What are Bad Credit Loans?

Bad credit loans are the financial products that are given to the borrowers, who have a low credit rating. Due to overwhelming credit utilisation ratio, a person loses his creditworthiness. They are also available for the jobless people with not so good credit score and known as bad credit loans for unemployed. The established banking system is intolerant towards the bad credit borrowers. But, the online loan market provides loans to the people despite a less-than-perfect credit score. These loans are termed as bad credit loans.

Will My Credit Score Affect My Loan?

If you are among those whose bad credit ratings are making their financial crisis severe, then availing a financial solution will be the wisest thing to do. Your inclination for the long-established banking system is faultless, but being a bad credit borrower, you may be acting over-ambitious. Your credit score will affect your loan application. The legal obligations of the conventional lenders will not entertain your meritless financial records. But you have an alternative too!

Supplemented with the futuristic approach, the emerging FINTECH market provides loans for bad credits. There is a general perception says loans are bad for bad credit people. Borrowers think that taking a loan will increase the risk. If they fail to repay the loan on time, their financial records will become worst. But, the reality is just opposite. Taking a bad credit loan will improve the credit scores of the borrowers. These loans have easy repayment schedules, which help the borrowers, make timely repayments on their next payday and achieve a promising boost in their credit ratings.

What is a Bad Credit Payday Loan?

Over the past few years, the demand of the payday loans from the people with bad credit has been on rising. In fact, it has generated a new concept called bad credit payday loan in which the borrowers able to secure funds promptly despite having a poor credit history.

The payday loans for bad credit are available for the small term, but often provided slightly on expensive interest rates. Simultaneously, the borrowers have the advantage of easy repayments, which they can make on their next month’s salary day.

Benefits of Loans for People with Bad Credit Score

  • Soft credit checks facility, which does not cause a fall in the credit score
  • Rationally priced rates
  • Quick approval and subsequent fund disbursal
  • Flexible repayments according to the recent financial status of the borrower
  • Experience improved credit score with timely repayments
  • Easily apply loans without guarantor
  • No need to pledge valuable asset

How Much Can I Borrow?

Most of the lenders provide the minimum limit of £500, whereas the maximum limit may vary according to the policy of the bad credit loans direct lender.

How I Apply for Loan?

It is very simple to apply for loan for people with bad credit. The whole procedure is paperless, transparent and online. Follow the steps mentioned below and the things will be done in just a few clicks.

  • Visit the site www.everyoneloan.co.uk
  • Click ‘Apply Now’ option to proceed further.
  • Fill the required details like age, residence, bank account and income status.
  • Mention the amount to be borrowed.
  • Press on to ‘Submit’ button.

How Soon Will I Get Loan?

Applying loans for bad credit no guarantor brings situation in favour of the borrowers. The lender will process the loan application, which takes a few minutes. Once approved, the borrower will see an approval message on the screen. The loan amount will be credited directly to the registered bank account of the borrower within 24 hours. No upfront fees, no extra or hidden charges will be levied on the borrower.

Representative Example

Loan amount of £8,000 with a monthly repayment of £243.25 over a loan term of 48 months at a rate of interest per annum (fixed) of 19.6%. This is equivalent to 19.6% APR Representative. Total amount repayable is £11,676.10.