The Answer To Your Cash Needs
The Great Things About KnightFinance
Super Fast Process
You could get money directly into your account after just a 15 minutes application.
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.
There’s no need to put any collateral against your credit, all our loans are unsecured.
Personal Loans that are Unsecured
It is so easy to get the finance you need today. Here at KnightFinance we pride ourselves on finding the right payment plan to suit anyone’s individual needs. Whether you are looking to borrow a small amount over a short period or are looking for much larger finance agreement we are able to help. Also known as personal loans or signature loans, unsecured loans are becoming a massively popular alternative to the standard bank loan. What unsecured refers to is how the finance is issued depending on the individual’s creditworthiness. Now when that comes to a bank loan, yes this is regarding your credit score, often making it difficult to get the finance you need. However, when we are talking about a loan that is not from a bank this is not the case. Many companies and lenders will not look at your credit score and will gauge your ability to repay on your current employment. So what is an unsecured loan really? This is quite an easy one, all it means is that the loan is not guaranteed by a property or vehicle. Because the lender does not have a source of collateral, just in case you default on payments for whatever reason, the interest for these loans can sometimes be higher than their counterparts. For those with bad credit, though, they are perfect for getting you back on track.
Bad Credit Direct Lenders UK Online
If you’re looking for quick cash, going online is one of the best things you can consider. Bad credit direct lenders are more likely to put money in your bank account faster than banks and traditional lending establishments. Normally, it takes one day or less for the entire loan application to process and once their done, the money is sent to your account. But before you fill out an application form online, take time to know what this loan from bad credit direct lenders is all about.
How Loans From Bad Credit Direct Lenders Work?
Sudden bills and unexpected expenses are common dilemmas of every household. Sometimes, no matter how ready you think you are, there’s still a need to ask for a financial support from another family member or from a direct lender for installment loans bad credit. These expenses may be caused by a broken car, credit card bills, rent, and the list go on, and sometimes, these things just can’t wait. Thanks to quick loans from bad credit direct lenders, you can settle these problems in a snap.
The quick advance can be obtained on the same day you’ve applied and it requires only a few prerequisites, such as a proof of income and a bank account. It’s also beneficial for those who have no credit history or have a low credit remark. Bad credit direct lenders will not focus on your credit report, although they may still use it in some cases. But rather than using it as a sole factor to determine your creditworthiness, they will look at other criteria such as your income, employment, etc.
The 2000 loan provided by bad credit direct lenders won’t require you to wait for a long time. Moreover, they are accessible 24 hours and 7 days a week, so you can still send an application even after office hours. This is ideal for working professionals or parents who have barely have time to go out.
However, the con of having such a loan is the expensive interest rates. Since this is a bad credit loan, the charges are higher compared to the regular advances. Therefore, if you’re looking for a cheaper alternative or your income is simply not enough to handle the loan, you may look for another resort instead. Borrowers who have failed to assess their financial capacity are often trapped in a cycle of debt for years, and this, again, affects your credit rating negatively. Bad credit direct lenders usually charge a high Annual Percentage Rate (APR) or the overall cost of the installment loan including the original rate, interest, and fees, thus if you want to go for a cheaper alternative, you may look for another loan option instead.
How Much Can You Borrow From Bad Credit Direct Lenders?
Loans from bad credit direct lenders are typically smaller compared to banks. It can range from £100 up to £1,000 but the maximum amount you can have are affected by several factors such as your income and credit score. A lower credit remark comes with a higher interest rate and a higher credit rating has a lower the interest applied. Therefore, be sure to use a loan calculator first to find out what you need to settle, or at least have an idea of the estimated payments. This is crucial because this determines whether you can afford the loan or not.
It’s also necessary to compare multiple bad credit direct lenders. Pick at least three to five lenders and check their APR, repayment terms, and even customer service. Read reviews from their former clients to know more about their service.
Other Options Aside From Bad Credit Direct Lenders
If you are comfortable with your credit rating and your expenses can wait, there are other options to try such as your bank. This establishment provides a more affordable form of advance and repayment term compared to bad credit direct lenders. However, you need to comply with their strict requirements or else, your personal loan application will be declined. You can also visit your local credit union. This facility is more lenient with their clients; plus, their interest rate is cheaper compared to other lenders. After all, they are owned by their own members rather than private lenders, thus they offer inexpensive personal loans. If all else fail, you can check Peer-To-Peer Lending. Also known as P2P, this online platform is a place for individuals who want to become investor or borrower. The requirements are lenient; often, it will only require you to post the amount you need and your reason for borrowing a loan. You can also try these options when you want to skip bad credit direct lenders.
- If you are employed and working with the same company for some time, you can ask your employer for a financial support or advance. There are loan companies who offer assistance programs for qualified employed. Otherwise, you can ask them to deduct the loan on your next paycheck or salary.
- If you or another family member has been hospitalized and you are facing exorbitant medical bills, you can negotiate with the medical company first rather than taking out a loan to resolve it. In some cases, they will allow their patients to settle the debt in portions or give a more flexible repayment term. This will not only make repaying easier but also, it will save you from expensive interest rates.
- If you have an urgent bill and the amount is small, you can get a loan from another family member or a friend. However, instead of the usual “borrowing” setup, you can create a loan contract between you that contains your plan on repaying the loan. This may include the date when the loan should be settled, the interest rate (if applicable), and the consequence or liabilities if you fail to settle the loan on time. This will create trust between you and the other party but be sure that you can oblige the loan contract.