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Bad credit loans - The second chance you deserve is a click away

Are you tired of getting judged and rejected based on your low credit scores? Here is the chance for you to get bad credit loans in the UK from a direct lender. Establish your affordability to get financial assistance on realistic terms and conditions.

24loanswales wants you to move on and stop thinking about past credit mistakes to find a solution. These loans can be a tool to navigate financial challenges temporarily, while you are working on improving your financial situation.

Prevent another unpaid bill from turning into debt by getting access to quick funding, which just requires a simple online application.

What is a bad credit loan?

Bad credit loans are personal loans intended for people with poor or imperfect credit scores. This financing option is being assessed by using flexible criteria. They can be a perfect way to arrange money to meet any sudden or surplus need.

Enjoy repayment flexibility with urgent loans for bad credit from a direct lender. Borrow responsibly so that this decision does not leave an imprint on your finances.

See your eligibility without affecting your credit score

Who can qualify? Who are these loans suitable for?
Be 18 years or older Have defaults, missed payments or CCJ
Be a UK resident Have been declined by banks
Have a regular source of income Need short-term financial assistance
Hold an active bank account Can afford the repayments without hardship

How can you use bad credit loans?

Tackle any unavoidable expense with these loans without any second thought. Make sure that the amount you have opted for suits the purpose.

  • Urgent repairs

    At times, a sudden car repair has to happen when you are cash-strapped. Likewise, a small but urgent home improvement work needs to be addressed right now. You can overcome these scenarios with these loans despite having poor credit scores.

  • Managing debt problems

    You can get a loan with bad credit for debt consolidation without hesitation. Merge multiple unpaid dues and disburse them with the help of these loans. Since repayments are going to be manageable, you can budget easily for loan payments.

Bad credit loans

  • Plug emergency cash gaps

    The rent of your home has suddenly increased. Arranging additional funds to be able to pay the rent is possible with a loan. The best part is that this financing option lets you cover other unexpected costs like utility bills, etc., at competitive rates.

What are the steps to get a loan with bad credit?

The process is quick and straightforward. Every step is almost covered online, and you do not have to stand in queues.

  • Apply online: Send the completed online form with basic information and minimal paperwork.
  • Assessment: Once we receive your loan request, we will review your income and affordability.
  • Pre-qualify: Get our pre-approved offer to determine how much you can get for how long and at what rate.
  • Acceptance: If our offer seems suitable, you can accept it and give your consent by signing the agreement.
  • Funds released: Money is paid into your bank account as soon as possible.
  • Repayment: Follow the decided repayment pattern to complete loan payments within the deadline.
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How do the advantages outweigh the risks for you?

There are strong reasons why poor credit loans work for many UK borrowers as well as you. Despite having some practical setbacks, these loans can prove to be a smart choice for you.

Features Potential Benefit Potential risk How outweighed
Pre-approval Allows you to check rates and terms Might provide access to higher rates Pre-qualify multiple times to find suitable rates
Approval conditions Qualify based on affordability and not credit score Approval is not guaranteed Show stable income to increase approval chances
Repayment You can repay in small amounts monthly You cannot afford to miss loan payments Budgeting made easy because of monthly payments
Processing speed Fast funding can be obtained Speedy fund access can encourage rushed decisions You must take time to review terms and conditions
Financial control Use loans to prevent financial burden from increasing Borrowing means adding up debts Loans can let you ignore larger financial problems like arrears or penalties
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What interest rates can I expect to get with poor credit?

Your Summary
Monthly Repayment (£)
Repayable term (Months)
Fixed APR Rate (%)
Total Repayment (£)

The APR reflects the overall borrowing cost that includes interest and other fees. With 24loanswales, you do not have to worry about processing or application fees. The typical interest rate ranges in the UK are:

Vital aspects influencing the rates you are being offered are:

How to get approved for bad credit loans?

Getting bad credit loans in the UK with guaranteed approval is not a straightforward process. However, there are ways you can strengthen the chances of getting approved for a loan with low credit scores.

  • Increase your income

    This is one of the underrated ways to convince lenders about loan repayment capacity. Getting a job on short notice might be difficult, but not getting a side hustle or freelance project.

  • Downsize debts

    Your debt-to-income ratio plays a crucial role in taking you closer to loan approval. Paying off debts would mean freeing up more cash that can be utilised to repay loans within the given duration.

