If your credit score is bad and you are on the lookout for a loan, you will be trying to find bad credit loan lenders. These lenders are more willing than others to offer loans to people with a poor credit rating. There is good news as we can help to match you up with lenders such as these.
Why Do Some lenders Turn Down People With Poor Credit?
Some lenders turn down people with a poor credit rating as they do not want to risk the person is going to repay the loan.
People with poor credit will have had issues in their past repaying loans or credit card debt and this will have shown up on their credit file. The circumstances of the person might have changed drastically since they earned a bad credit rating but this might not occur to some lenders.
While your credit score dictates whether you are approved for a loan, the lenders we work with will also consider your current circumstances, and whether they think you ‘re in a position to repay a loan.
Some lenders may undertake a full credit check when you apply for a loan while others might just make a soft credit check. This means they do not look too deeply into your credit rating.
Finding Bad Credit Loan Lenders
Whenever you make an application for a loan, it is going to be noted on your credit file. The more credit you apply for, whether that credit is approved or not, the more it is going to go against you. There is an easy way to find lenders who may give those with bad credit a chance to borrow.
You can make a single application with us and we will search with the lenders we work with to find you a match.
The biggest benefit of this is that you only have to make one loan application to be able to search with many lenders. If one lender turns you down, we can move to the next lender.
What Types of Loans Do Lenders offer for Bad Credit?
There are different loans offered by lenders with some of them perhaps being easier to be approved for than others are if you have a bad credit rating.
If you do not know which type of loan you want, a personal loan, payday loan etc, we have made it easy to apply as you can use the loan slider to choose how much you want to borrow and how long you want to take the loan over. We can then search with lenders to find one who is willing to lend you that amount over the term you would like.
Loans to consider include the payday loan, short-term loan, personal loan, and the guarantor loan.
A guarantor loan – this is a loan taken out by you but co-signed by a guarantor to say they would be willing to take over the loan in the event you were unable to continue paying it.
Personal Loan – a personal loan is an unsecured loan offering a sum of money, usually up to £5,000, that can be repaid back over many months, around 36 months. The actual amount you might be able to borrow would depend on your credit rating and the lender.
A short-term loan – a short-term loan may be offered in the region of £500 to £1,000 with the repayments being spread out for up to a year or more.
A payday loan – a payday loan allows someone to borrow a small sum of money, generally between £100 and £500. This is repaid over one to three months. This loan may be considered an emergency loan to cover any financial emergency that might crop up between paydays.
Bad credit loan lenders are just a click away when you search for your loan for bad credit with our help. You could know within minutes if you are able to borrow and how much. Once you have checked the terms of the loan you can go ahead and sign up for it with the lender. The lenders we work with offer loans that are affordable, which have interest rates that are competitive, and lenders your current circumstances.