A poor credit history is nothing to brag about. But it’s nothing to be ashamed of either. Millions of people across the United Kingdom have less than sterling credit ratings. But sooner or later everyone needs a loan, regardless of their credit score. That’s never more true than when your in facing the twin attack of a financial shortfall and a spending emergency.
Traditional lenders aren’t really in a position to address the needs of bad credit consumers in a finance emergency. Banks, credit union and building societies aren’t in the business of providing short-term loans for their customers. Particularly if those customers have a troubled credit history. But that doesn’t mean bad credit borrowers are out of luck.
If your credit history is spotty, or even non-existent, you can still access the quick short-term online loan you need to help you handle common spending emergencies.
Ideally, everybody would have a little money set aside for a rainy day. But realistically that’s not always possible. Quick loans, like payday loans, are designed to help consumers cover immediate expenses while they’re waiting on their next pay cheque to drop. When you’re running a household there are always unexpected expenses coming down the line. Sudden home repairs, loans for new cars, and medical bills can come without warning, and when they do you can’t wait for payday.
When you need some extra cash to see you through a sudden spending crisis a quick loan can help. You can borrow enough money to cover your emergency, say a few hundred pounds, and right your financial ship. Like all short-term loans the transaction comes with a brief structured repayment schedule making it easy to settle your debt and get back on track.
Quick loans, like payday loans, provide an influx of much needed cash to tide you over until your next payday. This allows you the financial flexibility you need to handle sudden unexpected expenses.
In the past, so-called payday loans typically had extremely brief repayment windows. One the average borrowers were expected to repay their loan within 2 to 4 weeks. That repayment would necessarily include the original loan amount as well as any attendant fees and interest.
New FCA regulations have moved short-term lenders away from the previous payday loan repayment schedule. Quick loans for borrowers with poor credit now come with less restrictive repayment periods, and are generally expected to be repaid in full over the course of a few months. This not only allows consumers to access the quick cash they need in an emergency but also provides some breathing space on the other end, allowing borrowers to repay their loan with smaller amounts over longer periods.
A person’s credit history consists of several critical points:
A bad credit rating shouldn’t keep anyone from accessing small short-term loans in an emergency. But lenders must consider a borrower’s past when approving any loan. Consumers with poor credit scores are typically considered ‘high risk’ customers. To offset that risk quick loans for borrowers with poor credit often feature higher interest rates than might be offered to customers with clean credit histories.
All loans come at a price. Particularly if the borrower has a less than ideal credit score. Before accepting any loan offer it is important to understand the total cost of that loan. Some key points to consider include:
At Bad Credit Loans we make applying for a quick loan as easy as possible. Simply fill out the online form stating the amount you want to borrow and providing us with the information we need to process your loan request. In order to qualify for a loan applicants should meet the following criteria:
In order to speed up the application process, you should have all of your pertinent details ready. Make sure all the information you provide is accurate and up to date. You may also be asked to provide further information as is needed to complete your loan request. So it is important to keep yourself available until your loan request is completely processed.
If approved for a quick loan you should be able to access the funds you need in as little as one business day. In most cases direct deposits into an active account can be completed within a few hours.
Quick loans for people with bad credit can help to smooth over any financial bumps in life’s road. They can also help to build a stronger and more impressive credit history. Remember, when you successfully repay any loan it is reflected in your ongoing credit report. Making timely payments and fully discharging the debt will add crucial points to your credit rating.
If you are looking for help managing your finances and improving your credit rating there are a few government services available. All UK citizens can access financial advice and counselling by visiting the Money Helper and National Debt Line government websites.