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Instant Loans for Bad Credit UK
If you have bad credit and are caught up in an unexpected situation that demands you to secure extra cash right away, fast loans for bad credit UK could be the solution to your pressing need. While these types of credit tend to have higher interest rates than traditional loans that only cater good credit applicants, they do provide quick and easy application processes and the opportunity to rebuild your damage credit rating, so long as you pay them back according to the agreed terms.
Here’s what you need to know about fast loans for bad credit UK so you can make the sound decision on whether or not they are indeed the perfect options for you and your present situation.
What you can expect when you apply for fast loans for bad credit UK
When you apply for fast loans for bad credit UK, here are some of the things that you can expect from your application process:
1.) The borrowing terms
- You can apply for small amounts of borrowing anywhere from £200 to £2,000
- Depending on the type of instant loan for bad credit UK, you can opt for a single lump sum payment term or instalment payment term that is spread over a longer period of time.
- You can qualify for any borrowing desperate loans amount and payment term regardless of your credit rating
2.) Turn around time
- You can successfully complete and submit an application for fast loans for bad credit UK in as fast as 3 minutes
- You can receive an instant lending decision in a few minutes after you have submitted your application
- An hour after your application is approved, your loan should have been deposited into your bank account and ready for withdrawal
3.) Fees and charges
- There are no hidden fees and charges that will catch you off guard once you settle your debt
- There are also no processing fees and upfront payments. And if you apply from a direct lender, there is no need to pay for a broker fee as well.
- You can clear off your debt in advance and make early repayments so you can save money on reduced interest rate payments for free or for a small charge, depending on the lender
Qualifying for fast loans for bad credit UK
You can easily qualify for safe fast loans for bad credit UK and get approved for the quick funding that you need even if you have been turned down by banks and other lenders because of a poor credit history. You can also ask for quotes from lenders free of charge and with zero risk on your credit rating.
Lenders that offer these convenient and accessible financial products understand that it will take some time before you can improve your credit score that’s why they are ready to work with you regardless of what your current credit standing is. They also know that every borrower is unique that’s why they will look for the best possible financing solution for you based on your personal needs and circumstances. Lastly, they won’t require a lot from their borrowers and are willing and ready to enter into a potential loan agreement with an individual who is:
- 18 years of age or more
- Earning a reliable source of income
- A legal UK resident or citizen of the country
- A UK bank account holder
In general, the eligibility requirements for fast loans for bad credit UK are not centered around your credit rating or history but on your level of affordability. This means that if you are employed and earning regular salary or someone who is self-employed or unemployed but has a steady source of income that is enough to cover the loan’s repayments after all your other revolving expenses are put into account, getting qualified and approved would be quick and easy.
Fast loans for bad credit UK do not require a guarantor
If you have bad credit, many small lenders will require you to offer a guarantor in your loan agreement as a form of assurance that the money they lend you will be paid back. Essentially, the guarantor guarantees the repayment of the loan as in the event that you default from them, the person is legally obliged to step in and shoulder all of them. The inclusion of a guarantor negates the risk involved in your bad credit making it easier to strike a successful loan agreement with the lender.
Sourcing out a potential guarantor who can become eligible for a guarantor loan agreement however, can be quite challenging. First, the person needs to be close to you like a relative or long time friend and must be willing to enter into a credit agreement wherein he or she will bear all of its risk and none of its financial benefits. In addition to that, the person must also posses a solid credit rating, a reliable source of income that can cover the repayments of the loan, and in some cases, must also be a homeowner.
If you think that sourcing out a credit guarantor is difficult, you can rely on fast loans for bad credit UK for immediate funding. While the available borrowing amounts may not be as large as a guarantor loan, the processing time is faster and easier to complete. You also don’t need to drag someone in your personal credit acclivities allowing you to enjoy financial independence and privacy.
Quick loans for bad credit UK are unsecured forms of borrowing
Aside from providing a guarantor, lenders may also require you to secure your loan agreement with an asset, typically your home or car, that will serve as collateral to the money that will be lent to you. And just like with a guarantor, the collateral will help mitigate the risk involved in your bad credit as in the event you default from your debt, the lender has legal authority to take hold of the collateral and sell it to recover the unpaid balance.
Fast loans for bad credit UK are unsecured forms of borrowing which means that there is no need to put any high value asset on the table for your funding request to materialize. This also means that you won’t risk losing your home or car in case you find it extremely hard to pay off your loan. Your already low credit score however, will plummet even further if you won’t pay back the money that you borrowed. That’s why you should only borrow what you need and afford to pay back so you can comfortably settle your debt without any issues and complications.