LOANS FOR BAD CREDIT SITUATION
A common situation is that you need a loan but have 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 come to Loan Princess and use our broking service before availing loans for bad credit. We offer loan advice to those who are reeling under pressure of bad credit history and help them shove off the bad past from their account.
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. Our loan advisor would soon contact you and assess your needs. We at Loan princess compare your loan requirements with APRs and loan rates offered by the most competent lenders in the UK. We search the best match loans and share them with you.
While we search loans for people with bad credit score, we look for the most affordable loans and 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 salary cut. In either case a carefully planned financial budget can go haywire.
If the bad credit score was your fault then too you need a second chance. 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.
With Loan Princess as your loan broker, you would know about all the deals that are available for you and how you could you use these in your favour and 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 would 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 attached to them. However, you should be aware of those offering too 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 for poor credit and know about the real time terms available to 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 rating agencies. You need to anlayse the report carefully and try to understand the reasons for bad credit. Make sure that all the accounts that you have closed are not listed as 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 your loan broker, we at Loan Princess would assist you to 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. In fact our loan advisers often suggest this method to our customers as a method of credit repair.
You can avail our services from the comfort of your home as entire communication can be carried out online. We believe in 100 % transparency and do not charge any additional 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 terms of 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