Bad Credit Loans UK
Apply to borrow from 100 to 25000*
- Instant Decision
- 60-Second Application Form
- From £1,000 to £25,000
- Rates from 5.7% APR to 278% APR*
- 3-36 month repayment
Apply to borrow from 100 to 25000*
- Online decision
- Responsible lenders
- Apply to borrow up to £3000*
- Rates From 278% APR – 1576% APR*
- 3-12 month repayment
What Are Unsecured Loans?
Even without collateral to pledge, there are still options to choose when applying for a loan. For loans without security deposits, these types of loans are considered unsecured. Unsecured loans allow borrowers to request for funds without giving up an asset as a security deposit. Personal loans, payday loans, credit cards, and student loans are just some examples of an unsecured loan. It is a very convenient source of funds without having to deal with the complicated approval process. However, these types of loans are often accompanied with higher interest rates.
How will MY
To apply, you don’t have to leave your homes or travel miles. The process is amazingly fast and secure. All you need to do is to fill up a form online. In as fast as two minutes, you can have the result of your application without waiting hours in long lines. Your personal and banking information is safely secured.
Paid Into Your Account
Once approved, the borrowed funds are immediately sent to your checking account. No fuss, no hassle. In just minutes, you get the money that you need without going through complicated requirements and documents. A perfect solution for emergency situations.
Your credit problem is never a problem with us. Even with bad or poor credit, you are still eligible to take advantage of our services. Our lenders offer cash assistance without the need for you to undergo a credit check. If you can pay the loan on the agreed schedule, your credit line will never be a problem.
- WHAT ARE PAYDAY LOANS
- HOW DO I APPLY?
- MUST I HAVE A GUARANTOR?
- WHAT’S IN IT FOR US?
- HOW LONG DOES IT TAKE TO GET PAID OUT?
A PAYDAY LOAN IS A TYPE OF CREDIT THAT IS SUITABLE FOR WHEN EMERGENCIES OCCUR
If you find yourself stuck in the middle of nowhere with no money in the bank and no cash on hand, the best thing that you can do is to apply for a payday loan. Payday loans are easily acquired and don’t require complicated documents, making it the best cash assistance fund during emergency situations.
- WHAT ARE GUARANTOR LOANS?
- WHAT ARE LOGBOOK LOANS?
- WHAT ARE PERSONAL LOANS?
Services We Provide
Long Term Loans
Getting a loan in the UK is not easy and your options become even more limited when you have bad credit. In the past lenders were not offering loans to people with bad credit, but things are looking up now with more and more lenders offering bad credit loans UK.
Bad credit history affects your chances of getting a loan from many traditional lenders like banks. This is because they view you as a high risk borrower. To them, chances are you will default on your loan. They take the little information available about your past to predict your future which is not always right.
People without a credit history also have a problem acquiring loans from banks because these banks do not have enough information to make a decision about the borrower. If you have no credit history and would like to get a loan, you might have to build your credit history and start it off at a very good note.
The credit score and criteria that lenders use, varies from one lender to the other. Typically some banks will deny you a loan even when you have a good credit score. This is because sometimes they might be looking at other aspects like what products they could sell you in the future. If there is no potential for you being a customer on other products they want to sell in the future, your application might be denied
To get a loan with bad credit is possible but you have to know where to look and how to do it successfully.
How to get a loan with bad credit UK?
There are many lenders offering loans for bad credit UK. Before a bad credit score meant that a lender could not be given a loan. Since also the lenders used different criteria to qualify the borrowers, there was no way of determining whether you could get a loan with bad credit. It is now possible however to get a loan with bad credit.
Further, with online soft searches you can even be able to determine which lenders are likely to offer you a loan so you are able to make targeted applications. There are many online search programs that can match you to a lender who will be willing to offer you a loan that suits your needs. All this is done without leaving any credit footprint on your credit history.
Having a bad credit should not stop you from acquiring a loan to handle emergencies and other needs that might come up. This is why many direct lenders such as Loansgreen are offering loans to people with bad credit. Your current information is what is used to determine whether you qualify for a long or not instead of focusing so much on your past.
There are many lenders offering bad credit loans UK. You even have a chance to choose between the lenders to find one that is offering you the best terms or giving you the amount that you need. Also due to the high competition amongst the lenders, applying for a loan online is quick and easy.
