If you happen to have a few bumps in your credit history in the past, such as missing a payment on a debt, whether it be a personal loan, credit card, or mortgage, then it can often be quite difficult to obtain new credit in the future due to a bad credit score.
However, you can easily secure loans for bad credit from UK Bad Credit Loans, as while the credit service cannot provide you with funding directly, it does a great job of providing borrowers with access to an extensive network of lenders that are open to considering alternative sources of income as proof of your creditworthiness.
They offer a wide range of loans to choose from, such as payday loans, installment loans, bad credit loans, cash advances, and more, with the ability to borrow from £50 to £5000 regardless of your credit history. The lending service also makes sure that all its lenders are FCA compliant, which ensures that you never have to worry about becoming a victim of any predatory lending practices.
How Does The Loan Process On UK Bad Credit Loans Work?
The loan process is very easy, as you can get payday loans for bad credit on this page, where you will be required to fill out an online pre-approval form that will also contain a few questions that you will need to answer. Once you fill it out and submit it, your application will be reviewed by their network of lenders, and if approved, you can expect to receive different loan quotes from other lenders.
This in turn will give you the opportunity to compare the offers of different lenders in order to secure yourself the best possible deal. However, it is important to note that while a low credit score will not affect your chances of approval, the loan amount you end up qualifying for may be different than what you originally asked for, depending on your income level and credit rating.
Aside from this, you will also need to make sure that you are actually eligible to apply for a loan from UK Bad Credit Loans, which means ensuring that you:
- Are at least 18 years old or over
- Are a permanent UK resident
- Have a steady source of income
- Have an active UK bank account, mobile phone, and email
What To Consider When Applying for a Loan via UK Bad Credit Loans?
Before you decide to agree to a loan offer, it is extremely important that you take a few main factors into consideration, as failure to do so can result in you accepting a loan agreement that you are unable to afford, which can result in you falling into bad debt.
#1. Interest Rate
First and foremost, you need to review the interest rate that the lender has offered before you make a final decision. This is especially relevant when taking out a payday loan, as many direct lenders can charge extremely high APRs that can sometimes prove difficult to repay. Plus, some lenders typically charge extra fees for failure to make your repayments on time, which can end up raising your loan cost even higher if you aren’t careful.
#2. Repayment Period
Another factor to consider is the repayment periods being offered by the lender, as it is vital that you choose to borrow from a lender that is willing to offer you a reasonable repayment term. In this respect, a good rule of thumb to always keep in mind is that the longer the repayment period is, the more expensive the loan will most likely be.
Why Should You Choose UK Bad Credit Loans?
When selecting personal financing, most credit consumers will usually have multiple options to choose from, but what makes UK Bad Credit Loans so unique is that they come with several advantages that most conventional lending options are unable to provide, even if you have a good credit score. Some of the main benefits include:
- Fast Loan Application Process: If you have ever applied for a bank loan, you will be completely familiar with the cumbersome loan application and approval process. You will often be forced to apply for a loan in-person, as well as provide an extensive amount of documentation before you are even able to be considered for a loan.
However, with UK Bad Credit Loans, the entire loan process is carried out online, which means it only takes a few minutes and all without the need to provide a huge volume of supporting material. Plus, you can easily submit your loan request without ever having to leave the comfort of your own home. Once your application is approved, the funds will be deposited directly into your current account within the same day.
- Instant and High Approval Rates: Unlike most traditional lending institutions, UK Bad Credit Loans’ partner lenders understand that time is of the essence, which is why the entire pre-approval process is automated, which ensures that you are always able to receive a decision on your loan application almost instantly. And even if you happen to have a bad credit history, you can rest assured that having a history of bad credit will not work against you and interfere with your ability to secure the funding that you urgently need.
UK Bad Credit Loans is an excellent alternative to the type of traditional financing that is typically offered by banks and most brick-and-mortar lenders. You can access fast cash to deal with small financial challenges through a wide variety of loan options, such as payday loans, starting with a simple online application that only takes minutes to complete.
And given that all the lenders in their network are fully vetted and regulated by the Financial Credit Authority, you can rest assured that you will be able to successfully apply for funding without necessarily compromising your financial future in the process.