Whether it is about getting the boiler repaired or covering a sudden expense, individuals find the need to have extra cash. People lacking stable finances and reputable credit find it hard to secure a loan. There could be many delinquencies in the credit report – like a CCJ, default or debts.
Luckily, there are multiple bad credit loans available for people who cannot borrow an amount owing to past credit mistakes.These loans are specifically for one lacking a good credit history, unable to grab a loan with traditional lenders, or looking to improve their credit score. The reasons could be infinite.
Every individual has different circumstances and unique urgent fund requirements. Bad credit history does not reveal the circumstances behind it. We, at Quickloanslender, look beyond the credit score to provide loans to individuals from within the suitable range of £1000 to £10000.
We analyse the income, employment, and affordability to offer loans for bad credit on low interest. The borrowers should meet the minimum eligibility criteria, and they can take pleasure in easy loan acceptance chances.
Whether you want to host a wedding or plan a home renovation, you can seek loans for bad credit from a direct lender only like us. You no more need to rely on someone and regret your poor credit history. Take loans for your needs and pay back within 12 to 36 months.
A bad credit loan is a financing arrangement meant for an individual with a less-than-ideal or no credit history. These individuals find it challenging to secure funds from traditional lenders. They usually conduct a strict credit check to ensure the loan affordability and the ability of the borrower to maintain the repayments.
The individuals lacking a promising credit history could not qualify for the loans. A loan on bad credit helps them by ensuring the loan approval despite poor credit history.
If you have a good credit score and can qualify for a loan with general stream lenders, you do not need to apply for loans with bad credit from a direct lender. It ideal is for those:
Individuals can borrow these loans for almost anything. The common usage includes debt consolidation, home improvement, or a car purchase. The chances of acceptance are higher with these loans even if seeking one with poor credit.
Quickloanslender provides quick funding on bad credit history at minimum eligibility criteria and the same day approval. It helps you improve credit scores and meet urgent and unexpected costs like getting the car window repaired, meeting the subscription payments, medicinal urgencies, etc.
There is the easy availability of multiple loans for people with bad credit from direct lender in the UK. Each loan has a specific purpose and repayment duration.With the available options under these loans, you can overcome the financial setbacks you have been going through so far.
This categorisation helps make the selection process for the ideal loan type with poor credit more convenient for you.Here are the types of loans for different individual needs and circumstances.
Collateral-free loans
The asset factor is not crucial when you consider unsecured loans for bad credit. You do not need to carry stellar credit and provide collateral to compensate for it. When approaching mainstream lenders remains out of the question, these loans can come in handy to meet any ongoing financial problem.
Payday loans
If any funding gap bothers you while your next paycheck is yet to come, you will need payday loans for bad credit. Getting these loans will not give you heartache as they are accessible without hard credit checks. Poor credit history is not a big issue since the standard salary you receive every month backs them.
On top of this, you do not have to reveal your credit scores to get approval confirmation.
No guarantor loans
No guarantor loans for bad credit are obtainable only when you can prove your affordability. Loan repayments should happen on time, and your present financial condition can help you make sure about it. For this reason, past credit records are not significant here.
You can get easy approval if you handle present payouts responsibly and save enough.
These are some of the best bad credit loans from a direct lender i.e. us. Choose the one which befits your situation. Be mindful that poor credit lending is different from usual. Therefore, it is important to know the difference between good, bad and poor credit scores.
Securing loans on unsatisfactory credit scores seems to complicate the individual seeking urgent money assistance. Continuous loan rejections from the mainstream lenders hamper any hope of getting one.
Bad credit personal loans can help you to eliminate every hurdle to securing a credit hassle-free. The reason is that you can get a loan despite having a bad credit history, credit delinquencies, and bankruptcy status.
Here are some advantages of loans with low credit scores.
High loan approval rate
One can procure bad credit loans on guaranteed approval from direct lenders in the UK easily. There is a minimum loan approval criterion to qualify for. If one applies during specific deals, one can get a loan at unexpected interest rates.
