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Suitable Loans for People with Bad Credit
18 Aug 2018

Obtaining the Most Suitable Loans for People with Bad Credit

If you have a bad credit score, you might believe that obtaining a loan is going to be impossible. Think again. Loans for people with bad credit are within reach and it might be a lot easier than you think to be approved.

Many lenders on the high street will turn people away with bad credit ratings; not wanting to take a risk on them, regardless of the reason that person obtained a bad credit rating. The few willing to take a risk offer a loan with a shockingly high rate of interest. Here at Bonsai Finance, we work with lenders to find you a loan, who do not focus on your past; instead, they consider your current financial situation. Providing the lender believes you can repay the loan, they do not have any issues in approving you. The lenders we work with offer competitive rates of interest, so you can choose the most suitable loan for you.

Loans for People with Bad Credit Just a Click Away

Gone are the days when finding a loan if your credit history is less than perfect was a drag. In fact, today it could not be easier to find a loan regardless of your credit history. We work with many lenders who do not care about your past and who offer different types of loans aimed at people with a poor credit rating. Three of the most popular types of loans you might be interested in and could get approval for include:

  • Payday loans;
  • No guarantor loans;
  • Secured loans.

Each of the above loans is suitable as loans for people with bad credit with the most suitable being based on the individual’s needs. With there being such a wide choice, the chances of being approved are increased.

Any of the above loans can be applied for online. Meaning cash could be just a click away for whatever reason you might need it.

Short Terms Payday Loans

Short term loans are typically called payday loans due to the fact the loan is for a small sum of money and repaid back quickly in months as opposed to years. This can be a suitable option for anyone with bad credit and this type of loan can help you to rebuild your credit rating. Payday loans have earned a bad name in the past due to what seems to be a huge APR but bear in mind the loan is repaid in a month or two, so the interest rate is not as bad as it may appear.

This type of loan could be perfect if the amount you wish to borrow is relatively small and you know you can repay the loan on the next payday. Some lenders now extend the repayments over a couple or more paydays.

No Guarantor Loans

No guarantor loans are another great option for people with a poor credit rating. This type of loan means you do not have to rely on anyone to guarantee you will repay the loan.

Secured Loans

Again, as the name suggests the secured loan means you have to put something up as security against the loan. Generally, a secured loan allows you to borrow a larger sum of money and repay it over many years. However, the downside is you generally have to put something of extreme value up against the loan, such as your home.

Bonsai Finance can help to find the most suitable loans for people with bad credit. We can match you up with lenders who specialise in offering loans to people with a poor credit score, with a quick and easy application process so you are not left waiting to find out if you have been approved. You may even get the loan paid into your bank within 48 hours.