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Borrow £500 for 4 Months, Four Monthly Repayments of £215.81 Total repayment £863.24 Interest Rate PA (fixed) 270.10% Representative APR 997%
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.
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.
How to Get Bad Credit 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.
Bad Credit 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.
Bad Credit Loans from Direct Lenders: Are They Any Better?
For many borrowers, procuring loans directly from lenders is so much better than securing loans through the help of loan brokers. This is because loan brokers often charge fees for their services — fees that most borrowers believe they are paying needlessly. But while it’s true that borrowers may save money by getting their loans directly from the lenders, what is unknown to many is that it is only through the loan brokers’ services that borrowers have more chances at setting aside money for their savings in the long term.
Because loan brokers rely on their extensive connections to different lenders across different regions to further their business intentions — they have comprehensive access to the best discounts and promotions that the lenders have to offer across their different financial services. Through this alone, loan brokers are able to provide borrowers far much better options — as it is only through their services that borrowers are able to have extensive access to the many different discounts and promotions being offered by the lenders. And because most loan brokers offer borrowers the advantage of expert financial assistance in order to ensure that they are getting the best loan solutions according to their unique financial conditions, borrowers are likely to save more in the long term by procuring loans with the help of loan brokers.
When to Get Bad Credit Loans and Guarantor Loans
Due to the fact that most of the financial solutions intended to help borrowers with poor credit scores and bad payment histories are generally small loans that borrowers can pay off in short term conditions — borrowers who find themselves in the middle of much more complicated financial situations often feel like they do not have any other better alternatives. But it is really not the case. In times of complicated financial situations that call for much more elaborate loan solutions, borrowers are best off opting for loans that are payable in long term payment conditions. Because these financial conditions often require loans in much higher amounts than what small loans are able to allow — borrowers, especially those with poor credit scores — can best address their financial problems through long-term loan solutions such as guarantor loans. With guarantor loans, borrowers have access to most of the benefits that were only previously available to borrowers of conventional loans from traditional lending institutions. Through these loan solutions, borrowers have access to loans in far bigger amounts at far lower interest rates, which they can pay over in much longer payment term conditions. With guarantor loan services, borrowers are allowed access to far more secure and affordable financial services.
Guarantor loans are loans guaranteed by individuals with goof credit standing especially for borrowers with poor credit scores and bad payment histories. These loans can be procured by borrowers who are able to enlist the help of borrowers who have good credit scores and are willing enough to repay the borrowers’ loans in case they fail to pay them off for any given reason. Because these loans are secured loans, lenders are often more lenient towards their borrowers. But while these types of loan solutions do offer borrowers numerous benefits, the sheer difficulty associated with enlisting the help of guarantors often make these financial options implausible resolutions to many of the borrowers. Because guarantors can not be the borrower’s spouse (as they are often considered co-borrowers of the borrowers in loan agreements), and because they not only have to be able and willing to pay off the borrowers’ loans in such cases where they default on them for any reason, but also have to have good credit standing on top of everything — these loan options are often unlikely resolutions to the borrowers’ financial situations.
When to Get Bad Credit Loans with No Guarantors
Because guarantor loans are often extremely hard for borrowers to procure, many hope for loan services that require no guarantors. But while in the past, this was highly unlikely — through the innovative new loan services that are now readily available to borrowers in the market — securing loans without having to seek the help of guarantors is now highly possible even despite the borrowers’ poor credit scores and bad payment histories.
Through these innovative new financial solutions, borrowers have access to far better and much more secure loan services.
How to Get Bad Credit Loans
Procedures for different types of loan solutions often vary from one lender to another — but applications for innovative new loan solutions such as loans for bad credit can be accomplished by following just a few, easy steps:
- Online registration. Because applications for these innovative new loan solutions can be completed entirely online, borrowers have the comfort of being able to submit their applications from anywhere they want at any given time. In applying for these loan solutions, borrowers need only register secure their loan application forms online.
- Filling up of application forms. In filling up their application forms, borrowers are strongly urged to make sure that they provided all the information need, and that all the information that they provided are correct and accurate.
- Uploading documentary requirements. While these types of loan options do not necessitate the submission of any additional requirements, borrowers are still required to submit basic documents. These documents are required to help lenders establish not only the borrower’s identity, but also his or her financial capacity. Among the documents usually required in the applications for these financial services are proof of identification (such as ID cards and other similar documents), proof of income (such as the latest statement of account, etc.), social security, residential number, as well as updated contact details (a working phone number and email address). Because applications are completely done online, borrowers can simply attach these documentary requirements to their application forms before their submission.
- Submission of applications. Before submitting their applications, borrowers are advised to make sure that their application forms are duly filled up with complete and correct information, and that the documents that they are to submit are not only complete, but also verified authentic.
5 most recent personal loan reviews
I love CSC loans I have been with them nearly three years, need a top up as my son is getting married. They where brilliant as usual, no problems, done so quick - they were my life savers when needed most, thank you.
Review posted by Mary Hartnoll, Canterbury
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As guarantor for my daughters, loan the service we got was quick and efficient, did checks, asked questions and all was sorted very quickly, would definitely recommend Together loans to all.
Review posted by Susan Mills, Darlington
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Brilliant service. The application process was a doddle, the Shawbrook representative who called me was polite, understanding and cheerful. The whole thing (from starting the application process to receiving the money) took around 3 or 4 hours. Very quick and efficient and no long or silly forms to fill out. Just what was necessary. Am very pleased I chose Shawbrook.
Review posted by John Marcus, Surrey
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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.