The credit situation is worrying in itself. During this time, if you face a money crisis, you have very few loan options. Due to poor credit rating, it is difficult to get most of the loans. If you use the direct lending option, you can get poor credit loans. Prove your repayment capacity and get customised deals.
Show a regular income, and you can borrow as much as you can repay. These loans have some unique features due to which most fund seekers depend on them during a crisis. These include transparent online procedures, instant approval decisions, and speedy funding.
Due to these three factors, loans for bad credit in the UK are considered a good option. At 24loanswales, we check your credit score and provide you with loan options at affordable interest rates.
Claim your right to get a loan despite a less-than-perfect credit score. We prioritise your current financial capacity and intention to repay funds. All other things are secondary.
FACTORS THAT CAUSE REJECTION ON BAD CREDIT LOANS
A bad credit loan is a short-term personal loan solution available to those with poor credit scores.
To get this loan, a borrower must have the financial ability to borrow and repay funds. However, this ability needs to be proven through several financial details. Along with this, the most crucial factor is satisfactory improvement in the credit rating.
If you are applying for the funds, you must provide your bank statement for the past six months. This bank statement should show that you are paying other existing obligations and dues on time.
Why getting bad credit loans by direct lender is a good choice?
You may get guaranteed loans only after showing your improved financial behaviour. Apart from this, it is essential to have a regular income. This ensures that you can make the instalment of your loan on time.
How fast can I get a bad credit loan in the UK?
You can get poor credit loans faster than you imagine. We aim to send you money within 24 hours. However, for that, several factors work significantly while processing your application.
Borrow money faster while working on the following factors:
We understand your financial compulsions, and therefore, you do not need to provide collateral to get a loan with bad credit. You can easily get funds in your capacity the next moment. By showing regular income, you can borrow the funds accordingly.
How to get unsecured loans with bad credit without providing any collateral?
Regular loans are smoothly available, but if you choose a bank, documentation can be delayed. However, bad credit loans from a direct lender are available through a speedy process.
Bad credit loans are a category that includes all types of loans available to people in poor credit situations. There are many types of loans for people with bad credit, and you can avail yourself of them depending on your requirements. Let’s read them below.
Personal loans
A personal loan is a very popular loan solution. It fulfils your personal financial needs by providing timely funds. You can also get these loans for any situation. No constraint of purpose. For this, you need to have sufficient payment capacity.
Guarantor loans
This loan is the opposite of a no-guarantor loan. To avail of funds, you need to provide a guarantor. It means adding another person’s repayment capacity to get approval. This gets you a lower interest rate and a bigger loan amount, as two borrowers take the responsibility.
Tenant loans
If you are a tenant and need instant funds, tenant loans for bad credit are available. You do not need to be a homeowner. You can avail of funds after qualifying for the primary conditions of creditworthiness.
No guarantor loans
You can obtain funds without a guarantor. Apply for bad credit no guarantor loans. There will be a simple process to deal with. According to your credit purchase power, you will get an approved loan amount.
Payday loans
Payday loans are given to you according to your salary. You have to repay these loans on every salary day. These are a little high-interest loans, but they provide you the funds within an hour. Due to their instant nature, they are in great demand.
These small personal loans serve too many purposes, and you can borrow for any reason. There is no restriction on you from giving any specific reason to a lender. In fact, these days, the online loan market even has extremely bad credit loans in the UK for those with the worst credit rating. Nowadays, getting a bad credit loan too is easier for any financial purpose.
Usually, people apply for a poorcredit loan for the reasons given below.
Every loan has its own positive and negative parts. A bad credit loan is not an exception. It also has some advantages and disadvantages, which are explained here:
| Advantages | Disadvantages |
|---|---|
| Avail funds despite bad credit on your affordability. | Not paying instalments on time can degrade your credit rating. |
| There is no need or collateral or guarantor. | You need to wait for a maximum of 24 hours to get funds. |
| Same-day funding offers timely support during a money crisis. | The interest rates are usually on the higher side as the applicant is not as reliable as those of good credit. |
| Easy online application process with transparency. | Only a small amount is available to borrow. |
You need to follow a transparent and straightforward procedure. Apply online and receive an instant decision of approval. Once approved, funds will be received as soon as possible. The amount reaches you within a maximum of 24 hours. If you provide the correct details, you get loans for bad credit on guaranteed approval.
