Instant Loans for Bad Credit Borrowers

Life is unpredictable. Just when you think you’ve got your budget under control you round a corner and step straight into an unexpected spending crisis. It might be something as simple as a ballooning utility bill or a sudden home repair, Whatever the cause even a relatively small financial shortfall can set you back on your heels. Especially if you don’t have the cash on hand to cover the emergency.

It’s at times like this that a small loan would definitely fit the bill. Unfortunately, if you’re labouring under the shadow of a bad credit report finding that loan might prove difficult. But bad credit borrowers do have options. There are alternative lending opportunities that allow bad credit borrower to secure the instant loans they need when their budget gets into a tangle.

What are Instant Loans?

Instant loans, sometimes called instant decision loans or payday loans, are short-term lending products offered by alternative lenders to consumers with poor or bad credit histories. These loans provide quick cash deposited directly into the accounts of approved borrowers following a successful application.

Bad credit instant loans fill an important gap in the UK lending landscape. They provide emergency funding for people who find themselves unexpectedly cash strapped. Instant loans are typically used to cover common expenses such as household repairs, medical care costs, and unexpectedly large utility bills.

Instant loans for bad credit are not designed to meet long-term financial needs. These are highly targeted short-term lending products that provide bad credit borrowers with immediate solutions to small financial problems.

How Does a Poor Credit Score Impact Your Borrowing Power?

Millions of UK residents have troubled credit histories. So if your own credit rating is less than impressive you can rest assured you’re not alone. But your credit rating has a major impact on your ability to access credit when you need it. So it’s important to understand how that rating is calculated and how it impacts your financial flexibility.

Your credit score is nothing more nor less than an assessment of your personal financial history. It’s used by conventional lenders and banks to determine your overall creditworthiness. A bad credit history can severely limit finance options, particularly when it comes to major investments like a new home or car loan. Bad credit can also restrict your ability to access smaller short-term loans when you’re faced with a sudden unexpected expense.

Poor credit can be broken down into two basic categories. The first is simply having little or no credit history at all. This is common among younger borrowers who have yet to establish the type of financial history traditional lenders like to see. Recently arrived UK residents are in the same class. Credit ratings don’t follow you when you relocate to a new country, so newly minted residents are forced to start with a clean credit slate.

The other category of bad credit is one that is earned over time. A bad credit rating is usually an indication of past financial difficulties. The most common causes of poor credit include:

  • A history of late or missed payments
  • Defaulting on previous loans
  • Taking too many cash advances on a credit card
  • A history of overdrafts
  • A history of County Court Judgements or bankruptcies
  • A history of unapproved credit applications

How much would you like to borrow?

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Are Instant Bad Credit Loans Affordable?

At Bad Credit Loans we are dedicated to providing lending products that are both accessible and affordable. However, the final cost of any loan is largely dependent upon the borrower’s credit rating, spending history, and current levels of income.
Instant loans for bad credit consumers typically feature higher interest rates than loans made by conventional lenders to borrowers with clean credit histories. They also tend to have more highly structured repayment terms than traditional loans.
Before applying for any loan, regardless of the amount, consider the following:

  • Loan Costs – In addition to the principle sum you are borrowing you will also be responsible for all accruing interest on the loan and any additional fees and charged needed to process that loan. It is important to consider your current income, as well as your current financial obligations, when deciding if an instant loan is right for you.
  • Annual Percentage Rate – Lenders determine the interest rate on a loan according to the perceived risk of the borrower. Understanding how the interest on your loan will be calculated will help you to decide on the overall affordability of the transaction.
  • Repayment Terms – Instant loans are are short-term lending products designed to serve an immediate cash need for the borrower. This means that your repayment schedule is likely to be brief. Late or missed payments are not an option.

Are Instant Loans Safe?

Conventional lenders tend to avoid authorising loans for customers with poor credit. They see those borrowers as too high of a risk. Alternative lenders are there to bridge the gap. But all UK lenders, whether traditional or not, are regulated by the same controlling body – the UK Financial Conduct Authority. This ensures that even bad credit borrowers can safely access the short-term loans they need to handle any financial emergency.

We also make managing your loan simple, safe, and easy. Borrowers can access their Bad Credit Loan accounts online at any time. This makes it easier to monitor your repayment schedule to ensure that you never miss a payment and can discharge your loan on time and in full.

How to Apply for an Instant Loan

At Bad Credit Loans we offer short-term lending products for borrowers with less than perfect credit ratings. The application process is quick and painless and can be completed entirely online. We will, of course, need to collect some personal information before we can begin processing your loan request.

To begin the application process please have the following information to hand:

  • Proof of age (applicants must be at least 18 years or older)
  • Proof of valid UK residency
  • Proof of current employment (if employment status can not be confirmed digitally we may request that you submit 2 to 3 recent payslips)
  • Proof of current income (if self-employed we may need to request additional banking information to confirm income)
  • Full disclosure of recurring bills and current debts
  • Confirmation of active UK banking account
  • Submission of valid e-mail address, telephone contact, and current home address

Why Use Us

  • PCAW Approved
  • £100 - £5,000
  • Instant Transfer
  • Same Day Cash
  • Direct Lenders
  • Flexible Terms
  • Reputable Lenders
  • No Guarantor
  • 1 - 36 Months
  • 98% Approved
  • Fast Application
  • No Paperwork
  • UK Service
  • 24/7 Support
  • Quick Decision
  • Bad Credit OK
  • Easy Repayments
  • No Hidden Fees

In most cases applicants for instant loans should expect to receive a determination on their loan request within the hour. If approved the cash can be in your account on the same business day.

Learn How to Manage Your Financial Future

If you are currently facing a financial shortfall an instant loan may provide the cash you need to cover any unexpected expenses. But any loan should be considered with care. Even short-term loans carry some risk and if you are struggling financially you may want to consider postponing any loan requests until you can get your finances under control.

If you need help managing your debt and improving your financial profile there are some government services available that offer advice and counseling. Contact the following organizations for information on managing your debt and taking control of your financial future:

Apply Now

Simply select how much you'd like to borrow and for how long:

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).