Short Term Loans for 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.
Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
If you have bad credit, you might think that’s impossible to get a short term loan. But, nowadays, even people with poor credits qualify for these loans. Every day, we review many loan applications and approve most of them. We work with lenders who use soft search technology, thus one can get loans without worrying about their credit report.
Short-term loans are usually for people who need small amounts of money. With these loans, you’re given a short period for repaying, mostly one month. These loans are an excellent option to those who want instant cash for funding an emergency. Continue reading to learn more about short term loans for people with bad credits and whether they’re worth considering.
What Is a Bad Credit Loan?
Many things can make individuals have bad credit including, not paying debts or having CCJ’s in the past. Now, most lenders are often hesitant to lend people with poor credits. However, some offer short term loans to such individuals, which are called bad credit loans. But, we should mention that there’s no actual product called ‘bad credit loan’. While it’s a commonly used term, it doesn’t refer to a specific type of loan.
Lenders who offer loans to people with bad credit records will still evaluate your credit history. They usually charge higher interest rates than other high street lenders.
If your credit history isn’t perfect, we can help you get access to the money you need. Our short term loans are best for people who need emergency funding and their credit isn’t that impressive.
Will My Credit Score Affect the Loan?
Your credit score is an essential factor that lenders consider when reviewing loan applications. Poor credit scores usually prevent one from obtaining any financial assistance. That’s because lenders consider the risks that come with providing money to such persons. Someone with a history of missed payments will, in most cases, be denied most loans. It’s, therefore, essential that you achieve and maintain a good score. You can use websites like Noddle to understand your credit report.
Does a Bad Credit Rating Affect the Amount I Can Borrow?
Lenders offer different loan terms and amounts for people with bad credits. Our direct lenders have several short term loan amounts individuals can take advantage of. If you want cheap and low-interest loans, please get in touch with us. One can borrow from €50- €1000 and repay between 3-36 months.
The times of being refused loans due to a poor credit score are thankfully in the past. Nowadays you're much more likely to be considered for a loan as lenders tend to look at current finances.MoneyFall
Do I Need a Guarantor?
You can get loans for bad credit without a guarantor. Lenders don’t often require that customers provide one unless they’re a specialist loan provider guarantor. In such cases, lenders usually check your guarantor’s credit report when making decisions.
How Fast Can I Get My Loan Application Approved?
Individuals applying for loans via our website can do so any time using any device. You’ll take about two minutes to complete the application. Once you’re done, you’ll receive a decision immediately. Those who’re successful will get the money deposited into their banks within a short while, usually 15 minutes. But, this process may take longer in some banks.
How Much Interest Do Short Term Loans for Bad Credit Charge?
Anyone can access short term loans regardless of their credit score. But, the rates charged vary depending on a person’s report, their earnings, the length of time they’ve been in their jobs, and their ability to repay the loan. That means that while a loan may be rated as ’low-interest bad credit’, it doesn’t mean that one is getting the cheapest deal on the market with it.
Look to the future... not the past
The lenders on our network don't want to dwell on your past finances... we've all made mistakes. They're much more likely to consider you for a loan based on your current financial situation.
There's never been a better time to borrow!
Applying for a Short Term Loan with Bad Credit
Having a poor credit score/ report shouldn’t stop one from applying for loans when they need one. And many direct lenders on our platform agree with this. We have created a simple application process which assists individuals with bad credits access short term loans.
We first use the information our customers give us to find reputable lenders that can offer them the best deals as well as approve their application. As such, customers can quickly compare loans offered and eliminate the worry that their application might not be approved. Our platform has simplified the process of getting short-term bad credit loans. Plus, since we have several direct lenders offering these loans, one can quickly get the funding they need even with a poor credit report.
How Do Lenders Differ from Brokers?
When looking for a loan, you usually have two choices. You can apply to lenders directly or use credit brokers. For those with good credit, we advise that you opt for lenders offering cheap APR and apply directly. But, if your application has been denied or you have a poor score, brokers can help you know where to apply. While direct lenders can accept/deny applications for their products, brokers know several lenders and can match customers to different ones. This can save some time and effort that you’d have otherwise spent applying individually. Plus, using them will not affect your credit report.
Who Can Apply for a Bad Credit Short Term Loan?
Individuals applying for loans with bad credits in the past 6 years are likely to be declined with high street lenders. But, the UK short term loans can be a great option for them. Use our website to get funding from our direct lenders who use soft search technology that doesn’t affect your credit score.
If you don't want to commit to a loan for along period... lending money over a shorter duration is an ideal solution. That way you can keep control of your repayments, and clear your balance in a timely manner.MoneyFall
Will My Credit Report Be Reviewed?
Yes. The Financial Conduct Authority requires lenders to perform a credit check on those applying for loans even if they’re short-term ones. Some companies may not give you this information. But, while they do this evaluation, the process isn’t as tough as it used to be. Before, bad credits will have automatically made it hard for individuals to access short term loans. Fortunately, many lenders nowadays are assessing individuals’ suitability differently. However, stay away from companies that advertise short term loans without a credit check.
How to Increase Your Credit Score
You can take several steps to increase your score. But first, you need to check where it lies. This helps you ensure that your information is correct. Should you find errors, get in touch with credit references agencies to correct the mistakes.
Ensure that you make timely payments. If you miss or pay late, it’ll reduce your score. Also, one should try keeping their balances under their limit. This shows that you’re managing your debts and don’t completely rely on credit. We also recommend paying more than the minimum payments on your loans.
What Can Lenders See on My Credit Report?
Your report shows personal information like name, date of birth, addresses, people you’re linked to financially, etc. It also shows a breakdown of your accounts including your creditor’s name, balance, history of payment, and current account status. Additionally, public records like bankruptcies, Country Court Judgements, etc. will be shown. It also shows any credit searches conducted.
Individuals with bad credits often have limited choices when seeking financial assistance. But, with short term loans for bad credit, you can get the help needed. We partner with various direct lenders to help those struggling to get their short-term loan application approved. If you need money urgently and you have imperfect credit, please contact us today.