To get a bad credit loan, you will need to provide your current financial information such as employment status or income status and benefits. This is the information that lenders will use to give you the loan removing the unfair elimination from acquiring a loan altogether.
Many of the lenders however, still view you as a high risk borrower. You will therefore have to pay higher rates than with other loans. If you are putting up collateral to get the loan you might have to pay lower interest rates. Also, collateral makes it easy for you to get a loan with bad credit.
Getting a bad credit loan UK is a good idea for growing and rebuilding your credit score. If you make your payments as agreed on your loan then your credit score improves and it becomes easier to borrow in the future.
If you get your bad credit loan through a direct lender like Loansgreen then the process is faster and there are no additional fees on your loan unlike going through a broker. At Loansgreen we specialize in giving loans to people with poor credit and therefore we are okay that you have bad credit. Whether you want debt consolidation loans for bad credit UK or you want a payday loan we are there for you.
Within just minutes to an hour of applying for you loan you might have the funds in your account. Further you can get approved either for long term or short term loans. Remember that long term loans have more affordable monthly repayments than short term loans. If you have a high debt to income ratio or you do not have so much monthly income then you should consider a long term loan.
How to get a payday loan with bad credit UK?
Bad credit payday loans are quick loans offered to people with bad credit for repayment on their next pay date. Typically the loan has to be repaid together with all the interest and fees. Payday loans bad credit are therefore small loans ranging anywhere from £100 to £1,000 with some lenders offering much more.
Because of the high competition amongst lenders, it is now possible to repay a payday loan over a couple of installments rather than having to repay as a lump sum. You can also roll over your loan increasing the duration but this will double the interest for the amount you had borrowed.
Payday loans are great at taking care of emergencies that need quick cash because these loans are typically paid on the same day. The amount you borrow on the payday loans might be dependent on how much you earn and your debt to income ratio. Your credit history however is not used to determine your eligibility for a payday loans bad credit.
How to get a bank loan with bad credit UK?
If you have bad credit it might be impossible to get a loan from a bank. This is because every bank has the threshold credit score that they need to qualify you for the loan. Since banks operate under very strict guidelines it might therefore be difficult to get the loan with a bad credit.
You can however improve your chances of getting a loan with bad credit UK from a bank by acquiring a secured loan. A secured loan is a type of loan in which you offer collateral for the loan. For instance you can get a home loan using the equity on your home to get a loan. In such a case your credit score is not a factor to determine whether you get the loan because your home acts as collateral.
If you are not in a hurry to get the loan then the first step should be improving your credit score so you are able to get the loan in the future. You can do this by ensuring you make on time payments on your credit cards and bills. It is also recommended that you keep the balance on your cards under 30% of the credit limit. Avoid also applying for new credit.
How to get a business loan with bad credit UK
If your business has had credit issues, it becomes hard to borrow money. However, there are lenders that are willing to give loans to businesses with bad credit UK. Whether you need to pay employees, purchase new equipment, expand your business or invest in technology, there are small business loans available for your business with bad credit.
For a business with bad credit the easiest loan to get would be a secured business loan. In this type of loan the business provides collateral which the lender can use to recover their money when the business fails to pay back.
There are online direct lenders that also offer businesses loans without considering their credit history. You might be required to provide the financials of your business and other information that will make it easy for you to get the loan as required by the lender.
If you want to start a business on a loan and you have bad personal credit then you need to look for startup business loans for bad credit. These are loans offered to startups with owners who have bad credit.
How to get a loan with really bad credit UK
It is possible to get a loan with really bad credit UK. Having stable employment, having lived in your current residence for quite some time and having collateral will help your case. Here are three ways in which you can get a loan with really bad credit UK.
Secured loan – take a loan against the equity on your home or offer any other acceptable form of collateral for your loan. This reduces the risk to the lender and therefore they are more inclined to give you the loan.
Guarantor loans – in this case you get someone to sign off on your loan as your guarantor indicating that they commit to repay your loan in case you miss to make your payments.
Peer to peer loans – peer to peer lending and crowdsourcing are becoming a main thing for businesses now. However you have to sell your dream to the lenders so they can agree to invest in you.