Bad Credit Loans – Get A Loan With Bad Credit

A poor credit history generally means that at some point in the past you may have struggled in repaying a loan, credit card or some other form of credit like a store card or an electricity bill for example. By missing such payments people end up with a bad credit score and sometimes a County Court Judgement (CCJ).

Another factor which may also worsen your credit score is applying for too many forms of credit in a short period of time. All these details are unfortunately then held on your credit file, which can then be viewed by any future lenders and consequently influence their decision in lending you money.

What are bad credit loans?

Bad credit loans are a way for you to borrow money even if you have a bad credit history. These loans are designed to help, even if you have struggled in gaining funding in the past, have a bad credit score, or you have no credit score at .

• Bad credit score
• Been rejected in the past

How do bad credit loans work?

When you apply for any type of loan many factors are taken into consideration, including your credit history. Lenders will assess this information to understand the risk associated in lending the money to you, and essentially if you will be able to keep up-to-date with the loan repayments.

How do I get a loan with bad credit?

If you’ve been refused a loan or credit card in the past, or if you have found it difficult to pay money back to lenders, this may give you a bad credit score – but don’t feel alone in your search.

If you feel comfortable in asking a friend or family member to co-sign your loan application and improve your chances of being accepted, then a guarantor loan could be for you. As the guarantor usually has a better credit score than the applicant, the lender then uses the guarantor as a fall-back option if the borrower fails to make the loan repayments. This then instils greater confidence in the lender that they will regain the money. Another benefit to guarantor loans is they usually have lower interest rates when compared to no guarantor loans as the lenders risk is reduced.

A new survey reveals that: “nearly a third of Britons have been turned down for credit or not got the competitive rate they had hoped for because their credit scores aren't up to the mark” (Source: This is Money)

The good news is that there are lots of options out there for you…

Alternatively, if you’d rather take out a loan without the help of others, you could apply for a personal loan. These typically range between £1,000 and £35,000 and are paid back in anything from one to 25 years. But here at Cashflex we specialise in sourcing small personal loans ranging from £100 to £5,000, with repayment periods from three to 36 months.

What’s more, if you are unsure if you will be accepted for a loan, why not try our FastCheck Tool? You could gain credit confidence in less than 60 seconds and we will not access your credit file leaving a footprint on your history. From there, it will only take a few more seconds to complete a

Things to consider before applying for a bad credit loan

• It seems a fantastic idea to approach a lender for a loan, but have you considered asking a friend or family member to lend you the money?
• It is always good to have an idea about how much you’d like to borrow and how long you’d like to take paying the loan back. You should also bear in mind what your monthly income is and how much you can put aside for repaying the loan.
• Finally, assess how secure your job is and if you have any health concerns, or other factors that could impact your ability to keep up the repayments.

Applying for the best bad credit loans in the UK

Here

It takes less than two minutes to Apply Online for a personal loan between £100 and £5,000, and if you are accepted, the money could be sent to your account in minutes in some cases**.

Remember, while our loans seem like a good solution to your financial worries please take time to consider if a loan is correct for you. Ask yourself: do you have the disposable income to cover the monthly repayments? And do you have the job security, along with good health, to retain employment and keep up to date with your loan?

Further to the above, if you have taken out any other credit in the past and you are feeling overwhelmed by the mounting debt the following organisations could be of help: Step Change & The Money Advice Service.