Bad credit affects millions of UK consumers; you are not alone if your credit file isn’t perfect. A late payment here and there or a past financial challenge can knock down your credit score, but you still have borrowing options – even with a so-so rating.
Though an imperfect credit history can interfere with your access to some types of conventional financing, bad credit loans are available, serving various short-term funding needs.
Traditional lenders follow strict formulas, evaluating applicants’ creditworthiness. With negative credit reports working against you, it can be hard to qualify for their best rates and terms – if they’re willing to extend a loan offer at all.
Are you simply out of luck when your damaged credit file prevents you from getting a bank loan? Not at all – many top online lenders are willing to accept your application and evaluate your qualifications. You may be able to fund your financial need within hours of requesting a loan.
Bad credit loans help UK borrowers with less-than-perfect credit gain access to the money they need. Lenders specialising in alternative financing, such as bad credit loans, typically use a different set of criteria to analyse would-be borrowers’ eligibility. Because matched lenders view your credit history through a different lens, loan applications submitted through Omacl’s online brokering service have a much higher approval rate than apps for conventional bank loans and credit cards.
Most bad credit loans are designed to help when short-term funding is required. The loans are approved for relatively small sums, and the full amount must be repaid within weeks or months. Similar to car finance and mortgages, repayment includes added interest, but unlike these types of financing; bad credit loans are not aimed at long-term financing needs. Instead, use your bad credit loan to bridge unexpected cash flow gaps and pay near-term expenses you didn’t see coming.
Landing bad credit financing is a straightforward process. The easiest, fastest way to guarantee you get the best possible terms on a bad credit loan is to apply online, through our Omacl loan brokerage service. Rather than vetting various lenders on your own, working with a broker enables you to share your loan request with multiple lenders, all at once, with a single application.
Do you meet the following criteria for getting a short-term loan? If so, submitting your application is all it takes to get started, funding your bad credit finance needs.
In addition to these basic eligibility requirements, each lender applies its own set of metrics, evaluating your loan request. Once you’re approved and matched with a top online provider, you may get the full amount you asked for, or a lender may instead offer a smaller sum. If you choose to accept, your loan is funded without delay and the money is transferred directly to your current account.
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
Fast, flexible funding is an appealing alternative compared to some other types of credit, because restrictions aren’t placed on how the proceeds are spent. In fact, when you take out a bad credit loan, your lender may not even ask what the money is for.
Do you have to decide how you’ll spend the cash, before applying for a bad credit loan? The answer is no, but it’s almost never a good idea to open new credit lines without a purpose for the money. It’s usually better to identify specific spending demands and then move forward, acquiring the cash you need to get the job done.
Do you need new tyres, but don’t have cash on hand to cover the cost? Are you facing an expensive, unexpected car repair, hoping not to add the charges to your credit card account? Is it finally time to perform routine maintenance you’ve been putting off? Bad credit loans are a good source of cash for addressing short-term car costs, providing a financial lifeline until your next payday.
If your house needs attention, use short-term UK financing to conduct regular maintenance and repairs. Or apply loan proceeds to upgrades and updates that add value to your house and improve your lifestyle at home.
Bad credit loans are offered without spending restrictions, so the proceeds can be applied wherever the short-term financing is most needed. Though the money approved for bad credit loans is not aimed at addressing a particular type of spending demand, it’s up to you to borrow wisely and responsibly.
Comparing terms online and getting the best possible lender match is the first step toward flexible funding. Repaying your loan in full and on time completes the circle, protecting your credit rating and keeping your options open for future borrowing needs.
Your personal credit rating follows you through life, so it’s wise to protect it as you conduct financial business through the years. Each time you apply for short term loans online, or open a new line in general, the transaction is recorded in your credit file. As you make payments and satisfy debts, your credit score continually changes, reflecting how well you do, meeting all your credit obligations.
If your payment history includes missteps, your credit score dips, which may prevent you from getting the best available rates and terms on conventional loans and other credit products. A low credit score can even interfere with your ability to get a mobile phone contract. Bad credit loans furnish flexible solutions for UK consumers without a perfect past.
Beginning with your first bank account, phone contract, and credit card; use these strategies to build and protect your credit score:
Exploring all your options makes sense, when you need fast cash. Among the available alternatives, bad credit loans specifically serve short-term funding needs – particularly with past credit challenges in your file. If you need money, without delays, our online resource can help you apply and quickly find a lender ready to fund your loan.