You may come across a time phase when you may need to borrow money either for a big purchase or unforeseen expenditure. Applying for a loan to meet your needs is normal, but what if an institution denies you because of your poor credit score?
Well, that is when EasyLoansUK steps into the picture. We give an equal opportunity to everyone regardless of their credit health. Whether your credit score is bad or very poor, we recommend you try your luck with us by applying for loans for bad credit.
Traditional loan providers are also there to assist people with less-than-perfect credit scores. Still, applying for bad credit loans from direct lenders has its own benefits. And, you will get all of them right here and right now.
Contrary to the name, bad credit loans online is not just a funding source designed for those with less-than-perfect credit rating. In fact, people with no credit history at all can also apply for these personal loans.
All financial institutions undertake a credit check to determine if you can pay off a personal loan with them. It shows them about your financial behaviour in the past with money you owed.
If they doubt that you can make a default, they may refuse to lend you money. You may be treated the same way when your credit history does not exist. Whatever the scenario, getting money from us will not be harder for you. We will try our best to provide you with personal loans for bad credit at the most competitive interest rates.
We run a soft credit check, so you do not need to worry about losing your credit points. After filling in the application form, we will take some time to peruse your credibility and income and then approve the loan. You will get the money the same day as quickly as possible.
Do you want to avail of among the most effective bad credit loan from direct lenders like EasyLoansUK?
You could possibly get a long-term loan for bad credit because each lender has its own criteria and policies about lending. Still, they may involve certain conditions that do not come with short-term loans.
Small loans can fund emergencies and planned expenses like a wedding or buying a gadget, while long-term loans only fund large purchases like a house, car, etc., and they work differently. They have their own identity, like mortgages, auto loans, etc.
These loans can tie you up for a long period, say, 5, 10, 20 or more years. Small loans have a shorter repayment length, usually up to 12 months. Emergency loans like short term payday loans for bad credit are paid in a lump sum within 3 to 6 months.
Short-term loans for planned expenses like weddings are normally paid within a couple of months, depending on the amount.
There are a lot more things to know. Below is the table that highlights them:
|Short-term loans for bad credit||Long-term loans for bad credit|
|No collateral required||It is mandatory, and the collateral will be your house, car, and a piece of land or another valuable asset.|
|You will not be paying too much interest in total despite a bad credit rating.||A lot of money will be paid as interest because of a longer repayment period.|
|No guarantor is required.||You may need a guarantor or a co-applicant with a good credit rating.|
|The risk is not much, as you can easily get rid of debt.||High risk is involved because you can fall into debt.|
Our bad credit loans come with short repayment lengths. However, you may use them to fill the funding gap while making a bigger purchase like a home, car or property. With the borrowing limit we offer, you may be able to manage your financial emergencies effectively.
Although loans for bad credit are easily available, you still need to know the right to apply for them. Your credit rating is not impressive, so you will likely be paying high interest. However, approaching direct lenders for bad credit loans may relieve you up to some extent, thanks to the reasonable interest rates in the market.
Therefore, you must know the circumstances ideal for applying for these loans:
When you have no guarantor
You may be asked to arrange a guarantor, especially if you borrow a bit higher amount of money. Still, persuading someone to act as a guarantor may be hard. In this situation, no guarantor loans for bad credit are the best bet.
Note that you need to have a strong repaying capacity to prove that you will not make a default, as somehow you will have to offset the impact of poor credit rating.
When you want to make a purchase
You may be looking forward to making a big purchase like Amazon Alexa, iPhone or electrical appliances like microwaves, refrigerators and tumble dryers, and so on, which you would like to pay off gradually.
Instalment loans for bad credit with no guarantor can help fund your big purchase. Borrow the full cost of the item you want to buy and then pay it off in equal monthly instalments. This will even help boost your credit score if you do not miss any payments.
When you want a deal with no credit check
As a borrower, you may want to escape a credit check because inquiries show up on your credit report, and they may affect your credit rating. Your credit report may not be able to bear another search footprint. For such people, bad credit loans with no credit checks are available.
However, you must meet the following conditions that qualify for these loans.
You will likely get these loans at competitive interest rates if you meet these conditions.