Guarantor is not mandatory:
Individuals may find it critical to qualify for the loan through traditional means. It requires someone to pledge on the repayments. With us, you can get bad credit loans without a guarantor by emphasising affordability.
Quick loan Approval:
Unlike traditional loans, you can quickly acquire loans despite your poor credit history. One should have a stable income source and a running account. We provide bad credit loans online in the bank account to help individual bridge urgent bill payments and other financial emergencies.
Soft or no credit check:
We do a soft credit check to give the borrower an idea of the total loan amount according to the loan duration. It does not affect the credit and implies one can apply for bad credit loans with no credit check and without facing any potential risks.
Affordable Loans Only:
These loans from a direct lender can be affordable if you maintain the payments regularly. Avoid taking any further loans and improve your income.Besides, apply for a loan amount that fits your financial ability and requirements at the same time.
No Search Footprint:
We do not conduct a hardcredit check in most lending. Too much credit evaluation affects the individual’s credit profile. This prevents one from securing a loan. We help keep your credit profile optimised without a credit perusal.
These are the primary advantages of instant funding you can access with bad credit tags. It ensures no credit assessment and seamless lending, but on affordable norms only.With a stable income that can establish your affordability, bad credit loans with no guarantor from a direct lender are easy to obtain.
Bad credit direct lender loans undoubtedly help individuals borrow the funds at the direst times. Poor credit results from pending debts in the credit report. Credit card debt can further affect the credit score drastically.
Individuals seeking financial helpwith poor credit history need to be mindful of a few things here:
High-interest rate loans
A less-than-perfect credit score signifies the risk of lending loans to the borrower. Lenders evade the risk by offering loans at a high-interest rate.
Solution: You need not worry as Quickloanslender provides bad credit low APR loans by assessing your situation. We ensure that the loan doesn’t hamper your budget and credit further.
Accept unfavourable conditions
Unlike loans with an excellent credit score, loans with a minimal credit history have stringent terms and conditions. The loan amount might not meet your expectations.
Solution: If you want the exact amount, without waiting, we can help. We provide a near satisfactory amount to the borrowers on securityat a comparatively low-interest rate.
Defaults affecting credit score -
Unlike other loans, a poor credit loan is riskier in terms of repayments. The borrower ought to meet the regular payments without a delay to avoid rising interest rates. Missing repayments can make the loan more expensive and negatively affect the credit score.
Solution: Our Company identifies the personal situation and helps avoid defaulting on the loans by suggesting affordable repayment terms.
It is critical to do a little preparation on your behalf to obtaina funding solution with bad credit without any hassle. Maybe you had an unexpected experience of rejection from mainstream lenders. Therefore, if you want to ensure the sure-shot acceptance of your loan application, focusing on a few parameters is critical.
There are some simple things that you can do to make borrowing likely for you and lending less risky for us:
Optimise the credit score
When applying for bad credit loans in the UK with direct lenders only, analyse the pending payments in your credit report. Try paying off some debts. Lenders evaluate credit reports before granting the loan. If you have a low credit score, ensure no delinquencies or arrears.
Identify the income proof
Individuals with unsatisfactory credit scores should provide aconvincing proof of making timely repayments. Before providing these loans, lenders try to evade the risk by giving an appreciative income bracket the same.
If undergoing a partial unemployment phase, keep other documents ready. These may include- the spouse’s income source, income from benefits and grants, dividends, and retirement funds.
Calculate the monthly repayments
If your debt repayments exceed your total income, you may not get these loans. You must meet the minimal repayment criteria. Calculate the monthly payments and the income. If there is just a minimal gap, improvise on the possibility of an additional income source or a promotion.
Check the assets
Assets help to confirm the loan approval on less-than-perfect credit. We help ease the interest rate on loans by providing borrowers with the flexibility to put up collateral to get the loan. Identify the assets you have and their value to put up for the loan.
