Loan options for People with a poor credit history
You’ve found yourself in need of a cash injection, but because of a poor credit history you can’t get a loan from your bank. You’ve asked for help from family but to no avail, and you really don’t want to get involved with dodgy loan sharks and there’s no such thing as a bad credit loan without a credit check so you might be thinking your options are limited but there are a few to try, after all, people do borrow money with bad credit. There are loans for those with very bad credit from direct lenders out there, so always be upfront and honest about your situation there are options to borrow money in the UK for some.
So what options do you have left?
Well, even with a bad credit there are lenders who will consider giving you something short term and today, these loans are £50 and up to over £1000.
How do these loans differ from standard loans?
There are a number of ways in which short term loans differ from a traditional loan.
For a start, there is the credit check. Mainstream banks have a much stricter way of deciding whether or not you are eligible for a loan than short term loans lenders who offer quick loans in the UK. This doesn’t mean that there is no credit check, as there is always a check when trying to borrow money, but it means that these lenders are used to dealing with people with a bad credit record and will look at your application from a different point of view making fast loans online for those with bad credit possible.
This also has the added bonus of speeding up the loan process. While standard loans can take a while to get finalised, short term, quick cash loans for people with poor credit are often decided upon and processed quickly, and it’s not unusual to have the money in your account within 1-3 days of your initial application, there are even almost instant cash loans that take a few hours, payday loans for those with bad credit are normally processed quickly.
Short term loans are named so because that’s what they are: loans for relatively small amounts of money, most commonly for a few hundred pounds(hence named short term payday loans), that is to be paid back in a short period of time, they are normally a maximum of a 12 month loan, this is normally how payday loans with bad credit from direct lenders.
Repayment details and schedules vary so you might find that you are expected to pay the whole loan back in one lump sum, which will probably be the cheapest option, or you might be required to settle the debt in regular instalments which will spread the cost out but will eventually end up costing you more because of interest rates and fees, this is one of the risks of taking a fast loan with no guarantor.
You should think about which type of repayment schedule would suit you best before you apply for a short term loan.
Choosing a short term loan
It’s not uncommon to see people with a bad credit score go from thinking they will never get a loan, to having to decide which short term loan(even with bad credit), offer to accept, the smaller the loan, the easier it tends to be for example a £50 loan with bad credit history is normally pretty common to see. You should also bed able to find a short term loan from direct lenders with bad credit, assuming your profile suits the lender.
Like with everything in life, you need to weigh up the pros and cons of each loan and how they suit your needs and more importantly, your ability to repay it.
- Make sure you know about the repayment schedule, lump sum or instalment?
- What are the initial fees and interest rates? Are they reasonable?
- What penalties will you face for being late with, or missing a payment?
- How quickly will it be approved? Is it a fast loan to get you out of trouble?
The answers to these and other questions it should be clearly understood before you accept any loan offer from any company.
We understand that this searching for information is not only time consuming but also more than a little confusing, so why not hand over the reins to somebody else? There are so many loans online for bad credit ratings it would probably help you repay less by checking many online loan brokers and direct lenders.
A broker will already have a good idea of possible lenders to suit you from the information you give them and they’ll look at all the options of a payday loan with bad credit for you. Then they will sort out the best options and present them to you for you to make your final decision.
What you might like to know about borrowing money online
How can I borrow money fast?
For a simple loan agreement you could receive money as quickly as 15 minutes from the time you start your application. How fast you can borrow money online largely relies on your credit rating and history. If you have a straight forward reasonable credit history and are eligible for the loan the money can be in your account within fifteen minutes if your bank accepts faster payments. You can get a quote for this service here.
How can you borrow money if you have bad credit?
Don’t worry about bad credit when you want to borrow money. It is not the key factor in assessing your eligibility for a loan. The most important steps are that you are working, you have a valid UK bank account, you are over 18 years old, and you have a working mobile phone. From there your credit and financial situation can be looked at to ensure the loan doesn’t cause you any financial difficulty or problems in the future.
Where can I borrow money ASAP?
The best place to borrow money online is with a credit broker like us. We will submit your information to a large number of willing lenders and they will react extremely quickly to your application and take the process very seriously. They will make an offer in as little as a few minutes in some cases but this largely relies on your financial history to get a really fast loan ASAP.
What’s the quickest I can borrow money?
The quickest you can borrow money is normally around 15 minutes. This is the time it takes from receiving your application to receiving money. Normally the process can be quick but this strictly relies on your financial position. If your loan application is straightforward then there is nothing stopping a really quick turnaround. The best way to get the quickest money is apply here.
How do I repay the money I borrow?
Normally you will make an agreement with the lender to ensure that you can repay on time and comfortably to ensure no financial difficulty or problems, that’s how it work when borrowing money. The lender will work flexibly with you to make sure you can keep your credit history in good order and organise your personal situation accordingly.