When you do not have any assets to pledge
If you do not want to put in collateral and need a large sum of money, you must look for these loans that come as unsecured loans for bad credit. You can use this money for any major unforeseen expenses or planned expenses. Smooth approval is feasible if you earn a good amount of money.
When you are jobless and have poor credit too
If you are out of work and have encountered an emergency, your savings might not be sufficient to meet the expense. Do not panic; you can apply for loans for the unemployed with bad credit.
Benefits, dividends or any other passive income sources will be considered to determine the amount of money lent.
When you want to consolidate your debt
Consolidation is the most popular reason why people take out poor credit loans. If you cannot manage payments of different kinds of debts on different due dates, you may seek to merge all of them into one big loan, a bad credit debt consolidation loan.
You can get rid of all your current debts, and then you will only have this personal loan paid off in fixed instalments. It will likely improve your credit score provided you pay off the debt on time.
Often, borrowers use bad and very bad credit loans interchangeably, but they are different.There are multiple categories to judge the credit scores of the individuals. People who fall into the categories like excellent, good and fair have relatively higher chances of loan approval.
Problems do exist for those having poor and adverse credit ratings. For the later one, very bad credit loans from direct lenders in the UK are available. You can get the same product here too with us. Before that, you should clear all your doubts.
The following table shows the difference between both types of loans:
|Bad credit loans||Very bad credit loans|
|Suit to those who have less-than-desirable or no credit history.||Suit to those who had been issued a CCJ in the past.|
|Interest rates will be slightly higher.||Interest rates could be higher than even bad credit loans.|
|Approval chances are high.||Not all lenders entertain such applications.|
|The size of the loan could be small or medium.||These loans are just for funding small emergencies.|
Very bad credit loans generally those people apply who cannot qualify for bad credit loans. One of the greatest benefits of these loans is that you can borrow money despite a County Court Judgement (CCJ).
Apart from that, the following benefits you can avail: of by applying for.
With us, you can apply for very bad credit loans with no guarantor and no broker in the UK. You can get money from us if you have already settled your CCJ. Money will be lent if you need it for an emergency purpose.
Interest rates may vary by your credit profile. If your score is close to a bad credit rating range, you will likely get money at a more competitive interest rate than those whose score is not. We will also decide the repayment schedule based on your budget.
Soft inquiries will be made so as not to affect your credit score. However, very bad credit loans with no credit check facility are also available. It depends upon your recent financial performance.
If you pay off loans on time, you can significantly improve your credit health. This will likely increase your chances of borrowing money at a lower interest rate.
A lender will try to approve your application in every possible way. Still, most lenders' approval rate is not more than 98.99%. If you want to take out bad credit loans with guaranteed approval, the following tips can help you.
Your earnings should be as higher as possible. Because your credit score is not up to the mark, a lender will require you to have a strong repaying capacity that mitigates the risk of lending money.
You should borrow money that you can repay. Of course, a lender will evaluate your affordability. If it is found that you are borrowing more than your budget allows, they can refuse you. You should go through your incomings and outgoings before putting in the application.
Updated credit report share with the lender
If possible, you can share an updated credit report with your lender. This builds trust and speeds up loan processing.
No other loan
Guaranteed loans for bad credit from a direct lender can be easily qualified if you have not taken on any other debt at that moment. Try to be free from your credit card bills too. The approval chances are quite higher when you do not have additional liabilities.
We listen, adapt, and use innovative ways to grow. Apart from it the reasons why we could be the right choice for you to take out bad credit loans are:
We welcome borrowers with all types of credit as we believe that poor credit should not come in the way when it is to funding an emergency. Apply for our bad credit loans available at the best interest rates.
Please be informed that our loans are based on your current financial circumstances. Submit your application and bank statement. We will surely try hard to approve your loan application ASAP.
Interest rates that we charge depend on the credit score and repaying capacity. There is no fixed interest rate. We decide at the time of assessing your application.
Normally, when you apply for a loan and it is refused, you will likely lose your credit points because of hard inquiries on your credit report. We run a soft credit check, so your credit health will be intact even if we have to refuse you.
You can get the money within 10 minutes after completing the process, so it takes 24 hours. If you apply in the morning, you can get money by evening the same day, and if you fill in the application after 5 PM, you will get money the next morning.
You will fill in your personal details, and apart from that, you will have to provide a bank statement of the previous six months and the details of an income source other than your full-time job or business.