Bad Credit Loans: Things to Know Before you Apply
Recurring financial problems are difficult to handle, especially when you have a bad credit history. Typical lenders and banks hesitate to offer you unsecured loans. Indeed, it is a tough situation. Bad credit loans with instant decision appear to be the only viable option that you can consider. We discuss here, the top things that you should know before you apply for a poor credit financing option:
Guaranteed Funds with No Guarantor
If you have a poor credit score, then it is almost certain that people will not co-sign your loan application. Therefore, the secured funding options from the typical lenders will be out of reach. So, the onus is totally on the bad credit loans with no guarantor and no fees. You should avail these funds from the direct lenders only to avoid any bitter borrowing experience. They are more credible and eager to help you with their customised lending solutions.
Instant Decisions with No Extra Fee
Bad credit loans with instant decision offer respite to even those prospective borrowers who have a zero credit score. Getting an instant approval is not a big deal. The FinTech lenders in the UK don’t sit on the funding applications. Instead, they instantly approve without levying the extra charges. Time to transfer funds into the customer’s account varies from a lender to another lender. However, in most of the cases, it ranges from 15 minutes to 3 working days. Earlier, a borrower was required to submit collateral documents and other proofs. Now, you don’t need to do faxing or attach any soft copies with the online form.
No Credit Check just Happy Lending
Loans with no credit check and no guarantor bring an unconditional financial relief to the bad credit customers. They can easily access the required funds without worrying about their poor credit reports. Hence, we can say bad credit problems are no more problems. The online lenders in the UK are ready to take the lending risks in order to give you the much-required financial stability.
Competitive APR
Don’t be anxious about the cost, as the APR charged by the FinTech lenders on the bad credit loans are competitive. Many cheap deals are available in the UK online loan market due the intense competition among the lenders. So, smartly choose a loan deal to save pounds on the APR.
Let’s have a quick look at a representative example of The Easy Loans:
If you borrow £7,000 for 12 months term, you will repay £698.35 per month. 34.6% (fixed) Interest Rate Total Interest Repayable is £1,380.15. Total Amount Repayable is £8905.15. 34.6% representative APR.
What can you expect from a Top Lender?
Fast approval
Transparent lending
Flexible repayments
No hidden charges and no upfront fees
100 % assured disbursal
Credit score assistance
No bad credit penalty
Competitive APR
Eligibility Checklist
Most of the top loan providers in the UK offer 100 % guaranteed funds, however, you need to pass some common basic criteria to get the benefit. Check the following things before you apply for a poor credit loan:
Ensure you are 18-75 years old
You are a resident in the UK
You have an active email id and a working mobile number
An active bank account
Postal code
If you are making the payments on time throughout the tenure, then you stand a good chance to improve your credit score. It will help you in securing a future loan at a cheaper APR. Grab the best deal on a bad credit loan with instant decision now. Apply Here
