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How to Get a Loan with Bad Credit 5 Steps
13 Sep 2019

How to Get a Loan with Bad Credit in 5 Easy Steps

You might think that finding a loan if you have a bad credit rating is next to impossible. While there is never any guarantee of you being accepted for a loan, even with a good credit rating, we are going to show you how to get a loan with bad credit in easy steps.

We cannot wave a magic wand and say yes you will be accepted for a loan, what we can do is help to improve your chances of being approved. We can do this by trying to match you with lenders who are willing to consider more than just your credit rating. Yes, some lenders will not just look at your credit history and shake their heads. Some will look at your financial circumstances right now and check if you have a verifiable income and can afford the loan.

Follow the Steps Below for How to Get a Loan with Bad Credit

Simply follow the five steps below to boost your chances of finding approval for a loan even if you have a bad credit rating, by searching with multiple lenders from a single application.

  1. Make Sure You Are Eligible for A Loan

The first step is to make sure you are eligible to apply for a loan in the UK. This means you are above 18 years old, live in the UK, have a regular income and a bank account and debit card.

  1. Give Us Your Details in Minutes

If you meet the general criteria for applying for a loan, you can fill in your details using an online application form and this takes just minutes. If your credit rating is poor, you stand a better chance of obtaining approval if you only apply to borrow a small amount of money and can pay it back quickly. Payday and short-term loans both offer small amounts, £100 to £500 and £500 to £1,000.

  1. We Search with a Panel of UK Lenders

The key to how to get a loan with bad credit is allowing us to search on your behalf with the panel of lenders we work alongside. If one lender cannot help you, we move onto the next and so on. This is timesaving as otherwise; you might have to make several applications yourself with different lenders.

  1. Check Out the Loan Details

If we find a match or matches, you can check out the loan details to make sure that the loan is suitable for your needs. Do not forget to check the APR, monthly repayment, along with whether the loan has clauses in it such as an early repayment fee, and how much the loan will cost in total.

  1. Sign Up Get Money Paid Into Your Bank Account

If you are happy to go ahead with the loan and you know you can afford to repay the loan as agreed you can go ahead and sign up for the loan with the lender. Depending on the type of loan and amount you requested to borrow, the money could be paid into your bank account on the very same day, often within hours.

To Summarise

The key to how to get a loan with bad credit is only asking to borrow a small amount of money. It makes sense that lenders are more willing to take a chance on you if the amount you are borrowing is small and you are repaying it within a period of one to three months, as with a payday loan. Loans of this nature can help you out when met with a financial outlay that was unexpected and if repaid on time they can help to improve your credit rating. Apply with our help today. The lenders we work with offer affordable loans with competitive rates and they consider verifiable income.

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