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Representative 277.5% APR
Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances
Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.

Home » Bad Credit Loans

Bad Credit Loans: When to Get Them

Although loans have been around since time immemorial, the demands for these financial solutions still continuously increased throughout the years. And because lenders need to strategize to increase their profits and curb deficits, traditional lending institutions such as banks and other firms have decided to come up with a credit scoring system. With this system, borrowers who either have no stable source of income — or have incomes that are deemed insufficient by the lenders — were automatically given poor credit scores. Borrowers who often lag behind their bill payments — regardless of whether they have done so intentionally or unintentionally — on the other hand, automatically had records that reflected their bad payment histories. Through these types of system, lenders found a way to identify borrowers who will likely be able to repay their loans without any problems, from those who are more likely to default on their loans in the future. But while this system does serve its purpose to the standard lending firms and institutions — for borrowers who were given poor credit scores and bad payment histories, this created even greater financial problems.

getting a loan with a bad credit score

As a consequence of having a credit scoring system in place, borrowers with poor credit scores and bad payment histories were automatically precluded and disqualified from procuring any more loans from the traditional lending firms and institutions. Due to this, borrowers were often left with no better alternatives in times of financial emergencies. The only available choices that borrowers with poor credit were often left to choose from were either downright implausible or highly improbable or uncomfortable — such as borrowing from individuals and organizations lending illegally, or borrowing from friends and family. And while borrowing from relatives and friends may sound easy, for some borrowers, it’s not anywhere near likely.

Because of these limitations, borrowers were often left no choice but to procure loans from illegally lending individuals and institutions. And while this option does provide borrowers temporary relief from their ongoing financial emergencies, these underground loan services don’t come without any financial consequences.

We know that having a less than perfect credit score can be a bi stumbling block when it comes to getting a loan. It’s precisely why Knight Finance specialises in connecting applicants with lenders that will consider all credit history.
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How to Get Bad Credit Payday Loans in the UK

Because illegally operating lenders are unregulated by the government, underground loan solutions often come in incredibly high interest rates. As a result, borrowers are often left to pay for far much higher payment increments, which are likely to cause even more financial problems for borrowers in the future. Due to the fact that the payment increments for these types of loan solutions have enormous impact on the borrowers’ finances, underground loan agreements often lead borrowers to perpetuated financial crises.

But as the number of borrowers with poor credit scores and bad payment histories continued to increase in number, the increasing demands for more flexible loan solutions has paved the way for the emergence of a whole new market. And as advancements in technology and security continue to influence the evolution of the lending industry, innovative new financial services have recently emerged to address the needs of this entirely new market. With these innovative new loan solutions, borrowers now have access to better, more affordable, flexible, and much more secure financial resolutions. With these innovative new financial services, borrowers have the advantage of being able to submit their loan applications from anywhere they are at any given time. Application procedures for many of the conventional loans of traditional lending firms and institutions often entailed waiting for long hours in long lines just to submit loan applications, and even longer waiting when it comes to the approval and release of the approved loans’ funds. With the innovative new financial services that are now easily accessible to the borrowers in the market, however, borrowers now have far better options in addressing their ongoing financial situations. Through these new loan solutions, borrowers have the opportunity to enjoy the benefits that only previously came with the conventional loans of traditional lending firms — even with their poor credit scores and bad payment histories.

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Bad Credit Payday Loans and Instant Loans: When to Secure These Loans

Among the many new innovative financial solutions, instant loans are among the most popular and the most useful. Because these types of loan services are far easier and much faster to procure, borrowers in financial emergencies often opt for these loan solutions. With instant loans, borrowers have the convenience of being able to submit their loan applications anywhere, anytime, online. And because applications for these loan options can be accomplished completely online, borrowers need not waste their time waiting in long lines. Through these financial services, borrowers can expect for the processing of their loan applications immediately after their submission. The approval and release of loan funds for approved loans, on the other hand, can be expected in as little as mere minutes. Unlike most of the conventional loans that are being offered by standard lending firms, instant loans are much easier and faster to procure. With these innovative financial services, borrowers now have access to more affordable and secure loan services — even despite their poor credit scores and undesirable payment histories.

Instant loans make the best financial options in times of urgent financial situations that require immediate resolutions — such as those that involved unexpected expenses like hospital bills, car repair costs, accident-related expenses, urgent home repairs, and other similar expenses. These types of loans also make great options when it comes to relatively small and affordable purchases, such as those that the borrowers can afford but are unable to save up for for some reason. These purchases can be anything from home improvements, new home appliances, new gadgets, travel expenses, and other similar purchases.

But while these types of loan solutions do offer borrowers many benefits, they do not make ‘blanket’ resolutions for every financial situations. Because instant loans are generally small loans on short term payment conditions, these loan solutions won’t make good options in situations that involve financial needs of much greater magnitude. In situations that require loans in far bigger amounts than what is normally allowed in small loans,, borrowers are best off securing loans that yield bigger amounts that can be paid off in much longer payment term conditions.