If you have a poor credit record then you may think that there is no chance that you will be able to borrow as much as £1000. However, if you are in financial difficulties, have a big bill to pay, need to replace items that are breaking down or things like this, then you may need a large chunk of money to help you out. But you may think that you will not be able to get this much money due to the fact that you do not have a good credit record.
However, there are short-term loan companies that will lend this much money to those with a poor credit record. Short-term loans were set up to help people who have a poor credit record and therefore they do limited credit checks. This means that you have a good chance of getting a loan, even with a poor credit record. They will have some factors in determining borrowers, they will normally have to have a bank account, proof of income and address and be over 18. Each lender will differ slightly in their requirements and they will also not lend to a borrower that currently has a loan with them.
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).
The loans are easy to arrange. You just find a lender, give them your details and they will let you know how much they will lend you after checking out your details. If you apply early in the day, you may even be able to get the money that you need that day. You will normally have to set up a direct debit for the repayment(s) so that your lender can be sure that they will get their money. It is wise to do this for the day you are paid, so that you know that the money will be there for you.
Short term loans can be costly due to the fact that the lenders are taking such a big risk and therefore it is well worth comparing the prices of lenders to make sure that you are not paying more money than you actually need to. When you are borrowing a large sum of money, then this is even more important because the more you borrow, the more money, in real terms, you will have to pay to the lender for taking out the loan. The interest rate will remain the same, but if you borrow more then the amount you pay is greater. Comparing costs can be tricky though, because there are not conventional comparison websites, like you get for conventional loans. This means that it is up to you to compare the costs yourself.
Comparing costs can therefore be well worth it, but quite tricky. It is unlikely that anyone would have the time to search for all the lenders and compare them to see which would offer the best value for money. This would involve finding out who all the lenders were and checking all of their terms and conditions so you can see which has the lowest prices. This is why Omacl is such a useful company to use. They will take some details from you and then see which lenders will be willing to lend the amount of money that you want with the repayment schedule that suits you. Then you will be able to just look at those lenders, which will mean that you will not need to research so many loans and lenders and you will not waste your time looking at those that will not lend to you. You will be able to save time using this website and hopefully save money as well.
So in conclusion, you will still be able to get cash today even with a bad credit record if you use a short term lender. You should be able to find these online, but if you want to save money it is best to compare payday loan companies to find the one with the lowest costs. Omacl can help you do this quickly and efficiently without the hassle of you having to search details of each one. However, you do need to make sure that you get good value for money by ensuring that you choose the right loan for you.