Can I Get a Loan If I Have Very Bad Credit?
Having a bad credit score can really have a negative effect on your life. Banks and larger financing institutions will most likely reject your loan application if you have a bad credit score.
This is highly inconvenient, especially if you need some cash for an emergency, or as a stop-gap measure until your next salary comes in.
There are many ways that you can still get very bad credit loans. A bad credit loan direct lender will still consider your application, based on a number of other factors and not just your credit score. Therefore, the answer is yes, you can still get a loan if you have very bad credit.
Where Can I Get Loans for Very Bad Credit?
These days in the UK, there are many direct lenders for bad credit that can still help you out. Here at UKBadCreditLoans, we take the role of a loan broker and introducer that can match you up with various lenders that provide extremely bad credit loans and loans for people with no guarantor.
There are an increasing number of direct lenders in the UK who are open to loan applications like this, and we will introduce you to the direct lender that suits your current situation the best. This means that your chances of getting loans for very poor credit increase tremendously.
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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).
Are These Loans Safe?
Very simply, yes these loans are safe. UKBadCreditLoans only works with direct lenders that are approved and regulated by the UK’s Financial Conduct Authority. We will only link you to the direct lenders that adhere to high lending ethics and authoritative legal standards.
The lenders we introduce you to have a high level of honesty and trustworthiness, as well as the necessary processes to adhere to legal regulations in the UK. You can be assured that we will be careful not to recommend any lenders that have previous records of non-compliance to the FCA and multiple negative reviews by loan applicants.
How Much Can I Apply For from a Very Bad Credit Loan?
With the direct lenders recommended by UKBadCreditLoans, you can get a range of loan amounts, starting from £100 to £5000. You can choose the amount that you need, and request a repayment period that is comfortable for you too. This usually ranges from 3 months to 36 months.
Many times, the terms offered by direct lenders for bad credit will require a hard credit check that may impact your credit score a bit. However, you don't have to worry that much as usually, loans for very bad credit involve smaller amounts that should be repaid within a relatively short span of time.
Even with very bad credit, you can be approved for these loans and will have to fulfil your obligation of repaying them responsibly.
Alternatives to Very Bad Credit Loans
Although you can still get loans for very poor credit in the UK, there are a few things to consider beforehand. One of them is whether you can afford the loans and the other is whether there are any alternative ways you can raise money if your loan is not approved.
In the event that you want to consider other ways to obtain your emergency money, here are some ideas you can consider:
- Selling off assets and possessions. If you only need a small amount, you can start by selling off items that you have, like electronic appliances, antiques, and even vehicles.
- Speaking to friends and family to loan you the money, with no interests involved. Getting an extra job. This may include getting a part-time job in addition to your day job.
- Alternatively, you can start your own business offering services like repair work, or selling handcrafted items or food.
Having very bad credit doesn’t have to be the end of the road when seeking financing. There will always be alternatives available for you in any case.
Frequently Asked Questions
Are interest rates on very bad credit loans high?
Yes, the interest rates on loans for very bad credit are higher than usual due to the high risks of default involved.
How soon will I receive the money if I get approved?
Once the screening process has been completed and you are approved, you can see the money transferred to you almost immediately, within 60 minutes.
How can I improve my credit score?
You can improve your credit score by making timely payments and paying off previous loans completely. Missed payments are what will affect your credit score negatively.