Finding somewhere to obtain a loan with bad credit is no longer an impossible task, especially with the growing number of online lenders that are bringing about a healthy amount of competition in the industry.
However, the problem with having too many options is that it can often be difficult to identify legitimate lenders from unscrupulous ones. On top of that, getting approved for funding is still as difficult as ever. Plus, the lower your credit score is, the harder it is to even get a reasonable interest rate.
Luckily, we came across the online credit service UK Bad Credit Loans, which we believe is the most secure way to access online loans for bad credit in the country.
What Does UK Bad Credit Loans Do?
The company has been in the industry for quite some time now, and it has so far built a positive reputation for itself as a reliable credit broker.
This means that they don’t directly loan money to borrowers. Instead, they partner with a wide number of legitimate lenders that are based across the country to help you secure the funding you need.
Emilia Flores, the co-founder of UK Bad Credit Loans, said, “Our lending platform is meant to act as a lifeline that provides bad credit borrowers with more options to explore so that they have a good chance to secure the financial assistance they need.”
Plus, the benefit of using such a service is that you don’t have to spend a lot of time and effort looking for a loan provider and trying to determine if they can be trusted or not. Furthermore, you will also have access to a wide selection of loan products such as bad credit loans, payday loans, short-term loans, quick loans, etc.
So whatever the reason is that you need funding for—be it to pay for an unexpected car repair, a medical bill, or even to consolidate debt—UK Bad Credit Loans is in a good position to help.
How Much Can I Borrow from UK Bad Credit Loans?
Most loans on the platform will typically range from as low as £100 to as high as £5,000. However, do keep in mind that how much you will actually be able to qualify for will often depend on a number of factors. These include the type of loan and the lender you are matched with, as well as your credit score and income level.
When it comes to interest rates, these will usually range around 49.7%, with the average loan repayment term revolving around 1 to 36 months. But if you have a less-than-stellar credit score, then chances are the interest rate you are offered will be on the high end. And if you have good credit, then you can expect it to be close to the lower end of that spectrum.
What are UK Bad Credit Loans’ Minimum Lending Requirements?
As stated before, UK Bad Credit Loans is not a direct lender, so they don’t really have a minimum credit score requirement. Furthermore, unlike most other lending institutions, their partner lenders are not usually focused on your credit history when they are reviewing your loan application.
Most of them will be more invested in looking at your current job and payroll history to determine whether or not you can actually afford to borrow a loan from them. So, even if your credit history is poor, you still have a good chance of securing the funding you need.
However, before you can submit a loan request on UK Bad Credit Loans, you first need to tick off a few basic eligibility boxes. Luckily, the list is not extensive, and these requirements can be easily met. You need to:
- Be at least 18 years old.
- Be a UK citizen or permanent resident.
- Have a steady stream of income
- Own an active bank account
What Costs Does UK Bad Credit Loans Charge?
Once again, UK Bad Credit Loans is not a direct lender, so they also don’t charge borrowers any fees to submit a loan request through their platform. And while some people may be suspicious of this, you can rest assured that the company doesn’t charge borrowers for a simple reason.
It is because they take a commission from the lenders they work with whenever a successful loan agreement is carried out via their website. However, this does not mean that the lender you are matched with will not charge you any extra costs such as origination fees or pre-payment fees, etc.
As such, it is vital that you take the time to review the terms and conditions of any loan offers you receive from their partner lenders to find the one that is right for you. This also means not accepting the first loan offer and shopping around to find the most favorable loan terms possible.
How Do I Repay My Loan From UK Bad Credit Loans?
Some online lenders may opt to initiate autopay on your checking account to automatically deduct your monthly repayments on their due dates. However, you can always choose to make your repayment yourself, but do remember that missing a payment can result in late payment fees.
Some lenders may even decide to report you to the relevant credit bureaus, which will end up negatively affecting your credit score. It is for this reason that you should always reach out to the lender to negotiate a workaround if you are ever unable to make your loan repayments on time.
After all, some of them may be open to flexible payment plans, and failure to inform them only complicates the situation even further.
Pros and Cons Of Borrowing via UK Bad Credit Loans?
Like any other lending service, there are good and bad sides to borrowing a loan through UK Bad Credit Loans, but the good news is that in this case, the pros outweigh the cons.
- No Hidden Fees: You don’t have to worry about paying any fees or costs to use the lending platform. In fact, you don’t even need to create an account or sign up for membership, either.
- Fast Loan Processing: All approved loans acquired via their lending network will usually be processed as soon as the next business day. This makes it a great choice for those looking to quickly secure funding to deal with sudden and unexpected expenses.
- Open To Bad Credit: The lenders in the UK Bad Credit Loans network are all willing to review applications from borrowers with less-than-stellar credit scores. In most cases, if you can prove that you can make your repayments on time, then you are very likely to secure funding without any hassle.
- High APRs: While you will not be prevented from securing a loan because of a bad credit score, there is a chance that you may not be able to secure a competitive APR. This is because the lower your credit score, the higher the risk to the lender, so they will often want to minimize that by offering higher interest rates and even lower loan limits.
Is It A Good Idea To Use UK Bad Credit Loans?
Securing an online loan comes with its own risks, but with the help of a reliable online credit broker like UK Bad Credit Loans, you can reduce that risk significantly. After all, their lenders are all vetted, the platform is completely free-to-use, and you can secure approval even with bad credit.
If we were to break it all down, what’s not to love about it? Ultimately, it is your responsibility to make wise decisions when borrowing money. Luckily, the good news is that UK Bad Credit Loans can be relied upon to help you make a wise decision today.