I want to borrow

What are bad credit loans?

Poor credit history restricts individuals from borrowing money, and thus, they often look for the bad credit loans from the direct lender to get smooth funding. As part of the personal loans, these loans are the specialised lending products for those with less-than-perfect credit scores.

Sometimes borrowing with higher interest rates bring positive outcomes for the borrowers such as quick funding access and improving credit scores if you keep making regular payments.

The rates are on the higher side because the lender is usually on the risk of lending those with not so good credit history. Still, some reliable direct lenders in the UK offer these unsecured loans on the competitive interest rates depending upon the affordability of the borrowers. However, these loans are also secured, and that will keep the interest rates on the lower side.

The better way to get instant funding is applying for bad credit loans online*. With not much documentation is involved, you only need to fill up a single page online form and submit it as soon as possible.

* You should be 100% sure that you can afford the loan repayments before signing the loan agreement. We will do the necessary credit check to go through your financial capacity.

Is it difficult to get approval on bad credit loan?

The digital way of borrowing makes any loan easy to get approval from the lender. However, people with poor credit profiles need to work hard more for loan acceptance, but they do get especially from the UK direct lenders.

The approval on loans for people with bad credit depends upon several things:-

How bad your credit score is right now?

Are you capable of borrowing on higher interest rates?

You should know that your one late repayment three months ago has a lesser impact than having the County Court Judgement (CCJ) against your name. While applying, you should not have such issues because they will reduce your chances of availing the loan. As far as credit score is concerned, you can check it by approaching credit reference agencies like Experian. Or, we can do this favour on behalf of you that will save your time a lot.

Your agreement on the higher interest rates indicates that you can afford the loan throughout the prescribed term. It will help you to get a bad credit instant loan with no hassle.

To make loans more accessible for you, we first work on improving your credit scores. Our lending experts are ready with their fee-free advice and give valuable suggestions like:

  • You should be committed towards current credit performance

  • Do not use too much credit cards and keep its use below 20%

  • Double-check your credit report to avoid any errors

  • Keep your name in the electoral roll as long as possible

  • Do not go for many loan applications in a short period

Follow these suggestions and make easier getting bad credit loans in the UK.

Why my credit score is bad?

As long as you have poor credit scores, it does affect your chances of getting future borrowing. Therefore, it becomes essential to know why you have the bad credit score and why you thus need loans for bad credit.

  • Missed Repayments:You have several missed payments on your previous debts, and thus you have the low credit scores. It happens in the past, but you need to concentrate now on such matters more sincerely.

  • County Court Judgement (CCJ):Missed repayments, bank defaults, bankruptcy and County Court Judgement (CCJ) cause your credit score worst a lot. CCJ against your name harm your borrowing chances a lot. Some people even struggle with their very bad credit scores when they have CCJ. Removing this tag becomes essential, and thus, the need for very bad credit loans comes into the picture.

24cashfinances is committed for both the people with bad credit and very bad credit scores. We can even provide cash-at-the-door facility if they do not have a bank account. But all such things depend upon borrowers’ affordability to manage the loan.

Is availing bad credit loans a right decision or not?

To improve the credit ratings, applying for bad credit loans is indeed the right decision to get money without any hassle. In the marketplace, several lenders prefer people with better credit rating, as they can ensure timely repayments.

The direct lenders in the UK offer poor credit loans those who are struggling with low credit ratings. These loans come as another chance of borrowing irrespective of their adverse credit history.

Why Bad Credit Payday Loans Right for You?

  • These loans are the best for the instant funding access as there is no hefty documentation involved.
  • The lenders may sometimes offer you flexible repayments plans that would help in improving credit scores.
  • These are the unsecured loans with bad credit. It means borrowers’ collateral is safe and without any risk

Bad Credit Loans Can Be Risky Sometimes

  • These loans have higher interest rates than typical loans. Thus, we provide as per your affordability.
  • You cannot opt for long term funding with these loans, as they are more suitable for the financial emergency.
  • In case of CCJ or bankruptcy, the lender may perform a hard credit check with the permission of the borrowers.

If your finances have the affordability to bear the high-interest rates, then you can easily avail high acceptance bad credit loans from the direct lender.

What do direct lenders need to grant loans for bad credit people?

There is no doubt that affordability is the crucial factor for loan approval; the lenders still need more from the borrowers because they are on the risky side. To avail bad credit loans online on the instant decision, you need to fulfil these conditions:

  • Proof of Income

    Lenders do require proof of full-time income or other sources of funding. It remains the sole factor in a bad credit loan approval. However, some lenders are also flexible in their approach, and they can accept part-time income or benefits as repayment sources.

  • Proof of Collateral (Optional)

    Some lenders also demand proof of the collateral in case the borrowers need to borrow a large amount of money. However, this demand is flexible and may not apply to those looking for loans for bankrupts in the UK.

Since loans for poor credit are available only for low credit people, the requirements to lend the money to the borrowers are comparatively limited.

What are the benefits of loans with bad credit at 24cashfinances?

If you need to borrow money but struggling with low credit scores, it is essential to know the benefits that you get with the loans. With getting the fee-free advice from our lending experts, you get an idea of what you can gain with bad credit loans from direct lenders in the UK.

24cashfinances provides the significant benefit of EASY LOAN REPAYMENTS. We offer flexible repayments that vary into two categories:

Bad Credit Loans Monthly Repayments

  • Options of both fixed and flexible monthly instalments
  • Automatic payment deduction option
  • Repay monthly instalment up to 60 months
  • 100% Online application facility with no documentation
  • Bad credit monthly repayment loans are suitable for both personal and business purposes.

Bad Credit Loans Pay Weekly Repayments

  • Chance to quickly end the loan term
  • Repay the amount on your next payday
  • Make payment weekly up to 3 months
  • Apply through text or online application and we can provide doorstep service too
  • Bad credit pay weekly loans favour during extreme financial emergencies.

Before applying for bad credit loans, it is essential to check your eligibility for the particular loan deal. We will check your credit scores before approving your loan application, but it will not affect your overall credit profile.


FAQs

Do You Offer Bad Credit Loans with No Credit Check?

The Financial Conduct Authority (FCA) does not allow any lender to offer bad credit loans with no credit check. Thus, 24cashfinances does check the credit score of each applicant to provide affordable loans.

Are Loans for bad credit available with no guarantor?

If the recent credit performance is up to the mark and looks satisfactory for us, we do not hesitate to offer bad credit loans with no guarantor needed. The interest rates will be on the higher side, and thus, you should only agree if you can afford those rates.

What is the difference between bad credit loans and very bad credit loans?

In the UK marketplace, both bad credit loans and very bad credit loans from a direct lender are available. The features and benefits vary to each other despite the similarity of higher interest rates.

The bad credit loans are offered to those having scores between 561 and 720. On the other hand, very bad credit loans are accessible for those with 0 - 560 credit scores.

Does 24cashfinance offer unsecured loans with bad credit?

Yes, we do offer unsecured loans for bad credit people for up to £10000. We do not look at your past credit mistakes but prefer your recently improved credit performance to grant the loan approval.

Is there any deal available on bad credit payday loans?

Due to the low credit rating, getting the funds on an emergency seems challenging. 24cashfinances does create the opportunity to apply for payday loans for bad credit from direct lender in the UK. These are small cash loans and can be repaid weekly on the next salary day.