LOANS FOR BAD CREDIT SITUATION
A common situation is that you need a loan but have a bad credit score, which automatically makes you think that no one will give you a loan. Then you come across an advertisement, which says that they provide loans without a credit check. If you see anything like that beware!
It could be a loan shark or any such unscrupulous lending agency. This is because according to the regulations of the Financial Conduct Authority or FCA it is necessary for a lending agency to make a credit check before providing a loan in order to lend in a responsible manner.
SO WHAT DO YOU DO WHEN YOU HAVE BAD CREDIT?
Well, the solution is simple. You can come to Loan Princess and use our broking service before availing loans for bad credit. We can help you in searching the right loan for you as per your needs.
All you need to do is fill an online form on our website and share your personal details along with your current debts and requirements We, at Loan Princess assess your loan requirements with APRs and loan rates offered by our panel of lenders. We search the best match loans available with the lenders who are on board with us and share them with you.
While we search loans for people with bad credit score, we look for the most affordable loans and help you draft an easy-to-follow repayment plan.
SEEKING NO GUARANTOR BAD CREDIT LOAN
We understand that sometimes a person can end up with bad credit score due to plain bad luck like a sudden lay-off from job or a sudden cut in salary. In either case, a carefully planned financial budget can go haywire.
We understand that circumstances have taught you well and now you are ready to handle your debts and finances in a responsible manner. Just your ability to repay the loan in the form of a reliable source of monthly income and your readiness to repay the loan on time is enough assurance for availing loans to some of the lenders.
With Loan Princess as your loan broker, you will know about all the deals that are available for you and how you could use these in your favour to improve your score.
With poor credit score, it is likely that no one is ready to be a guarantor for you. We at Loan Princess will help you become ready to apply for loan without a guarantor. When you apply for loan, you need to be mentally and financially ready for the additional debt on your account.
You should only opt for the loan that is affordable and convenient to you.
WHAT YOU SHOULD BEAR IN MIND WHILE OPTING FOR LOW CREDIT LOANS?
Bad credit loans entail high-interest rate owing to higher risk being associated to them. However, you should be aware of those offering high-interest rate or too low-interest rate. You need to be careful from unscrupulous lenders.
It is thus advisable to approach a loan-brokering firm for loans with poor credit and know about the real-time terms available for you. We want you to associate only with reliable and ethical lenders who are not out there to fleece the borrowers. While you choose the lender, make sure the company is vetted properly for their code of conduct in business. At the same, it should be licensed and registered with the FCA. It is equally important to ensure that the company follows all the regulations of the FCA while approving the loans for bad credit.
BEFORE YOU APPLY FOR BAD CREDIT LOANS
You should go for bad credit loans only when it is the last resort for mending your finances. Chances are high that you enter a debt trap by unlocking a very high-interest loan. So, before you apply for a bad credit loan, it is important that you use services of a loan broker and understand ways to mend your credit score.
Study your credit report by pulling out a free credit report from any of the top credit reference agencies. You need to analyse the report carefully and try to understand the reasons for bad credit. Make sure that all the accounts that you have closed are not open. Make a double-check on any arrears that are listed in your credit report. It is important to look out for a way to improve your credit score.
Often bad credit is caused by mistakes in the credit report or some oversight like a few open accounts, which are inactive and should be closed. It is possible that you have an old account that has been £5 in arrears for the past few years. If you pay off this money and close the account, it will have a positive impact on your credit score.
As a loan broker, we, at Loan Princess will help you to find and avail a bad credit loan for improving your credit worth. If you want to use your loan to improve your credit score then we suggest that you take a substantial amount as a loan for a longer tenure and make sure to repay the instalments on time every time. This will go a long way in improving your credit score.
You can avail our services from the comfort of your home as the entire process is carried out online. We believe in 100 % transparency and do not charge any fees. Your information is completely safe with us, as we do not share any data with other brokers or lenders.
We compare loans that can be paid back over between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Loan-Princess is a credit broker and not a lender