Loans for bad credit and get an instant decision online, it sounds too good to be true to anyone looking for a loan who has bad credit. So it is possible to obtain bad credit loans online instant decision?. The simple answer is yes it is. We work alongside lenders who offer instant decision loans even to those whose credit rating is poor.
The Benefit of an Instant Decision Loan
We understand how you must feel if you have a poor credit rating and need to get your hands on the money fast. It feels like there is no one out there willing to lend you money just because you made mistakes in the past.
Worse still if you have credit linked with a partner, say a joint account; their credit rating may affect you and stop you from obtaining a loan. This means you may be perceived as having bad credit through no fault of your own.
Sure, your situation might have improved now, and you might be capable of repaying a loan, but your past is still haunting you.
No Waiting for Paperwork through the Post
One of the main benefits of an instant decision loan is you get an answer within minutes of applying. This means you are not left for days waiting for a letter to come through the post telling you whether you have been approved.
There is nothing worse than checking the letterbox every day to determine if you have been approved.
Even if you are approved, this way you are required to fill in paperwork, sign it and return it before money goes into the bank. It could be a couple of weeks before you get your hands on the cash. This is not good if you need money for emergency repairs or another emergency.
The lenders we work with will give you an answer in just minutes. If you are approved the money may be paid into your bank account in just a day or two.
I Have Bad Credit Can I Still Get Instant Approval?
You might think that instant approval loans are only for those who have a good credit rating, but this is not true. Anyone can apply for a loan online and get an instant decision.
Anyone who applies for a loan has to have a credit check by the lender. The lender does this to make sure that you will be able to repay the loan. While lenders have to perform a credit check by law in the UK, this does not mean they have to undertake a full credit check. They can make what is called a soft credit check. This means they do not look too deeply into your credit file, which is good.
The lenders we work with put more faith into your ability to repay the loan as you stand now than they do on what happened in the past. It means they will check to determine if you have a regular income and what your outgoings are each month. If they think you can afford the loan based on this, and other factors, you are more likely to be accepted regardless of your credit rating.
Short Term Bad Credit Loans Online Instant Decision
One of the loans available for people with bad credit is the short-term loan. This may be one of the easiest loans to get approval for if you have bad credit and want instant approval.
The reason these types of loans are so popular is:
- A sum of £100 to £5,000 can be borrowed;
- The loan can be repaid from 3 months up to 36 months;
- The online application is quick and easy;
- It is suitable for people with bad credit ratings;
- A decision is given in minutes.
To be eligible to apply for a short-term loan you need to:
- Live in the UK;
- Have a regular income;
- Be over the age of 18;
- Have a bank account in the UK;
- Have a debit card attached to the bank account;
- Have the ability to set up a direct debit for the repayment.
The Short Term Loan
The short-term loan is just of the many options of a loan. There are others including a personal loan and guarantor loan. However, the short-term loan is often one of the easiest to get approval for if your credit rating is bad.
A short-term loan works by borrowing a small sum of money, say £750, then repaying it back over a short period, for example, 4 months.
The shorter the term of the loan the less interest you would pay. It may be a good choice for emergencies when you know you would be able to repay in a short period.
We have taken the stress out of applying for instant loans. Our lenders consider anyone regardless of their credit rating. We have made the online application process straightforward, stress-free, and you get an answer fast along with payment fast if approved.
Bonsai Finance is experts in the field of personal finance within the UK and helps to match those looking for a loan with lenders. All the lenders we work with offer numerous loan options, even to those with poor credit ratings. They focus more on verifiable income than credit ratings.
To apply for a loan simply choose the amount you wish to borrow using the slider along with the loan term (how long you want to take the loan over).
Fill in some information about yourself, such as the amount of regular income you are having coming in and your outgoings each month. We will then match you up with the lenders we work with to find bad credit loans online instant decision, suitable for you and your situation.