Life can sometimes be unpredictable. Expenses that you didn't plan for can raise up its ugly head. You might not always have cash to settle all the unplanned bills, and that's where small loans for bad credit come in. With small loans for bad credit, you will get immediate cash to solve your financial challenges without having to sign a mountain of paperwork. To access a small loan with bad credit, you must:
- Be a resident in the UK
- Older than 23 years old, and under 65 years old
- Be in employment and take home at least £1,300 a month.
- Have a UK bank account with a valid debit card.
- Have a valid phone number.
What Are Small Loans for Bad Credit?
Small loans for bad credit are not the usual loans that lenders approve for borrowers. They are short-terms loans approved for those with bad or poor credit. Those with poor credit history can also apply for small loans for bad credit. They are very expensive and not suitable if you need a long-term personal loan with low interest. Small loans for bad credit are designed to cover unexpected costs like boiler replacement, car repair, and when you are unable to pay unavoidable costs in the meantime.
What Is Considered Poor or Bad Credit?
A poor or bad credit is when you have difficulties in repaying back your loan timely either due to late payment or default on a loan. A bad credit will hurt your credit score or creditworthiness, and will discourage a payday loans uk direct lender from approving your loan request. When you have a poor or bad credit lenders will find it very difficult to approve a loan request bearing your name and bank details. Lenders rely on these three credit bureaus to track your creditworthiness: Equifax, Transunion, and Experian. Additionally, a lower credit report indicates poor credit.
Can I Be Approved for a Small Loan If I Have Poor Credit?
Of course, we usually approve loan requests from those with poor credit. We have helped so many people access small loans despite the fact that they have a poor credit rating. A poor credit rating is not the only thing that we consider when verifying borrowers for loans, we also take into consideration the consistency of their pay cheque and their payment history. All the lenders that we work with have a reputation for approving small loan requests with bad or poor credit. So, whatever is your situation, feel free to fill out our loan application form and state your personal circumstances in your phone so that we know how to treat your request.
Why Choose a Broker for Small Loans
The benefits of using a broker to apply for same day loans cannot be overemphasized. Brokers are financially inclined to understand the processes and what it takes to get approval for a loan request. They act as middlemen and have the skills to match you with a potential lender that will give you the best possible deal. Getting a good deal is time-consuming, stressful, and laborious, but a broker will take these overwhelming challenges off your plate.
|Why Trust FastPaydayLoans?|
|How much can I take out?||£100-£5000||No obligation quotes|
|Representative APR||49.7%(variable)||Competitive rates|
|Will bad credit be accepted?||Yes||Lenient requirements|
|What are the repayment periods?||1-36 months||Flexible loan term options|
|How can I apply?||Apply online||24/7 available|
How Quickly Can I Get the Cash for a Bad Credit Loan Online
While there is no perfect time to get quick loans approval, if you meet all the requirements set out by the lender, your request for small loans with bad credit can be approved within two hours. At FastPayDayLoans, we check your creditworthiness and other important information about your background before linking you up with a potential lender. We work with a wide range of lenders that put customers at the forefront of their priority.