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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
All You Need To Know About Bad Credit loans
If you have a bad credit, taking out a loan can be pretty difficult especially if it's a traditional bank loan. Even if you put on your finest suite in your closet and head your way from one bank to the next, chances are, your loan application will be denied. Banks and other traditional financing institutions simply won't risk lending you the money you are looking for if your credit history is unsatisfactory. Now if your need for funding is really urgent, consider bad credit loans as viable options.
Types Of Loans For Those With Bad Credit
While banks are somewhat allergic to borrowers with bad credit, there are numerous private lenders like (website name) who are willing and able to strike a comfortable loan deal with you as long as you meet the basic eligibility criteria. Depending on your needs and present circumstances, some of the loans for bad credit that are available include:
1.) Guarantor Loans
Guarantor loans are loans for bad credit that allow you to borrow larger amounts of money for longer periods of time. All you need to do is provide a guarantor who will agree to pay off the loan when you are unable to. This gives lenders that much needed security to grant you the funding that you need knowing that there is another person who will take the payment responsibilities once you can't fulfil them. Normally, a guarantor would have to be:
- A UK resident typically aged 21 to 75 at the start of the loan
- Possess a positive credit history
- Have a UK bank account with a debit card
- Have an income that meets lender's requirements
- Be financially independent of you.
And because guarantor loans are loans for bad credit, your bad credit history will not affect your chances of getting approved. Lenders, however, will still look at your own income to decide on a comfortable loan amount that is ideal to your earnings. Once you are approved, your money will normally be transferred to your account in the same day or the next business day. The process is easy, and it takes less time for approval.
2.) Logbook Loans
If you have your own vehicle, logbook loans are one of the bad credit loans that you can consider. These loans are secured on your vehicle which means that the lender will have ownership of it until you have paid back the money that you borrowed.
The bad credit loans are very accessible with a plethora of lenders in the high streets and on the internet who are willing to lend between £500 and £50,000, depending on how much your car is worth. Normally, they would let you borrow 50% of your vehicle's value although there are some that offer as much as 70%.
Money transfers are also quick and convenient - typically done electronically. And because you are securing your vehicle against the loan, the terms and conditions are generally flexible. Any type of credit rating is also welcome as long as you have the vehicle and can prove affordability to repay your loan.
Bad Credit Payday Loans
Bad credit payday loans are the perfect solutions to urgent cash needs. You can borrow for small amounts from £50 to as much as £1,000 and pay it back in your next payday or longer depending on your lender. They are very easy to obtain and cash transfers are almost instant making them popular options to numerous borrowers in the UK. You can even avail for bad credit payday loans online with fax-less applications from a reputable lender like (website name) to enjoy transactions that are virtually free from a form of paperwork, whatsoever.
Payday Loans for Bad Credit
As long as you meet the basic qualifications, taking out bad credit payday loans is relatively quick and seamless. Normally, you will have to be over the age of 18, living in the UK, and have a bank account to qualify for the loan. Not every applicant will be accepted, however, but if you are approved, you will enjoy exclusive benefits that you won't find in other loan options such as:
- Instant Cash - Getting the money that you need from payday loans for bad credit is almost instant. With (website name), the application process can be completed in a matter of minutes with minimal requirements. And once you are approved, you can have the money several hours after you made your application was approved or in the next business day at the latest.
- 24/7 Availability - An emergency situation can happen any time of the day or night but luckily, payday loans for bad credit are available 24/7. They are also offered online which means you don't need to escape the comfort and safety of your home to get the funding that you need.
- Easy Qualifications - Payday loan lenders normally won't ask a lot of information in your application. As long as you are in the right age, have a stable income or currently employed, and have an active checking account, getting approved is almost guaranteed.
- Credit Rating Won't Matter Much - Payday loans for bad credit are designed to cater borrowers who possess a rather poor credit rating. While your credit standing will affect the amount that you can borrow and its interest rates, it won't affect your chances of getting approved. As long as the lender sees that you can afford to make the proper repayments, you can take out the loan even if you have bad credit or a credit history that is non-existent.
Loans For Bad Credit Customers: What is the best option?
There are a few bad credit loans available on the market, so you need to find which is the best one suited for you. It will depend on the amount that you need to borrow, the payment period that you are comfortable with, and your present circumstances. If you can find a guarantor, taking out a guarantor loan will perhaps suit you best because of the flexibility that you can enjoy from it. If you don't have a guarantor but have a vehicle to offer as collateral, then logbook loans will be better suited for you. Lastly, if your need for cash is not that big but extremely urgent, then payday loans are ideal for its speed and availability. It's also important to take out loans for bad credit only from reputable lenders, alternatively to looking around and checking reviews you can use a reputable broker instead, a broker like pickaloan.co.uk, so you can enjoy the best loan deals available.