Personal Loans for Bad Credit on 10 Minutes Approval
Emergency will not wait for you to have built a cushion of money to tackle it. Therefore, personal loans for bad credit people are in huge demand at the marketplace.
You would have enough savings to dip into if you lived in the perfect world, but reverse is the reality. Emergency pops up like a bolt in lightening with no prior notification. You may need funds to have your car repaired or you might need it for your medical treatment. Whatever the reason, you need money as simple as that. Traditional lenders show reluctance to provide financial assistance to borrowers, and the situation exacerbates if your credit report is not up to the mark.
We give a helping hand regardless of your credit history…
As the name suggests, these loans cater to the needs of bad credit people. Since these loans fund your emergency needs, you just need to APPLY for the loan online and funds are disbursed as immediately as application is approved.
Credit scores play a paramount role to assess the reimbursement capacity of a borrower, but we also know that you make defaults because you lack funds, you are unemployed, or your personal problems have held you back from paying your debt on time. It negatively affects your score, but unexpected expenses do not have a bar of your current financial report. As a reliable direct lender, we give you what you deserve despite your credit history.
No Collateral for Bad Credit Personal Loans
Bad credit personal loans do not require collateral or a guarantor and hence they are also known as unsecured personal loans. Here are the eligibility criteria that Instant Bad Credit Loans UK follows:
- You should be 18-years-old or over.
- You should be the permanent citizen of the UK.
- You should have a steady source of income (full time or part time).
- You should have a bank account.
These loans come with high interest rates because of your less-than-perfect credit history. Since you do not need to put a security against such loans, there is a high chance of defaults. That is why borrowers with bad credit pay higher interest as compared to borrowers with good credit.
If you have a fair credit score, which cannot be less than 630, you will get the loan at negotiable interest rate.
How do Personal Loans Work?
The terms for personal loans for bad credit vary from 15 days to 36 months. A long duration allows you to have greater flexibility to pay off your debt, but it is not possible in case of short tenure. Therefore, make sure that you take these loans only in case of an emergency. Just because they are easy to obtain does not mean that you will finance those needs that are no longer urgent.
The ideal situations for taking these loans include-
- Paying off utility expenses
- Medical bills
- Machine repair
- Holiday Expenses
- Wedding Costs
If you are a borrower with a poor credit report and feel that you will not be able to pay back your loan within the stipulated time, you can apply for secured personal loans. You can use any valuable asset as a security against the loan. In such a case, we do not charge high interest as we can recover money by selling your collateral in case of defaults. It is completely up to you whether or not to put a security against the disbursal amount.
Instant Bad Credit Loans UK does not aim to make profits, but rather to provide you with financial assistance. We always try to carefully examine your income statement to assess your repayment capacity. YOU DO NOT GET WHAT YOU QUOTE; YOU GET WHAT YOU DESERVE. We assure you that our approach will not let you fall into a vicious circle of debts.