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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.
Loan applications coming from households and businesses have drastically surged in the past few years. But this has likewise resulted in an increasing number of unpaid loans, leaving lending institutions either bankrupt or losing money. In an attempt to alleviate the growing problem, lending firms that managed to survive losses developed an entirely new system called credit rating. Credit rating provides lenders with a baseline that allows them to distinguish loan applicants based on their financial activity.
People who did not receive adequate monthly income were considered to have low affordability levels and thus, were viewed as more likely to default on their loans. Meanwhile, people belonging to higher income brackets were thought to have higher levels of affordability, and therefore less likely to miss repayments.
The following are marked with ‘bad’ credit scores under this credit rating system:
- Borrowers with low income or have income levels that don’t meet the lender’s qualifications (only happens with hard credit checks)
- People who repeatedly miss scheduled loan repayments
- Individuals with a history of defaulting on loans
In all of these scenarios, lending companies are less inclined to approve their loans.
Where To Borrow Money From On Bad Credit
Lenders can refuse catering to borrowers with unremarkable credit scores and shady financial activity. It was something they had to do if they wanted to stay in business. However, it’s rather unfortunate for people who were legitimately struggling financially but were unfairly penalized with bad credit. Not only does it give them a limited number of loans to choose from. They were left with less effective ways of dealing with their financial problems.
Many people end up selling their house, car, or some other personal property to obtain necessary funds. While this could help them come up with a sizable amount, selling costly , which ultimately places them in a cycle of debt.property isn’t easy, making it less ideal for moments when you need fast cash. Others would try to borrow cash from friends or family who may not always have the means or willingness to assist you. Either way, borrowers are forced into a tight spot with little way out.
In such desperate situations, borrowers have no other option but to consider “black market” loans from illegally operating lenders in the UK. To be fair, these loans are effective quick-relief solutions. But they are temporary nonetheless, and are often accompanied with ridiculously high interest. Borrowers that fail to repay these loans usually fall in debt. The high interest associated with “black market” payday weekend loans ultimately places borrowers in an unhealthy cycle of debt the moment they sign an agreement.
Would I Get A Loan If I Had Bad Credit?
The birth of the credit rating system led to the eventual rise of people with poor credit and unremarkable financial histories. Likewise, the demand for specialized loans which could cater to them also increased. Lending companies saw it as an opportunity to usher in new types of loans that could accommodate their needs as well as help them get out of debt.
Lenders developed new loans that were more affordable and had better security. They also became less strict with their qualifications so that more borrowers could qualify. The payday weekend loan was one of their newly created financial products. Borrowers with bad credit now had the opportunity to secure funding where traditional lenders would have denied their request.
Lenders who offer bad credit loans such as payday weekend loans not only give borrowers plenty of choices, but also quick access to funds in spite of their credit rating and history. It allowed for cheaper and more flexible loans, which are very useful features for people who are financially troubled.
Applying for weekend payday loans is quite easy. The whole process has been made efficient – from completing the application, to having less requirements, and a nearly instant approval. Years ago, people with bad credit had difficulty securing a loan. A weekend payday loan made it possible for them to obtain one without having to submit as many documents or waiting a long time.
How Could I Get A Payday Weekend Loan?
The exponential rate at which the internet evolved made it possible for lenders to start offering their loans online. Borrowers not only have more funding options available for their choosing. They also had improved accessibility to a greater variety of loans on the internet, regardless of their credit rating. Traditionally, lenders required applicants to visit their office. But in the modern day you need not leave your home to get a loan. You can apply for one no matter where you are and no matter the time of day. As long as you have internet access and a compatible device, you can complete the loan process at your convenience. Once you send your application to the lender, your online loan will be processed. It takes no more than a few minutes to hours before your loan is approved and the funds are transferred to your account.
Due to the fast speed at which payday weekend loans are processed, they’re the perfect option for people who need emergency access to funds. Although it should be remembered that since they’re essentially bad credit loans, the allowable loan amount is limited and must be repaid on a short term, usually within weeks or months. Since it’s a small short-term loan, payday weekend loans don’t make a good choice for people who need larger amounts. If you have to take out a huge loan and prefer extended repayment periods, it would be best if you applied for a secured loan.
Is It Better To Get Payday Weekend Loans From Direct Lenders
Word goes around even among borrowers. And it’s common for them to think that getting loans from direct lenders is going to cost less than getting them through loan brokers. However, nothing could be farther from the truth. What many people don’t know is that working with brokerage firms has its benefits.
For starters, brokers are connected with hundreds of lending companies from all over the United Kingdom. These lenders would be more than happy to give discounted rates if you decided to get a loan from them. If you want the advantage of more affordable rates, you should seriously consider a loan brokerage firm who can link you to these lenders.