle to be approved by anyone.
Whilst direct lenders are much more likely to approve loans for people with bad credit, some specialist lenders still insist you have a guarantor before considering you for a loan. This is because lenders see a guarantor as an additional level of protection for them. However, in order to give as many people equal access to loans as possible, there are many direct lenders now that will authorise a loan with no guarantor.
This is because they understand that not everyone has access to a suitable guarantor, whilst other people simply do not wish to involve someone else in their loan. Whatever the reason, we can help you quickly identify and compare the best loans for people with bad credit and no guarantor.
How fast can I get a loan with bad credit?
When making your decision about which direct lender to borrow from, a common question is often how quickly you can get the money. Understanding that such loans are often required in emergency situations, lenders strive to get you the money as quickly as possible.
This means that many lenders aim to put the money into your bank account in under 10 minutes* from the moment your application has been approved. Such incredible payment speeds are also available for people suffering from poor credit scores who need bad credit instant loans.
Once considered unwanted, applications from people with bad credit are now actively encouraged. Therefore, lenders are offering much more attractive deals, including the ability to apply for bad credit loans that feature an instant decision. Completely online, this instant decision means you will know immediately if your application has been successful or not – enabling you to get the money you need much more quickly.
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How much can I borrow with bad credit?
If you have bad credit and are looking for instant loans, you have come to the right place. As a fully authorised and regulated credit broker, we are perfectly positioned to help you find a loan that gives you the money you need when you need it. Constantly adapting to ensure we provide as much flexibility as possible, we will do everything we can to match you with the perfect direct lender.
This includes ensuring that you borrow the exact amount you require. To that end, we have created a panel of lenders offering a wide variety of loans, including how much you are able to borrow. Therefore, whether you want to borrow £100 or £2,500, we can help you get the exact amount you want, as well as ensuring you get an affordable repayment plan that enables you to repay the money you borrow in much more manageable monthly payments.
Are bad credit loans bad for my credit score?
Taking out a loan is not bad for your credit score, even if the loan is designed for people with poor credit ratings. In fact, many loans are actually good for your credit scores as they show lenders that you can borrow money and repay it. Therefore, if you take out a loan and repay it in the agreed time period, you will actually help improve your credit score.
Problems only arise when you miss repayments on your loan. Once this happens, you can damage your credit score – making it harder for you to be approved for such loans in the future. Because of this, it is important to ensure that you can repay what you borrow. This means not borrowing more money than you need, as well as settling on a repayment plan that you can afford.
Whilst the obvious temptation is to repay back the loan as quickly as possible, you must balance this with ensuring you can afford the monthly repayments. Problems arise when you miscalculate your monthly expenditure and suddenly find yourself struggling to pay other expenses, such as utility bills.
Lenders will look at your debt to income level when assessing applications for credit. So if you have multiple debts, this can make you more of a risk and lenders may refuse your application on this basis.