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 features 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. Often, fund seekers need help getting a loan due to their less-than-perfect credit rating. For this reason, the direct lending market has designed a specialist loan product for them.
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 in the last six months.
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 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.
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.
Unsecured loans
You can obtain unsecured loans with bad credit without providing any collateral. Many times, borrowers feel that they have to provide collateral due to their poor credit rating. However, by showing a regular income, you can obtain funds without any hassle.
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.
Yes, 24loanswales is a direct lender providing bad credit loans. We aim to offer borrower-friendly loan offers to those with a satisfying repayment capacity. Poor credit rating has always been a difficult situation for people.
During a money crisis, they receive rejections on a loan due to low credit scores. Still, applying for bad credit loans from a direct lender has changed the picture now. You have the right to borrow funds based on your affordability.
If you can repay the funds, you can get a loan without any fear of rejection. Direct or online lenders have comparatively liberal lending policies. Apply online, receive instant approval, and make a decision. Funds will be transferred to your account.
Loans for bad credit from a direct lender let you experience smooth borrowing. For existing borrowers, we always have great pre-approved offers ready for their future requirements. For first-time borrowers, we have affordable deals designed to suit their pockets.
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.
Yes, you can get loans for bad credit with no guarantor. For that, you have to follow the same basic rules that any borrower has to follow. You have to improve your financial behaviour in recent months before applying for the loans. Unlike guarantor loans, your financial factors are essential as you borrow on your sole creditworthiness.
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, you can get a quote for bad credit loans with no credit check. However, that does not denote the absence of credit checks during the loan process. Usually, this is only possible when you are getting a loan offer quote. The no-credit check is basically a soft check that does not leave a search footprint.
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
You can borrow from your friends and family for a short time. However, you should ensure that this will not have a bad impact on your relationships. Otherwise, you can borrow from your savings but don’t empty it. Our suggestion is to go for affordable loans for bad credit only because you can get funds almost on 100% acceptance.
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.
It takes a maximum of two days if you apply for loans for very bad credit. The reason is understandable. Due to your worst credit rating, a lender needs to scrutinise your financial details well. This takes some time. Therefore, you can expect a maximum of 42 hours. If everything is fine, we can offer you funds in 24 hours.
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.