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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%
Direct lenders for poor credit installment loans in the UK
Have bad credit but require reliable funding right away? If you are, then you might want to look into direct lenders for poor credit installment loans as solutions to your pressing need. While the type of borrowing they offer have higher interest rates compared to traditional bank loans, they are faster and easier to apply for and can also aid your in rebuilding your credit rating given that you complete the necessary repayments on time and on the agreed terms and conditions.
Direct lenders for poor credit installment loans
Direct lenders for bad credit personal loans that allow installment payments are authorized and regulated by the FCA or Financial Conduct Authority, the conduct regulator for any and all financial services firms and financial markets in the United Kingdom. The bad credit loans they offer are also funded personally from their own bank account towards yours.
So if your looking to secure a loan but your credit rating is not that appealing, don’t try contacting banks and other mainstream lenders as you will only end up being rejected. Instead, look for FCA licensed and registered direct lenders that specialize in providing financing solutions to borrowers with poor credit histories.
There are direct lenders in the UK that offer easy approval installment loans for bad credit, payday loans, various short-term forms of credit and even unsecured personal loans for people with low credit scores. There are also those who provide large borrowing amounts and cheap interest rates with favorable interest rates as long as you can provide and asset or guarantor as a means to ascertain that the money you borrowed will be paid back in full.
Types of borrowing that direct lenders for poor credit installment loans offer
Normally, bad credit loans do not require any collateral or guarantee and have short-term duration. Nevertheless, there are still direct lenders in the UK who provide long term installment loans that can be paid back for 12 months or longer.
Now before you consider taking out a long term loan for poor credit, try to ensure that the interest rate is not that high so you won’t be covering numerous hefty monthly payments for a long period of time.
Instant Decision Direct Lenders for Poor Credit Installment Loans
Guaranteed installment loans for bad credit direct lenders know that one of the reasons why you are applying for a loan is because you are caught up in an emergency financial situation. For this reason, lender’s have designed their loans to be availed as quick and seamless as possible.
Normally, all you need to do to obtain funding designed for bad credit borrowers is to complete a brief application form online and submit it once your done. After a few minutes, you will then receive a response from your lender if your application has been accepted or not and will send you an electronic contract to sign for if you are approved. Once you have signed the contract and sent it back to your lender, the loan will then be deposited into your bank account immediately in the same day or the next business day at the soonest!
Consolidating debt with Direct Lenders for Poor Credit Installment Loans
Poor credit installment loans from direct lenders are multi-purpose loans that can be used for any legal reason. From covering emergency bills and expenditures like car repairs and medical costs, many people in the UK take out the loans to address various financial needs and reasons.
You can also access numerous debt consolidation loans for bad credit in the country from different direct lenders. By taking out a large debt consolidation loan that you can use to payoff any and all numerous existing debts, you can help simplify your finances as you will only be maintaining a single loan and payment.
While consolidating all your debts might appear like an appealing option since you will end maintaining just a single interest rate payment, it may not work out for you depending on the nature of your debts and the debt consolidation loan that you take out. If the interest rate of your debt consolidation loan is cheaper than the combined rate of your existing debts, then it may work on your favor but if not then it will turn out to be more expensive in the long run.
With that being said, the wise strategy would be to calculate the total interest rate payments you will cover on all your present debts and compare it with the rate you will get with your debt consolidation loan. If you find that consolidating your debts is the more cost-effective option, then you should not hesitate applying for a bad credit debt consolidation loan.
Alternatives to Poor Credit Installment Loans
Now if you are looking to take out an instant loan but your afraid that your poor credit history will get in the way to secure traditional funding from banks, installment loans for poor credit are not the only options you can consider.
Unsecured Loans for bad credit. The loans are conventionally offered by banks and other mainstream lenders but today many specialist lenders are already offering them with interest rates that are lower than other types of bad credit loans.
Guarantor Loans. The loans can offer someone with bad credit with relatively large amounts of borrowing and cheap interest rates. Processing the type of financial product however, can be a bit time-consuming and tedious.
Secured Loans. Just like with loans with a guarantor, secured loans also provide cheaper interest rates and bigger borrowing amounts even to people with bad credit. But because you will be offering a high value asset like your home or car as collateral, you need to ensure that you pay back the money that you borrowed or the said asset will be repossessed.
It’s important to remember that poor credit installment loans are quite expensive to use that’s why its important take them out wisely to avoid falling into a debt trap
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
Ease Of Use
Value For Money
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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Value For Money
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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Value For Money
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.