If you have a very bad credit rating and want a loan your options are going to be somewhat limited. One of the easiest types of loans to find approval for if you want to borrow a larger sum of money, perhaps up to £15,000, is a guarantor loan. This type of loan is not going to be suitable for everyone as we understand why you are reluctant to apply for it. Thankfully, there are other alternatives for very bad credit loans no guarantor and we can help to match you with a lender.
Smaller Loans Are Easier to Get Approval For
Lenders are going to be very reluctant to hand out many thousands of pounds to people with very bad credit ratings. This means your chances of finding approval for a personal loan and borrowing up to £15,000 spread out over 36 months, is going to be extremely difficult. On saying this, it is not impossible and your best chance of finding approval may be with us as we work alongside a panel of lenders who take all circumstances into consideration.
The lenders that we work alongside offer numerous loan options, including very bad credit loans no guarantor, and two types of loans that are most common among people with poor credit ratings are the payday and short-term loans. Both of these are considered very bad credit loans no guarantor and we can help to match you with a lender willing to offer credit to people with poor to bad credit ratings.
Eligibility for Loans
In order to be able to apply for any loan you do have to meet certain eligibility requirements. These include:
- You have to be at least 18 years old;
- You need to have a regular income;
- Have a bank account in your name;
- Have a debit card attached to the bank account.
Benefits of Payday Loans
A payday loan is considered an emergency loan as people usually apply for it when their payday is some time away and they have come up against a financial outlay they had not bargained for.
The loan may allow you to borrow between £100 and £500 to pay off an unexpected bill or repair or to meet any other need. You can repay the loan on your next payday or spread out the cost for up to three paydays.
Payday loans are often advertised with what seems to be an extremely high rate of interest in many thousands of percent. What is important to note is that the loan is not being taken out over the year. You will be taking it out for a maximum of three months. You would only pay the amount of APR shown if you were to spread the loan out for over 12 months.
Benefits of Short Term Very Bad Credit Loans No Guarantor
Short-term loans allow you to spread the cost of borrowing for up to 12 months. Lenders typically offer between £500 and £1,000 with the short-term loan. This type of loan can be taken out for any reason.
When considering short-term loans check the APR as this is going to be the amount of interest you pay over the year. The loan is going to work out cheaper if you reduce the term of the loan, while the monthly repayments may be more affordable the longer you take the loan over.
Search for A Loan with Multiple Lenders
If you allow us to help you find a loan, we can search for suitable very bad credit loans no guarantor with multiple lenders and you only have to make one single application. Just give us your details and tell us how much you want to borrow and how long for and we will search with the huge range of UK lenders on our panel. You get an instant decision and access to some of the most competitive rates on the internet.