Desperate For a Loan With Bad Credit?
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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.
You may be wondering what makes a desperate loan desperate, and that is a good question. The title of the desperate loan actually refers more to the customer applying than it does the loan itself. It is basically a loan for people who have either been refused elsewhere and are having trouble getting accepted for financial help or it is for people who are in urgent need for the funds, so they need the money confirmed and paid to them in super fast time.
The speed or willingness to overlook bad credit scores can sometimes cause the loan rates to be higher than a 'normal' loan but this is due to the 'risk' that the lender is taking as there are often missed or late repayments made to this type of loan.
Who Would Need a Desperate Loan?
People who have bad credit would be the borrowers that are desperate for a loan but don't worry, there are still plenty of online lenders like who are ready to cater for you, even if your banks not. Banks and traditional financing institutions simply won't lend you the money you desperately need if you do not possess their required credit rating. So if you are desperate for a loan and you don't want your credit rating to get in the way, here are some of the loans that will be your lifesaver:
Bad Credit Payday Loans
Bad credit payday loans are the perfect solutions if you are desperate for a loan. With a reputable payday loan lenders found by brokers like us at PickALoan, you can borrow from £50 to as much as £1,000 and pay it back on your next payday or longer depending on your deal. They are one of the most popular desperate loans in the UK today because:
- Provides Instant Cash - Once your application is approved, you will typically have your money deposited into your bank account on the same day or the next business day at the soonest.
- Available any time of the day - If you desperately need a loan, you need something that is available 24/7 and that's what payday loans are. And because you can take them out easily online and even through text, you can enjoy instant funding whenever and wherever.
- Minimal Requirements - Another great thing about payday loans is that they offer minimal requirements to qualify. If you have the right income that checks affordability and has your own bank account, getting the loan is almost guaranteed.
- Credit Rating, not a Factor - If you're desperate for a loan with bad credit, then payday loans are certainly short-term options that you can look into. All types of borrowers are catered by payday loan lenders whether they have bad credit, poor credit history or no credit history as long as they can make the proper repayments.
Guaranteeing your Desperate Loans
If your desperate for a loan with bad credit but you want to take out larger amounts for longer payment periods, payday loans are out of the picture. But if you can find someone who will act as a guarantor on your loan, however, you can take out a guarantor loan and enjoy borrowing amounts that can reach as much as £10,000 and pay off it off comfortably after several months or a few years depending on your deal.
The guarantor normally has better credit and income standing than you which offsets the chance that your bad credit rating will affect your chances of getting approved. The guarantor will also be obliged to step in and make the payments if you are unable to give lenders that risk-alleviating factor that they are looking for when approving loan requests.
Once your application is approved, your money will normally be transferred to your account on the same day or the next business day. It's that quick and the application process is easy with minimal to no paperwork involved whatsoever if you apply online.
Secured Desperate Loans
If you need a loan desperately and you have your own vehicle that you can comfortably put on the table, securing logbook loans is a great option. In fact, you're not actually surrendering your vehicle when you take out the loan but only its ownership documents. This means that you can continue using your car, SUV, or van as long as you keep up with the agreed monthly payments.
Logbook loans are offered by numerous lenders in the high streets and on the internet and you can take out a logbook loan anywhere from £500 and £50,000, depending on how much your car is worth. Typically, lenders would let you take out as much as 50% of your vehicle's value.
With logbook loans, money transfers are quick and seamless and are generally accomplished electronically. And because the loan is secured, the terms and conditions are generally flexible and advantageous to you making it a perfect option if you need a loan desperately.
You Find Yourself Thinking - I Need A Loan Desperately
If you desperately need a loan why not make things very convenient by taking one out right at your very doorsteps? With doorstep loans, you can enjoy just that. Once you are approved, the money will be handed to you personally by a friendly local agent right at your doorsteps. What's more, almost any borrower is welcome to apply even those who are unemployed, retired, and living under government benefit. Depending on your need, affordability, and other factors, you can take out a doorstep loan as low as £100 to as much £1000 which you will have to pay back after 3 months or longer. The payments are done weekly and collected to you by your agent.
- Desperate loans can be obtained by individuals with bad credit histories.
- Same day cash pay-out in most cases.
- Secured and unsecured loan options can be applied for online in minutes.
Desperate Loan FAQs
What exactly are desperate loans?
Desperate loans refer more to the individuals who are applying for them and not the actual loans themselves. Many people become desperate to obtain cash in a hurry when traditional banks have turned down their loan applications.
What happens if my credit rating is bad?
Many lenders are understanding and realise that even people with bad credit histories may need to obtain cash in a hurry from time to time. As a result, you will still be able to apply for desperate loans with a bad credit history.
Will I need a guarantor when applying for desperate loans?
A guarantor will not always be required when applying for these loans. However, in cases where larger amounts of money are needed, you may have to provide a guarantor. Keep in mind that your chosen guarantor will have to have a good credit history before being considered for acceptance.
Can I get just a small amount of cash to get me to payday?
Yes! A number of the lenders we work with will be willing to assist you with amounts that are as small as £50 at a time. This means that you will not have to borrow more money than you can afford to repay.
Can I choose the amount of time needed to repay my loan?
Loans for smaller amounts of money can normally be repaid in 3 to 12 months, whereas loans for larger amounts can be repaid over a period of up to 5 years. The lender who will be working with you will provide you with all of the repayment options in this regard.
If I am late with paying a loan instalment, will I be penalised?
Unfortunately, additional penalties and/or interest will be levied on any loan instalments that are repaid late or skipped. As a result, it is strongly recommended that all repayments be made on their due dates each week or month.