What Are Small Loans for Bad Credit?
Small loans in the UK are unsecured loans of up to £1500. This loan has to be repaid by the debtor within a few months.
To avail of a small loan, you'll have to submit an application to a lender. The lender will then conduct an affordability and credit evaluation to see whether you can afford the repayments or not. Once your application is approved, your small loan amount will then be transferred into your bank account within an hour.
Moreover, small loans for bad credit are essentially small loans granted to customers who have a few issues with their credit reports.
What Are Counted as Bad Credit?
Bad credit typically means a credit score under 560 or 565, depending on which credit reference agency you’re using. If you have bad credit, it shows that you have had some struggles keeping up with timely loan payments or that you have had a financial issue at some point. Luckily though, a number of UK lenders are willing to consider applications for very bad credit loans these days.
Can I Apply for Small Loans If I Have Bad Credit?
As long as you can afford the timely loan repayment amount and that borrowing the bad credit small loans won’t devastate your financial standing, a lot of UK direct lenders for bad credit loans are willing to consider your small loan application.
Many UK lenders understand that many customers have a hard time getting a loan with bad credit. For this reason, they are openly willing to accept small loan applications from customers who are in dire need of financial help despite their poor credit profile.
|How much can I apply for?||£100 to £5,000||Zero-obligation quote|
|Length of the repayment||1-36 months||Quick payout|
|Interest rates (variable)||49.7%||Zero paperwork|
|Can I apply with poor credit standing?||Yes||Bad/low credit considered|
|Do I have to pay a lump sum?||No||Flexible repayment|
|When am I allowed to apply?||24/7||2-min simple application|
Benefits of Getting a Small Loan for Bad Credit with UKBadCreditLoans
If you are looking for a dependable UK lender who is willing to consider customers with bad credit, UKBadCreditLoans is worth checking out.
Listed below are a few reasons why UKBadCreditLoans is the way to go.
- We specialise in providing customers with small loans for poor credit. If you have the capacity to pay for the loan repayments, the chances of your small loan application getting approved are high with this company.
- Our application and evaluation process is straightforward; customers won’t have to go through a pile of paperwork just to get a small loan with a bad credit profile. In addition to that, their entire application process is fully transparent and does not involve any hidden fee.
- Our partner lender will review customers’ applications and if they see that they are fit for the small cash bad credit grant, the cash amount for your loan will be funded to your bank in no time.
Looking to Borrow Money Easily?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Frequently Asked Questions
What can a small loan for bad credit be used for?
Small loans for bad credit can be used for unexpected or emergency expenses, unexpected bills, emergency medical expenses, unexpected car repairs, and broken boilers.
Do I need to go through a credit check to get a small loan?
Yes. The lenders’ team of underwriters will conduct an affordability and credit background check to see if you can afford the repayments and ensure that the said small loan bad credit grant will not destroy your finances.
Will getting a small loan improve my credit score?
If you are able to keep up with your small loan timely repayments, then bad credit small loans can definitely improve your credit score.