I’ve Got Bad Credit, Can I Still Apply for Loans from Direct Lenders
Got a bad credit problem? That’s no issue still. Yes, it could limit your funding options. But it does not totally deter you from getting a loan. There are bad credit loans designed for people who have had a bad history of repaying loans. Although their interest rates can be a little steep, bad credit loans remain a very good option if you are short on funds, and savings and desperately need a lump sum to sort bills and get things together once again.
Bad credit lenders are not your everyday lenders and locating one on your own may be a little challenging. Credit brokers like PaydayLoansUK help you connect with a panel of direct lenders who can give you bad credit loans at no cost. These lenders charge fair and competitive interest rates too. Have difficulty in repaying? Reach out to them and they could discard late payment fees and work out a custom repayment plan with them.
Read on to know how to apply for a bad credit loan, and why you should choose a credit broker like PaydayLoansUK over a direct lender
How Can I Get a Bad Credit Loan?
You have to follow the easy steps below to access reputable lenders through PaydayLoansUK swiftly.
Provide Useful Information
Visit the application portal on the PaydayLoansUK website and get started with the short form provided to you. Fill out this form presenting vital information to enable lenders to understand your financial situation.
Assess and Accept Quote
After submitting the filled form, a quote will be presented to you by different available lenders. You have to carefully assess these offers and be sure you can keep to the loan terms. If yes, then go ahead to accept the offer.
Finalize the Deal
On accepting the offer, you will be required to present certain documents like your bank information. Then, go ahead to sign off the agreement.
Get Quick Funding
Once due protocols have been met, you should expect your cash transfer to be made quickly in less than 24 hours. The entire process is safe and secure.
PaydayLoansUK will provide you with access to an ideal lender through hard search technology in the shortest possible time. Your credit score will take no hit during this process.
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
When You Should Consider Getting a Loan for Poor Credit from Direct Lenders
When life throws financial lemons at you, you might want to take out a small loan to make that lemonade. Financial troubles most times are not envisaged, but when they come, an immediate solution is imminent.
Several reasons might require you to take out a loan from direct lenders despite your bad credit. Some of them include :
- Medical emergencies
- Unpaid rent
- An automobile overhaul
- Major repairs around the house
- Bills and utilities to avoid due disconnection
There could be many more on the list, but these are necessities you need to go by every day. Waiting for salary payments or when next you have access to some cash might take too long.
Things to Note Before Applying for a Bad Credit Loan
There are basic requirements to be met before bad credit loans are issued. Yes, these loans are not based on your good or bad credit rating. All that matters here is your ability to repay the loan when due.
You will be required to provide proof of employment and a monthly earning of at least £500. These requirements are more important than your credit score when considering loans from direct lenders.
Also worthy of note is the high-interest rate that bad credit loans accrue. Before accepting any loan offer, it is strongly advised that you carefully go through the terms of the loan. Be sure that you can keep to those terms before accepting the offer.
You don't want to be owing when it's time for repayments. This could further damage your credit score, reducing your creditworthiness!
Advantages of Choosing Our Brokerage Services for Bad Credit
Save time and protect your credit score!
Getting access to direct lenders for funding can be a tedious process. All the while, you are harming your credit score with each search. With PaydayLoansUK, you relax while we get the reliable direct lenders available to you in no time.
Best interest rates you can find
Our direct lenders will offer you the best rates available in the market. We are considerate of your needs.
Transparency is key!
We link you up to trustworthy lenders that will provide you with loans free of hidden charges. Going through PaydayloansUK will reduce the risk of falling prey to scammers or loan sharks
Fast funding you can trust
Our partner lenders will provide fast funding in time to sort out your needs. In cases of emergencies, time is indeed crucial.
Simplified Application Process
In minutes, you will be connected to a direct lender over a simplified process. Get quick cash from the comfort of your home.
Secured and Safe!
All information you provide us stays between us. We know how sensitive these matters are when you borrow money.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
What is classified as bad credit?
According to FICO, if you have a score between 350 and 579, you have a bad credit score. Being in this category typically limits your creditworthiness. But you can still get loans and in thousands too from bad credit loan lenders.
Do I qualify for a bad credit loan?
To qualify for a bad credit loan, you must meet the most basic requirements - be at least 18 years old, have a checking account, be a resident of the UK, and have a government-issued ID.
Why is it hard to obtain a loan when you have a poor credit history?
A bad credit history generally discourages lenders from issuing loans because people with bad credit are considered a lending risk. At PaydayLoansUK, we can link you to direct lenders that will fund you despite this constraint.
How can I raise my credit score?
Regardless of your bad credit history, you can always restore your creditworthiness by simply repaying when due and clearing off any unpaid loans that you owe.
Is it possible to get a bad credit loan with no credit check?
The FCA authorizes every trusted lender to carry out credit checks before disbursement. No trusted lender will give you a loan with no credit check.
Do I need a guarantor?
You can apply for bad credit loans with no guarantor. The entire process can be carried out by you very quickly.