How do I get financial help if I have bad credit?
Bad Credit is a vicious circle and it happens when the person fails to repay the debts.
A bad credit score affects your ability to get any kind of financial help, but in this condition, can save you from a bad financial day if an emergency expense comes your way.
In the past in the UK a person’s credibility to take out a loan was largely judged on the basis of credit scores and bad credit shows that the person is unable to repay the loan or debt but now receives a Financial help with bad credit is no longer impossible.
There are many loan providers in UK who offer you to apply for bad credit loan. The given article provides you with full details on how to get financial help with bad credit.
What are bad credit loans?
Bad credit loans are the types of loans specially designed for people with bad credit. A person with poor credit has a bad repayment history or poor credit history which becomes a hindrance in getting any type of financial help from an institution.
Usually bad credit loans have higher interest rates and some other restrictions compared to other loans. A loan for bad credit can be an unsecured loan or a secured loan and its interest rate, terms and fees vary from lender to lender. There are many banks, credit unions and online lenders that offer you decent bad loans.
What are the different bad credit loans you can get?
Usually, getting a loan with a higher credit score is very easy and you have flexible eligibility criteria, but there are reliable lenders who support borrowers. . In these situations, people with bad credit are offered the options available based on their current situation and income. Some of the common types of bad credit loans are:
â Personal loans
As the name suggests, these types of loans are taken out to meet a personal need or to cover an immediate investment or need. Personal loans for people with bad credit are usually unsecured, but have higher interest rates than secured loans.
â Guaranteed loans
Secured loans are easily available for people with bad credit ratings. In this type of loan, you will get huge sum of money with extended repayment period and very flexible terms and conditions.
In a secured loan, you have to secure your loan with something valuable like a car or a house. This type of loan has a low interest rate compared to unsecured loans. If you fail to repay the secured loan, your valuable asset may be sold by the lender.
â Guarantor Loans
Collateral loans also provide an easy way to get financial help even with bad credit. You must provide a guarantor who is close to you and has a good credit rating to take out this loan. The guarantor can be a family member or friend who promises to repay the loan if you cannot. These types of loans have higher interest rates compared to secured loans.
â Peer-to-peer borrowing
These types of loans are not provided by traditional creditors, but you get them from an individual. Some financial institutions offer this financial assistance to you with a bad credit history, but they may charge higher interest rates and some additional loan criteria.
â Debt consolidation loans
In a debt consolidation loan, your multiple debts are merged into one repayment plan to make it easier for you to pay off the debt faster. This type of loan does not reduce your debt but in fact, they accelerate the repayment period.
A debt consolidation loan may or may not be secured and may have a higher interest rate if the repayment period is longer. By taking these types of loans, you may lose some other general loan benefits, such as interest rate reductions.
How to get a loan with bad credit?
Getting a bad credit loan is no longer a difficult task as there are many UK institutions that offer you different bad credit loans, some offer short term loans, same day loans and some with criteria and variable interest rates.
With so many choices, it becomes difficult to get a loan that you can afford and meet your needs. So it is better to use a broker to connect with several reliable landers and get quick approval.
In this regard, EasyPaydayLoanloan is a good option that you can rely on. Working with EasyPaydayLoan does not mean that you have to pay any fees as it does not charge its clients any fees for its brokerage services.
EasyPaydayLoanpede is a UK based broker that offers different types of loans including bad credit loans. It is best to work with this because each time you apply you are assured that you will get some type of available options. You can also save your credit score as any other application will affect your credit records and may damage them further.
How do I apply for a bad credit loan on EasyPaydayLoan?
EasyPaydayLoan is an online website, so you don’t need to walk into any institution or bank and wait for a long time. All you have to do is follow the given steps:
Step 1. Check your score and eligibility
EasyPaydayLoan has very flexible eligibility criteria and you must meet the requirements to obtain a loan.
- Have a valid email address and phone number;
- 18 years and over;
- residence in the UK;
- Provide bank details;
- Have a regular source of income.
Step 2. Apply online
You don’t need to go through a long hectic application process. Just go to the official website of EasyPaydayLoan and apply by easily filling out the form.
Step 3. Accept the loan
You have different options available from various reliable lenders. You need to compare all available options and review them based on their terms as well as the interest rate and then decide what is best for you.
Step 4. Get the amount
After selecting the appropriate option, you will get the funds in your account within 15 minutes.
A bad credit score can affect your eligibility for any type of financial assistance. Although there are many UK based institutions and lenders that offer you loans even with bad credit, finding a suitable loan option with the lowest interest rate and flexible repayment terms is a task. hard. In this situation, EasyPaydayLoan is a good helper.