Many individuals with lower credit profiles may believe that taking another loan may further affect their finances. This is true when a person takes out a loan for a higher amount than they can afford comfortably. In contrast, applying for this type of financing optioncan help improve the credit score.
Here is how you can utilise these loans to get your credit scores back on track.
Meet the regular monthly payments
They can be the best funding solutionfor those seeking to improve their credit score fast. These are short-term loans with relatively competitive interest. By making regular payments within the limited time frame, one can see drastic improvements in the credit score.
Use loans to disburse past previous debts
The primary eligibility criterion for securing loans is- minimal delinquencies in the credit report. Before filing the loan, one prioritises paying off existing debts. Paying off high-interest-rate debts helps improve the credit rating quickly.
Involvement of assets
You can use personal assets for friendlier terms and rates despite poor credit scores. As a result of it, you can get loans at affordable rates. Repayment would be easier because of this, and on-time payments would work in favour of upgrading scores.
We providefundingto people with poor credit on personalised terms that help perfectly enhance one’s overall credit record.
There are multiple offerings for different credit circumstances. We offer a variety of low credit score loan offerings. Loans can mainly divide into- short and long-term loan arrangements. Both the forms have repaying structure.
Choose the right loan according to the purpose, payment duration and the amount requirement.Here is the difference between short- and long-term loans repayment format.
A borrower can choose from these different bad credit score loans. The choice of the same depends on the urgency of the loan requirement. You can enquire about the loans by dropping a query on the platform.
Getting financial assistance, regardless of bad credit, can be quick with us. You need not leave the comfort of your home to get the loans. Go ahead with the loan application via the virtual platform.
Just follow the steps below to borrow the money with bad credit:
STEP 1: Submit your application online-Enter the required personal details like name, email, contact number, etc. in the form. Tap at the ‘submit’ button.
STEP 2: Get a call-Once you fill out the application, you will soon receive a call from one of our representatives. Provide- identity proof, address proof, income proof, proof of other income sources- grants, spouse income, etc.
STEP 3: Receipt of agreement- Read the terms and conditions of the loan carefully before giving your consent. We keep the fees (if any) explicit in the document. Therefore, there aren’t any surprises.
STEP 4: Cash within 30 minutes- Once we receive the agreement duly signed by you,you get the cash within 30 minutes in your account.
Get money in the bank quickly post the simple application process. The fast scanning and instant loan transfer are our top lending features. You may secure loans with poor credit with us. Still, can the same happen with very low credit loans?
Bad credit and very low credit loans seem interchangeable terms to individuals. The two differ from each other majorly on some parameters.With credit scores beyond poor, lending becomes very risky because of zero assurance for loan payments.
For this reason, you must know the common points and disparities that both these loans share.
Similarities
There are minimal similarities between the two.These are the parameters where bad credit and very low credit loans stand equally.
Dissimilarities
Bad and extremely bad credit loans in the UK are not similar entirely. If you already have bad credit, it is ideal for checking the below dissimilarities between the two.
| Parameters | Bad Credit Loan | Very Bad Credit Loan |
|---|---|---|
| Credit score | A credit score of 560-720 is considered a bad credit loan limit | If you have a credit score below 560, you have very poor credit |
| Interest-rate | High-interest rate with the possibility of lowering the same by putting up a collateral | A high-interest rate loan without any flexibility. |
| Guarantor requirement | No requirement for a guarantor on the loan | The loan requires a guarantor on loan as the security of making the repayments. Putting up collateral would not suffice on a loan. |
| Amount | One can borrow up to £15000 on the loan | The amount is generally less than the bad credit loan |
| Risk factor | Risky but affordable loan | It is highly risky for the lender and borrower alike |
| Approval rate | 89% approval rate with us | Relatively low approval rate with unmanageable credit |
If you need any help with adverse credit scores, you are already at the right place. Connect today for all your needs.
