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The Great Things About KnightFinance
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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
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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.
See How Our Competitors Compare
Borrow £500 for 4 Months, Four Monthly Repayments of £215.81 Total repayment £863.24 Interest Rate PA (fixed) 270.10% Representative APR 997%
Direct Lenders for Poor Credit Installment Loans
Is your bad credit preventing you from obtaining a loan from your bank? If you are, then you can try applying from lenders for poor credit installment loans who will give you the funding that you are looking for and allow you to slowly pay back the money that you owe in a reasonable term and schedule despite having a bad credit rating.
Why you may need lenders for poor credit installment loans
Securing a bank loan with a poor credit history is often a pointless undertaking. Banks just don’t lend money to borrowers who don’t possess good credit ratings because there is a chance that they will stray away from their payment obligations as their credit history suggests.
Nevertheless, there are lenders for poor credit installment loans that you can consider if you are in need of extra funding. These types of lenders are willing and capable to provide installment loans to borrowers who have been rejected elsewhere because of their unfavorable credit ratings. The direct lender installment loans for bad credit don’t put too much weight on traditional credit scoring but will pay particular attention on your capacity to pay back the money that you borrowed on certain terms and conditions.
Installment loans for bad credit from direct lenders will let you pay off your debt in parts, normally over a period of 6 months. This makes the financial products a more suitable financing alternative to cash advances wherein you will have to pay back the entire amount that you borrowed plus interest rates in your next paycheck.
Getting approved by lenders for poor credit installment loans
The guaranteed standard for majority of loans in the UK is a solid credit score but obviously only a handful of Britons possess it. If you happen to belong to the majority who have had their own fair share of credit problems in the past, there are lenders for poor credit installment loans who will give you a good chance of getting approved despite your not so appealing credit score.
Your credit score therefore, doesn’t hold much value but your level of affordability does. If you happen to posses:
Consistent earnings that can easily be verified through payslips or income statements for those who are self-employed or unemployed.
A valid UK bank account
Then there will always be a direct lender that offers bad credit installment loans that you can easily access online and will consider you as worthy of credit even if conventional banks and credit card company’s wont.
What to consider when you apply for poor credit installment loans from direct lenders
If you are planning to apply for poor credit installment loans from direct lenders in the UK, the most important thing that you need to consider is meeting the eligibility criteria for borrowing. You can easily view a particular lender’s requirements for their loans from its website. While there is no sure fire way to tell whether or not you will be approved, ensuring that you are qualified first and foremost before you submit an application will give you the best chances of getting accepted.
Every UK lender is unique in terms of lending policies and borrowing requirements that’s why it would be best to compare different lenders for poor credit installment loans and apply only for the amount of funding that you precisely need. By doing so, you are less likely to enter into a loan agreement that is too much of a strain to your current finances and you will look a lot less risky to your credit provider as well.
How poor credit installment loans from direct lenders work
Majority of lenders for poor credit installment loans follow similar lending procedures. To access their loan products and services, you will need to submit an application first and this involves completing an application form and filling out the necessary information that will be requested from you.
Once your done, simply submit it and you will normally receive a decision on whether you are approved or not instantly – in just a couple of minutes or so. If you are approved, the loan amount will be handed to you in full in less than an hour if you applied in person or no later than the next business day if you completed your application online.
Unlike payday loans that will require you to pay back your entire debt in a single payment, typically in your next payday, direct lenders for poor credit installments loans will give you enough time to pay off all the money that you borrowed. What’s more, the repayments will be spread in several months which means they will be smaller and more manageable.
Repayment amounts will be based on how much you borrowed, on FCA rules and regulations, and on your credit agreement as well. If you violate any of the payment terms and conditions stated in your contract, the lender can choose to exercise its legal right to impose certain fees and charges. Possible penalties that may warrant extra charges include late and missed payments.
In the event that your debt becomes forwarded to a collection agency because of numerous missed payments, your credit rating may suffer as a result. For this reason, its imperative that you go over the payment terms and conditions of your loan before signing the dotted line.
Features of poor credit installment loans from direct lenders work
If you want to know what to expect from poor credit installment loans from direct lenders, here are some common features of the financial products that you might want to know:
Flexible borrowing amounts. The borrowing amounts that you can access from lenders for poor credit installment loans will vary from lender to lender and on your overall creditworthiness as well. You can generally avail for the maximum borrowing amount if you possess a steady source of income that meets the loan’s minimum affordability requirements. Repeat borrowers are also more likely to be granted the maximum amount. Generally speaking, you can access bigger borrowing amounts from poor credit installment loans than with most short-term financial products.
Flexible loan terms. Lenders for poor credit installment loans also provide flexible loan terms from 6 months, 12 months, and even as long as 24 months. It’s important to note however, that while a longer payment term will provide you with smaller repayments, it will be more costly than a shorter term after the end of its duration as there are more interest rate payments that you will have covered.
Faster processing. There are direct lenders that can process your loan in less than a day and there are those that will need 2 business days. In general however, they are faster than traditional loans and if your need for funding is extremely urgent, there are lenders that can process your loan in a matter of hours.
Lenders for poor credit installment loans also have varying policies when it comes to advance payments. There are companies that will allow you to pay off your debt earlier than what was agreed upon for an extra charge and there are those that won’t. Be sure that you you check out what your lender’s policies are for early repayments so you will know what to expect.
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.