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Do you badly need some money for emergency purposes? So you are now struggling financially and the worst thing is that you have a bad credit history. And now, you’re trying to look for some lenders who will lend you some money and give you a chance despite of having a bad credit.
Direct Loan Lenders You Can Choose
Here are some online lenders where you can get a loan with poor credit:
BadCreditLoans.com is an online lender wherein they connect borrowers with bad credit history with several different types of loans from various lenders. You can borrow up to $5,000 with bad credit. The terms range from 3 to 36 months with rates between 5.99% and 35.99%. Applying here doesn’t cost any fees.
Avant Personal Loans offers loans to borrowers in a wide range of credit from poor to average where you could borrow from $2,000-$35,000 and could receive funds the next day once the loan is approved. The interest rates range from 9.95%-35.99% with terms 2-5 years. The Avant charges an origination fee of 4.75% but no prepayment fees. And also, no minimum requirements to apply. This lender is good for borrowers with poor credit and might not be suitable for borrowers with credit scores over 700.
OneMain has nearly 1,700 branches like in California and Georgia but you can apply through OneMain online. OneMain is one of the best personal loans in the industry and the great thing is there’s no minimum credit score to apply and once your loan is approved you can get it on the same day. The range amount of loan you can borrow is $1,500-$30,000 with interest rates that range from 16.05% to 35.99%. The loan terms may vary. There are no prepayment fees if ever you would like to repay your loan off early.
So these are some of the lenders who qualify borrowers with a bad credit history. The loans offered by these lenders are way better than planning to get a payday loan. So, if you’re planning to apply to any of these lenders make sure you’ve calculated your income, think twice, and make a debt-to-income ratio in order for you to repay the loan and rebuild your credit history.
Although you’re literally paying for a loan service, you cannot have it easily unless you meet the criteria set by the lender. It doesn’t matter if you’re after a secured loan -- or one that requires collateral -- or an unsecured advance. Loan companies need to determine your capability to settle the loan and if you’re lacking one or more of their requirements, your loan application may be declined.
Understanding How Loans Work
If you’re interested in borrowing a loan, here are the basic things you need to do to increase your chance of getting approved.
How To Get A Loan
Check Your Credit History
Your credit history is one of the factors that determine your creditworthiness, therefore, it’s crucial to have a good or excellent credit score when getting a loan. Although some lenders may still accept your loan application if you have bad credit, the interest rate charged to your loan is typically higher compared to the ones offered to borrowers with good credit.
To know your credit standing, get a free copy of your credit report from credit agencies.
Pay Your Outstanding Debts
In case the reason why you have a bad credit score are unpaid debts, it’ll be beneficial if you settle all these accounts first before getting a loan and wait for your credit report to be fixed. This way, you’ll increase your chance to get approved and have a better loan offer. However, if the poor credit is caused by a wrong data entered to your credit report, notify the credit agency about this and submit documents that will prove your statement.
Reducing your debt is important because the lower the number of your debts, the more the lender will assume that you have lower financial overhead.
Provide A Stable Source Of Income
Before giving a loan, the lender has to make sure that you can afford it, therefore you need to provide proof of stable income, such as a pay stub. In case you’re self-employed or unemployed, you need to find a loan provider who is willing to accept your special case. However, you still need to have an alternative source of income such as benefits, pensions, etc.