Warning: Late repayment can cause you serious money problems. For help, go to MONEYADVICESERVICE.ORG.UK
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The Answer To Your Cash Needs

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.

The Great Things About KnightFinance

Super Fast Process

You could get money directly into your account after just a 15 minutes application.

Affordable Finance

Get the cash you need without the usual high costs, because of our wide range of lenders.

Low Interest Rates

Compare lenders to make sure that you get the lowest possible rates.

Unsecured loans

There’s no need to put any collateral against your credit, all our loans are unsecured.

I Desperately Need a Loan but I Have Bad Credit

“I need a loan, but I have bad credit!” This is a common statement among people, and many lenders responded to this need. In the UK, you’ll find many lenders offering loans for people who got a bad credit, but desperately need money. Desperate loans in the UK come in many forms and sizes, including short-term and long-term loans, secured and unsecured loans, payday loans, emergency loans, and all sorts of bad credit desperate loans.

Need a Loan Bad Credit: Bad Credit Loans

Bad credit loans will provide you with the money you need for any personal emergency expenses like unexpected bills, urgent repairs, and temporary shortfalls in cash. Bad credit loans are obviously for applicants with very low credit rating. These people may have experienced bankruptcy or have missed loan repayments in the past. There are creditors who will check on your overall ability to repay the loan, and not just your credit score. These lenders usually advertise “no credit check” loans. This does not necessarily mean they are not legitimate. Bad credit loan lenders help people get the money they desperately need, regardless of their financial past. However, bad credit loans come with much higher interest rates than traditional loans because of the risk involved. While having bad credit can makes it more difficult to find cheap loans, there are still options available to you if you desperately need a loan.

What To Do When I Need a Loan but I Have Bad Credit

Interest rates for bad credit loans vary from lender to lender, as they each have their own eligibility criteria. The interest rate is usually determined based upon your overall profile, the degree of adverse credit registered against you on your credit report, your address, employment history, and income. You’ll typically find bad credit loans from nonbank lenders, and only seldom through banks. Banks are known for their very cheap and low interest loans, but they usually require their applicants and borrowers to have good credit.

Loan For Bad Credit Borrowers

In reality, it will take you some time to recover from bad credit, especially when you have experience bankruptcy and repossession. While it is hard to get a loan approval when you have bad credit, ironically you’ll need to get a loan to put your credit back in shape. As long as you pay back on time, a loan can help you rebuild your credit rating.

If you need a loan but have bad credit, you can opt for short-term loans, which are quick and easy to obtain. Short-term loans are most suitable for any emergency expenses. An example of this is the payday loan. Bad credit loans are small and are payable either in a one-time payment when your paycheck comes or in an installment basis for two to six months. If you need a larger amount of money, take out a loan with a longer repayment period. You can have it either secured or unsecured. Securing a loan with a personal asset can increase your chances of being approved and get a lower interest rate even with got a bad credit. Unsecured long-term loans, on the other hand, are much more expensive, and you’ll have a slimmer chance of getting an approval with a bad credit.

If you need a loan but have bad credit, you can try a guarantor loan. If you need a loan at a certain amount and wish to have it at a lower cost, a loan with a guarantor is your best alternative. A guarantor loan has a much lower interest rate because the loan is guaranteed. You’ll get a quick approval, and money is transferred quickly as well.

A guarantor loan is an unsecured loan that are a popular option for those who have a bad credit or have not yet build credit because they are first-time borrowers. These people need someone else to guarantee the loan for them. This makes the guarantor responsible for making the payments on behalf of the borrower in case he or she cannot make the repayments anymore. If payments are consistently delayed or missed, this may affect your credit score and the credit score of the borrower.

The guarantor must have a good credit history and stable income, but must not be financially linked to you such as your spouse. You must also make sure that the guarantor understand the risk involve. You must be on good terms with your guarantor too if you are desperate. Guarantors must understand the risk and that should anything goes wrong, you won’t sour your relationship.

Guarantor loans carry a risk for the person agreeing to act as guarantor. This is discussed with the potential guarantor before he or she agrees to the loan. The lender ensures that the loan agreement is clear to all both the borrower and the guarantor. The borrower and the guarantor must fully agree to the terms of the loan before any funds is transferred. Loans with a guarantor can help you rebuild your credit score. So, use this loan wisely and keep up with your payments on time.

Another option for you when you need a loan but have bad credit’s through credit unions. Credit unions are also referred to as cooperatives because the borrowers themselves own the lending firm. Credit cooperatives are more lenient when it comes to eligibility requirements in cash comparison with mainstream lenders. Credit unions depend more on your cash outlay to be a member. Your past credit record is not a big concern.

You need to be a member to qualify for a loan. Deposit cash in a savings bank account. This savings entitles the member to take a loan that is subject to its limits. If you have a small deposit, then the limit of your loan will also small. A credit union is the closest thing that you can have from getting bank loan. The interest rate is acceptable and the loan term is flexible. However, the disadvantage is that you need some cash first to deposit and become a member before so you can have the cash loan.

Considering When I Need a Loan but I Have Bad Credit