Needing to get hold of money fast by way of a loan is no easy feat if you have a less than perfect credit score. Many high street lenders turn their backs on people with poor credit scores and even if you manage to find one, this is not the fastest route to borrowing. There is an easier and faster way to apply for bad credit loans instant decision no guarantor required and that is online.
Benefits to Applying Online for Loans
There are numerous benefits to applying online for a loan with our help. They include:
- You don’t have to search yourself and make multiple applications;
- As you don’t have to make multiple applications they are not recorded on your credit file;
- We work alongside a huge panel of lenders so provide access to many lenders;
- You get an instant decision;
- Lenders offer competitive rates;
- Money could be paid into the bank on the same day.
Now that you understand the benefits of applying for your loan online let us take a look at the types of bad credit loans instant decision no guarantor needed that might be suitable.
Payday Loans for Small Cash Amount
A payday loan allows you to borrow a small sum of money, usually between £100 and £500.
This type of loan can be taken out for any reason but more commonly, it is applied for to meet a financial emergency. For instance, you might have had a large final demand bill drop through the letterbox and it needs to be paid before your next payday. You might have to pay for unexpected repairs to your vehicle if it breaks down or you simply might have overspent and need money in your pocket to last until payday.
Providing you know the loan is going to be affordable, you could borrow it with a payday loan.
Lenders will usually allow you to borrow the money for between one to three months with a payday loan. Interest is added onto the amount borrowed daily and you either pay the loan in full on your next payday or spread it out for up to three paydays.
Short Term Bad Credit Loans Instant Decision No Guarantor
A short-term loan is another choice of loan that is only taken in the short term. With this loan, lenders might allow you to spread the repayments of the loan for up 1 year.
With the short-term loan, you might be able to borrow in the region of £500 and £1,000 but this would depend on the lender and your credit score.
With the short-term loan, interest is dependent on the APR and usually the lower the APR the least amount of interest you are going to pay over the term of the loan.
Will the Lender Check My Credit Rating?
With all loans applied for in the UK, lenders have to check your credit rating. However, how deeply they will look into it is going to depend on how much money you are asking to borrow.
If you only want to borrow £100 or so with a payday loan and you are going to repay it within a month, they will not look too deeply into your credit file. The lenders we work alongside consider circumstances along with credit ratings, as they understand that you might be in a better position today than you were when you earned a bad credit score.
Lenders will also make an affordability check when you apply for a loan. They will want to know how much you have coming in and what you pay out each month. Whatever is left over is classed as expendable income and is money the lender could take the repayments of the loan from on the date or dates agreed.
Apply today for bad credit loans instant decision no guarantor needed and we could bridge the gap between you and lenders. Lenders we work alongside offer some of the most competitive rates of interest and an instant decision.