Access to instant loans for bad credit would be nice to have. However, in most cases having a bad credit rating can make you feel isolated away from the rest of the world. Lenders on the high street turn their backs on you. Ask them for a loan, no matter how many years you have banked with them, and they shake their heads. If you need to get hold of money quickly and you know that without a doubt you can repay the loan, it can be frustrating.
Access a Large Panel of UK Lenders with One Application
One big issue with high street lenders is that they are few and far between. You may have access to one or two banks where you live if you are lucky. It used to be that high street lenders were the only solution if you wanted to borrow. Thankfully, times have changed and loans are now available from the comfort of your own home.
While high street lenders may not want to know you, we work alongside a panel of lenders who will consider all circumstances. Yes, even with a bad credit rating you may be able to benefit from an instant online loan. There are many benefits to applying for instant loans online, these include:
- It takes minutes to apply online;
- You can access a large panel of lenders with one application;
- You get an instant decision;
- You don’t even have to leave the house to apply for a loan;
- You don’t have to meet anyone face to face;
- You are not limited to the lenders you can access;
- You get access to numerous loan options;
- We work with lenders offering competitive rates;
- Access loans from £100 to £5,000;
- If approved loans are paid out fast.
No, we are not teasing you. There are really some lenders out there who will not automatically turn away from you and your request to borrow money just because of your past credit history. We are not going to lie to you either and tell you that loans are guaranteed, because this is not the case. Whether or not you will find approval is going to depend on several things. However, at least you know there is a chance of borrowing.
With our help, you can gain access to a large panel of lenders from the UK, and even better you only have to make one application.
From just a few minutes of your time, we can search with the panel of lenders we work alongside to try to match you with a lender willing to offer credit to you.
Types of Instant Loans for Bad Credit Online
We work with a panel of lenders offering a wide range of loans that are typically paid out fast if approved.
Two of the most popular instant loan types are the payday and short-term loans.
These loans usually come with the best approval rates for people with a less than perfect credit rating. Of course, there is no guarantee that you will be approved.
Benefits to a Payday Loan
Let us first take a look at how you might be able to benefit from applying for a payday loan. The benefits include:
- You may be able to borrow between £100 and £500;
- As you are only borrowing a small sum of money lenders tend to be more lenient with approval;
- You can apply online within minutes;
- You will be given an instant decision;
- The loan is only short-term so you are not tied into long monthly repayments;
- You can repay the loan in full on your next payday or spread it out over three months;
- The money will be paid directly into the bank account you gave when applying for the loan;
- The loan is paid back on the date or dates agreed, including any interest. The lender will take it back from your bank account;
- The quicker you repay the loan the less it costs.
Benefits to a Short-term Loan
Now let us take a look at the benefits offered with a short-term loan.
- You get all the benefits from above;
- You might be able to borrow between £500 and £1,000;
- The cost of the loan can be spread out for up to 12 months;
- You can borrow more than with a payday loan;
- The repayments can be spread out for longer than a payday loan but you are still not tying yourself down to a loan over many years.
If you require a larger loan and more time to repay it a personal loan might be more suitable.
It is not as easy to find approval for a personal loan due with a poor credit rating but lenders will take verifiable income and your credit rating into account.
With a personal loan, it may be possible to borrow up to £5,000 and spread the repayments of the loan for up to 36 months.
Eligibility for Loan Application
When making any type of loan application online in the UK you have to meet some eligibility requirements. This applies to regardless of your credit stance and type of loan.
- You should be at least 18 years old to apply for a loan;
- You need to have a regular income coming in;
- You should hold a bank account in your name;
- Have a debit card attached to the bank account.
When considering a regular monthly income, lenders will generally consider some types of regular benefits not just income from paid work. This includes such as disability benefits as lenders cannot discriminate because you are disabled and do not work.
Providing you meet all the requirements above, you can give us your details to start your search with our panel of lenders.
Tell us the amount you need to borrow and how long you want to spread the loan over. Lenders on our panel usually offer loans from one month to 36 months.
We can then search for lenders willing to offer instant loans for bad credit online. If we are successful, you can check the details of the loan and if you are happy with the terms, you can go ahead and sign up.
Here are some other interesting articles from out website:
Instant Payday Loans Offer Fast Financial Help
Instant Decision Loans | What You Need to Know
All You Need To Know About Instant Loans for Bad Credit