Short Term Loans
People end up with a poor credit rating for many reasons. Having a bad credit rating means that at some stage in the past, you failed to meet the repayment schedule for a loan or some other finance product, such as a credit card.
When you have a bad credit rating, traditional lenders will not look favourably on any loan application you submit unless you can provide them with a guarantor (somebody that will pay the loan back on your behalf if you cannot) or with significant assets to use as collateral (such as a house).
Bad Credit Doesn’t Mean You Can’t get a Loan
If you have a bad credit rating, it doesn’t automatically mean that you cannot receive any loan. Some lenders operate special schemes that are designed to make loans available to people with a bad credit score.
These types of loans will usually be quite restricted in the maximum amount of money that you borrow. They also usually come with a much higher interest rate than a standard loan. This higher interest rate is driven by the fact that the lender is taking a higher risk in loaning money to people with a low credit score.
A Bad Credit Loan can help you Start to Fix Your Credit Rating
Once you have a low credit rating, it can be very hard to repair it. Simply paying back the original loan that caused you to get into trouble in the first place is not enough. You need to start proving that you can be trusted to make future payments.
A low credit score loan helps you start to do this. Every time you make a repayment, it can have a positive effect on your credit rating, and over time, will begin to raise your credit score.
Our Bad Credit Loans
We have access to a very wide range of lenders who specialise in bad credit loans. We take your details and requirements and check them against all of the loan products on offer from our lenders, to find you the best one that fits your needs most closely.
We are a registered credit broker, that is regulated by the Financial Conduct Authority. You can trust us never to provide you with a financial product that is not suitable.
How to Apply
If you are ready to move your application for a bad credit loan forward, then you need to have some details ready for us, depending upon the actual loan you are applying for this could include:
- Full personal details including name, date of birth and residential address.
- Proof that you are 18 years or older.
- Proof that you are in employment, and have an income level high enough to meet the loan repayments.
Once you have all of those details ready, you can use our online loan application form, to begin the process of applying for a bad credit loan. Usually, you will receive a decision within as little as 24 hours.