Can I get a £1000 loan with a bad credit score?
With the ever increasing cost of pretty much everything, it’s not difficult to find yourself in need of an extra £1000 in a hurry. Sometimes lenders may turn around and say they feel a £500 loan is more suitable for your circumstances. Please don’t be offended; they simply don’t want you to be too stretched but the good news is that it could get a same day loan in the right cae and it’s possible to get a payday loan with bad credit still.
It could be for car repairs or a MOT test, the need to replace or upgrade something in the home, or you’ve been unable to work for whatever reason and need something to fill the gap until your next pay day.
If you walk into your local bank with a bad credit score and ask for a thousand pounds, the most likely answer will be a ‘no’. Be sure, with bad credit loans there will always be a credit check. However, there are other avenues open to people with poor credit ratings, namely ‘short term loan lenders’ that offer you a chance to get a quick loan online.
Can I get a short term loan?
Short term loan lenders specialise in providing financial assistance to those of us with a less than great, or even bad, credit rating, so the best thing to do is search for online payday loans to find options.
The credit checks they carry out on potential customers are nowhere near as strict as mainstream financial institutions, and they look at lending money to people with poor credit history with a more open mind.
As long as you are over 18 years old, have a current bank account, are a legal UK resident, and can provide evidence that shows you are able to pay back the loan, you have a good chance that your application will be accepted for a UK fast loan.
How long does it take to get one of these loans?
Getting an answer to your short term loan in the UK from a lender is surprisingly quick, that’s how payday loans in the UK work, UK residents will get same day loans in some circumstances.
You simply supply some minimal information, such as name, address, etc. and how much you want to borrow. They will then get back to you, usually within a day or two and that’s the big benefit of getting a fast loan online and in some cases it will even be an instant cash loan, with an amount they are willing to lend you and the terms of the agreement, it doesn’t matter if it’s a £100 bad credit loan or £1000, the same procedure applies. It is then up to you to take the loan or not. If you do, the money will usually be transferred straight into your account the same day, getting you the money you need as soon as you need it.
How much do these loans cost?
Like conventional loans, short term or fast loans as they are sometimes referred to, come at a cost.To make the increased risk of giving people with bad credit scores loans worth it, lenders of these loans tend to set the interest rates higher than normal if you want to borrow money, so think carefully before applying for an instant £100 loan. the repayments can be extreme.
Of course this means, that the more money you borrow, the more you will have to pay back in interest. There may also be a fee, and some less reputable lenders might have some hidden costs too. There are plenty of short term loans online so do your due diligence first.
So how can you be sure you’re getting the best deal?
The safest way of securing a short term loan, is to get professionals to help you. Brokers specialising in dealing with these kinds of brokers are used to acting as a go between and will know which lenders will offer you the best rates for a bad credit loan.
They will even contact them and apply for the quick cash loan on your behalf, increasing your chances of attaining an affordable loan with a manageable payment plan, they might for example come back and say we’ve secured a £200 loan offer for less interest, that might be more favourable than a bigger loan with higher interest.