I Have Bad Credit, Am I Still Eligible for Short-Term Loans?
Yes, you can. But not with traditional lenders. A bad credit score automatically disqualifies you from getting a short-term loan from the bank. But with PaydayLoansUK, you still stand a high chance of getting one, through its short term loans for bad credit lenders.
We understand that some expenses can come at you in a snap and at a time when your credit profile isn’t in the best of shape. We have all been in these situations at one time or the other, haven’t we? Let’s help you through it all by connecting you with our partner lenders whose services are specially designed for people with bad credit.
We guarantee a swift application process and only soft credit searches by our lenders. Unlike hard credit searches, these soft credit searches do not affect your credit score. Your account should also be funded within a few hours of approving the loan.
Does the Amount I Can Borrow Depend on My Credit Score?
A bad credit doesn’t seal your fate. Short term loans for bad credit lenders will instead consider how much you earn, your employment history, debt-to-income ratio and your ability to repay the loan. Their assessment of these metrics determine how much you will be funded with and the interest rate.
Although short term loans for bad credit lenders typically charge high interest rates, be rest assured you can still get a good bargain with our lenders. We will match you with the UK direct lenders who do not charge exorbitant interest rates and can lend you up to £5k in a few hours after approval.
What’s more? You get fair loan terms. You don’t have to put up with lenders who do you a disservice with difficult loan terms. You deserve premium service and you’ll get just that!
Where Can I Apply for a Short-term Loan With Bad Credit?
Sadly, bad credit limits one’s options. While some credit unions may promise you a loan, their eliigibilty requirements are too tight and difficult to meet. On top of that, you risk your credit score dropping by a few points because of hard credit searches.
Online loans are your best bet really. But the big question is: Do I approach a direct lender or credit broker:
Here’s the thing. If you choose to go through direct lenders, getting a loan might still be a little difficult since not all direct lenders offer short-term loans to people with bad credit.
On the other hand, a credit broker saves you the stress of meeting lenders one after the other. Based on the documentation you upload and what you fill on their application form, they match you with a bad credit lender who’s likely to approve your request. You know you got yourself a deal if you get a credit broker who doesn’t charge any loan processing fee. PaydayLoansUK do not charge a dime in origination fees or for connecting you with a lender
Here’s how to apply for a loan with PaydayLoansUK:.
Fill out the form provided on the website with relevant details and upload the needed documents to help us match you with a lender that suits your financial situation.
On submission, you will be linked with several lenders who will review your application, approve you and present you with their loan offers. Review these offers and choose the one you are most comfortable with.
Sign the quote
Sign the agreement online over a secure process or download the offer, sign and upload. At this point, you may be required to supply a few other information like your bank information. Not difficult, is it?
Finally, the lender funds you with the approved loan amount. What is approved is what you get. We do not subtract any processing fee.
Can I Get Bad Credit Short-term Loans Without Having a Credit Check?
You can get a short-term loan if you have bad credit, but not without a credit check. This is because even when you find a lender that is willing to give you a short-term loan with your bad credit, the lender still has to carry out a credit check as is required by the Financial Conduct Authority (FCA).
Be wary of lenders who promise no credit checks loans. This is a red flag and a sign they are not accredited by the FCA, the regulatory agency for all financial brokers in the UK.
Reliable and established lenders like ours choose to cross-check your credit profile with credit bureaus outside the big credit reporting agencies like Experian and TransUnion. These credit checks will not hurt your credit score and are as good as not running a credit check at all.
What Can I Do To Increase My Credit Score?
You need a good credit score to be eligible for higher loans with better rates. The tips below will earn you a good credit report.
The best place to start is by checking your credit report. Read that again. Several credit agencies offer free services. Contact them to get your credit report. This way, you will be able to confirm that the information held about you is correct. If you find any errors, report them to the agency, and request that they be corrected.
The next thing is to ensure that you make repayments on time. If you pay your debt responsibly and on time, your credit score will improve over time.
Limit your request for new credits. When you keep your credit balance in check, you won't have to struggle to meet up with several deadlines.
Close old credit cards, or other credit accounts that you are no longer using.
Is It Secure To Get Short-term Loans for Bad Credit Online?
There are many fake brokers and lenders on the internet. Most often than not, these lenders draw in prospective borrowers with a promise of zero credit checks and ridiculously low APR. Watch out for these red flags and you will be just fine.
Better still, protect yourself a little more by applying for a loan via a trusted loan broker like ours. PaydayLoansUK is an FCA-authorized credit broker who’s concerned about her customers’ safety. We partner only with genuine lenders that offer completely safe and legitimate short-term loans for people with bad credit scores.
FAQs ( Frequently Asked Questions)
Do short-term loans or bad credit require a credit check?
Credit checks are an unavoidable part of borrowing. But our lenders only perform soft searches. Not to worry. It’s just for formality's sake and will not negatively affect your credit score.
Do bad credit short-term loans cost more?
Yes. Bad credit short-term loans cost a little more than regular loans. But you can cut down on costs by applying for a loan through us. Our partner lenders charge affordable interest rates and do not make any hidden charges.
In what ways are short-term loans and payday loans different?
Short-term loans differ from payday loans in that they are taken over a longer period (a few weeks up to around six weeks) compared to the latter which is meant to be repaid by the next payday. The interest rates on short terms loans are usually lower than those on payday loans too.
How much can I get?
This is dependent on a number of factors including your credit score and the lender’s policies. If you deal with us, you will be connected to lenders that can lend you up to £5000 with fair interest rates.
How does repayment work?
Not only will our partner lenders offer you short-term bad credit loans with a fair interest rate, but you will also be given the privilege of getting flexible repayment terms custom-designed to make paying back comfortable for you.