  • Choose a smaller amount

    You have a setback, i.e., poor credit, and getting access to an unaffordable amount would be difficult. For this reason, opting for a smaller amount, i.e., affordable, increases the likelihood of getting approved.

  • Provide collateral

    Loans backed by assets are easier to get approved, even when your credit scores are unfavourable. This is because these assets can be used to recover the loan amount if you have missed payments.

Need loan alternatives for different needs? Here are some options!

We understand that not every borrower needs a dedicated loan for poor credit scores. You can find a suitable loan option according to your income, borrowing amount and personal circumstances.

Alternatives What they are? Whom they suit?
Unsecured loans A financing that does not require collateral Borrowers with a stable income, despite tenancy status
No guarantor loans A personal loan obtainable based on one’s own financial potential and without any support i.e. a guarantor Anyone who can prove their affordability can get bad credit loans with no guarantor
Small personal loans A funding solution designed to address trivial issues and are repayable within a short term These quick bad credit personal loans are suitable for someone with smaller requirements
Guarantor loans A loan obtainable in larger amounts, but with a guarantor People facing hardship with low credit scores and major necessities
Christmas loans A short-term loan i.e. used to cover festive costs People with bad credit need Christmas loans for seasonal expenses
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How does applying for bad credit loans through 24loanswales help me?

On approval, you can directly borrow from us, and no third parties will be involved. This is how simple our way of lending is, with additional features that can give you full coverage.

  • Our ‘can do’ attitude: We try not to put through unnecessary layovers, but ensure quick payout.
  • 100% privacy: Necessary safety features have been installed on our website, as your privacy is essential for us.
  • Reachable: We are here to walk you through the entire borrowing process. Feel free to contact us.
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FAQs

How fast can I expect to receive funds from a bad credit loan direct lender?

Depending on your application, we can provide you with a decision within 24 hours. Besides, you can receive approved cash on the same day or the next working day. At times, delays occur when additional checks are required to be performed.

Do direct lenders perform hard credit checks for bad credit loans?

Yes, these assessments are mandatory, but we will carry them out later when you accept the pre-approved offer. Here, an initial soft credit check will be performed, which will not affect your credit scores. These checks help us assess risks while letting you explore options before accepting the final one.

How much can you borrow with poor credit scores?

With poor credit, you can get access to £1000 to £5000 based on how much you earn and can afford to pay back. If your income is stable and repayments are manageable for you, getting a suitable amount is easier with us. Make sure to assess your finances before borrowing from us.

What happens if I miss a repayment on my bad credit loan?

Missing a repayment may result in penalties or additional fees. Moreover, negative marks will reflect on your credit file. This will further affect the chances of exploring new financial opportunities. Above all, your late payments will increase your financial burden and getting rid of them will be tough.

Can I apply for a bad credit loan if I receive benefits?

Yes, we accept any income stream that is verifiable. Therefore, we will have no problem if you are a benefit recipient. The amount you receive as financial support should be enough to help you repay loans. Approval depends on your affordability and not on the form of earnings you have.

What documents are required for applying for these loans?

We will need the very basic personal details and their proofs. You should provide relevant ID, income and address proofs along with your bank statements to verify your financial capacity.

How do direct lenders ensure I can afford a bad credit loan?

Lenders like us need to analyse your affordability by reviewing your earnings, essential expenses and ongoing debts. We make sure that repayment conditions are realistic for you. We will run a few checks to see how well you are managing your current financial responsibilities.

Can I improve my credit score by repaying a bad credit loan?

Yes, credit improvement is possible when you pay back loans within the given duration. We design loan payments in such a manner that repaying is convenient for you. Timely repayment is considered a responsible borrowing behaviour. Consequently, your credit scores will improve.

Are bad credit loans more expensive than standard loans?

Different lenders have different interest rates. Usually, the rates might be higher with other loan providers. However, you can get competitive offers with rates personalized to your financial condition. Whether or not these loans are expensive will depend on how well you can compare.

Can I get a loan with very poor credit?

Getting loans when your credit scores are terrible is a little difficult. If you want very bad credit loans with no guarantor from a direct lender, you need to provide repayment assurance in other ways. Pledge collateral against the loan amount you want to apply for.

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