Let us know how to apply for a loan for bad credit with a simple and transparent loan procedure.
Pay your instalments on time, and your credit rating improves fast. Therefore, loans for bad credit online are good not only to support you during a money crisis but for your future. This is why it has a speedy online process.
No, the guarantor is not needed. Loans for bad credit with no guarantor are short-term borrowing options. The applicants can apply on their repayment capacity. However, due to poor credit scores, the interest rate is a little higher. Still, in direct lending, fund seekers have the option to provide poor credit loans without providing a guarantor.
If there is no guarantor, you need to take complete responsibility. However, the loan amount is according to your repayment capacity even if you apply for very bad credit loans with no guarantor from a direct lender.
Yes, poor credit loans always help you get a rise in your credit score. Pay the instalments on time, and you will see a quick and considerable increase in credit rating. Many borrowers borrow funds with bad credit scores to improve their credit record.
For better future financial decisions, one needs to have a good credit score. Loans for bad credit work as practical tools to provide a better opportunity to bring back the finances on track. By making timely repayments, you can take control of your financial life. Improve circumstances and make better investment and saving decisions.
- Is a credit check good for improving credit score?
When you finally decide to apply for a loan, a detailed credit check is vital. The lender needs to have reasons to believe in your financial stability to bear a debt. Thus, a detailed credit check is a must.
Sometimes, due to widespread myths about loans for bad credit, people believe they can get a loan without a credit check. Some of them believe that one can even get very bad credit loans from direct lenders in the UK with no credit check. You should not believe such irrational information.
Being a direct lender with a transparent loan procedure, we ensure you get not only the right loan offer but also the correct information. Financial literacy is a significant factor behind the right financial decisions.
We can present several reasons why you should choose us as your bad credit loan lender.
Representative Example
Loan of £4,000 repayable over 12 months at an interest rate of 45.3% pa (fixed). Monthly repayment of £420.66. Total amount payable £5,047.96
Warning: Late payment can cause you serious money problems. For help, go to: moneyadviceservice.org.uk
A bad credit loan is a separate loan product. For an adverse credit score, you need to apply for very bad credit loans. These are designed to provide funds with the issues of very or worst credit rating. People struggling with bankruptcy, CCJs and other major financial issues need to apply for very poor credit loans.
Self-employed applicants can apply for a loan for bad credit in the UK with a provable repayment capacity. Show your income status by providing documents authenticating it. You need to show the bank statement for the last six months. This should show timely paid bills and other debts.
We offer a minimum of £1000 to £10,000. However, this amount too is available as per the repayment capacity of the borrower. Earning regularity, debt-to-income ratio, and payment behaviour in the latest months are all important factors. As per the affordability capacity of an applicant, based on these aspects, an amount is approved.
The APR for the loans for bad credit is 9.95% to 35.99%. However, it is decided as per the repayment capacity of the applicant. Therefore, if you want to get a lower rate of interest, it is vital to work on your affordability. For poor credit loans, the creditworthiness factor becomes even more important due to your risky credit profile.
Yes, paying back a poor credit loan without a penalty is possible. For that, choose a lender that does not apply this penalty. At 24loanswales, we do not charge any fee if you want to pay off your loan early. Every person has the right to manage and pay off debts as per their financial capacity.
There is a slight chance of getting urgent loans for bad credit from a direct lender withouta credit check. If you have a proven repayment capacity, you can get funds. Avoid detailed credit checks, but show proof of regular income for the past six months. It prevents search footprint, but the factor of repayment capacity is always there.
Yes, you may get extremely bad credit loans from direct lenders in the UK if you prove to the lender your credit purchase power. A very poor credit rating is an indication of derailed finances and mismanaged obligations. Therefore, if you want to borrow funds, you need to prove that you can repay the borrowed funds.
Getting a loan with an adverse credit rating is difficult for a certain reason. That is your extremely weak repayment capacity. A very bad credit rating denotes pending debt payments. Therefore, for a lender, it is natural to take you as a risky borrower. Work on your creditworthiness and get funds. However, we would suggest you go for very bad credit loans with no guarantor and no broker if you want to improve your credit record.