Worried about the biggest drawback of having imperfect credit scores? Is this holding you back from getting loans while facing a financial problem? This is not going to happen any longer, as direct lenders work with a different perspective.
The point left behind in traditional lending is addressed by these lenders. Their view on affordability, and not just credit history, has made borrowing possible with low scores. With them, you can apply for loans for people with poor credit history.
For these loan providers, poor credit does not mean straightforward rejection. They analyse the loan application from different angles to be able to make a fair decision.
A complete guide on top direct lenders offering loans with bad credit
Bad credit results from missed payments, errors in credit reports, or no borrowing history. You can check how you can get help from various direct lending platforms.
Who is a direct lender?
They are a financial institution or a loan company that directly offers loans after approval. The borrower does not have to approach them via a broker. They usually operate online and can be contacted from anywhere or at any time.
Top direct lenders who may consider poor credit
When talking about direct lenders offering financing help to someone with bad credit, some names need a special mention. They are known for their approach, feature-packed offerings, and friendly assistance. Find that loan provider who suits your criteria.
1. Cashfloat
They are one of the most established direct lenders in the UK. They specialise in offering short-term financing options, i.e., unsecured loans. You do not have to worry about getting rejected because of poor credit.
This loan company emphasises conducting affordability checks. Your chances of getting approved are good if you can successfully get through this assessment.
Use their loan calculator to get an idea about the amount you should get based on your repayment potential. They let you analyse figures instead of making blind decisions.
2. Evlo
If you need any amount ranging from £1000 to £15000, you can review this loan provider. They are quick decision makers, ensuring fair processing of your loan application even when you are struggling with poor credit scores.
They use a soft credit search technique to better understand your present financial standing. No extra fees will be charged to let you pre-qualify for loans. Moreover, you will not have to face further damage to your credit profile because of this assessment, which is done to review your affordability.
3. Cashloans2go
They are one of the most trusted direct lenders operating across the UK. This lending platform is known for its offbeat way of dealing with loan applications from poor-credit borrowers. Get personalised loan offers matching your financial profile.
This loan provider lets you get a free loan proposal to study rates and terms carefully. If you are a first-time borrower facing hardship because of unfavourable credit, you can seek financial assistance.
They not only consider loan requests from borrowers with bad credit tags, but also allow flexible repayment. You can choose to pay back monthly, fortnightly, or weekly as well.
4. Lending stream
Search for suitable loan options for those with poor credit with this reliable lender. They believe in transparent lending and educate the borrower about all the important information related to loans.
They understand how the cost of interest concerns the borrower. Pre-approval is easy and convenient with them. You can alter the borrowing amount to get the desired repayment terms and interest rates.
There is no compulsion on you to select any offer that comes your way. You can analyse and compare loan proposals to identify the most suitable one.
5. QuidMarket
They are another trustworthy direct lender who is popular for offering loans for emergencies, same-day loans, etc. You will be happy to see their flexible approach in accommodating poor credit scorers. Expect a speedy response from their end that can lead to quick access to much-needed funds.
Establish your financial stability, which is important. This lending platform will also perform a soft credit check to validate your affordability. You do not have to worry about any hidden fees while applying for loans with them.
This lender tries to customise affordable loan offers even when your credit scores are not excellent.
6. Fair Finance
They are a direct lender providing personal loans up to £3000. Therefore, if you have small cash requirements and are hesitating to apply for loans, you can stop by this lender.
No need to ignore petty cash necessities, thinking it is not a concerning issue. This loan provider exercises fair lending practices. They do not deprive a borrower of seeing low credit scores.
Fill out a digital application, which hardly takes time to complete. Wait for some time, as fast decisions are promised.
7. Moneyline
They are a short-term loan provider that does not involve any mediator. You can directly get in touch with them to enquire about loans obtainable with poor credit. After getting pre-approved, you can decide whether the offer is acceptable to you or not.
Review the loan quotation, i.e., accessible for free based on rates and terms. Figure out the total cost of borrowing so that repayments are manageable. You are free to deny accepting the pre-approved offer.
You will be able to receive funds if you give your consent to go ahead with the loan proposal.
How to improve your chances before applying?
Be a smart loan applicant to turn your disadvantageous situation into an advantageous one. Keep the following tips in mind.
Review your scores: Get your credit report now to check scores before you apply for a loan.
Upgrade your financial standing: Do not let your poor credit scores continue for long, and pay bills on time.
Save more: Try to adjust your expenses so that you can free up cash that can be utilised to complete pending dues.
Stick to one loan: Avoid sending out multiple loan applications, as hard searches can further impact your credit scores.
Increase your income: If pending payments demand a huge amount, look for ways to increase your income so that you can clear them up.
Alternatives to poor credit loans
These loans are ideal for different types of situations. However, some purposes can still remain uncovered by this financing option. Prefer choosing from the alternatives available.
| Pointers | Personal loans | Instalment loans | No guarantor loans |
| What do they are? | Loan obtainable as unsecured funds | Loan that can be repaid as instalments | Loan that does not require a third-party guarantor |
| What do they offer? | Qualify based on affordability | Accessible to borrowers with fair or bad credit | Income-based loan option with flexible features |
| What are the benefits? | Suitable for mid-sized expenses | Repayment terms will be predictable | Borrow independently despite poor credit |
FAQs
Can I get a loan with poor credit in the UK?
Yes, you can get financial assistance irrespective of your credit status. The lending decision will be based on your affordability. It should be noteworthy to note the significance of credit scores.
Do direct lenders check credit files?
Some checks are mandatory, but your credit scores will not be validated while you are pre-qualifying. These checks will be conducted later when you accept the loan proposal.
Are poor credit loans more expensive?
The rate of interest will depend on the likelihood of your being able to repay loans on time. With direct lenders, you can compare pre-approved offers for competitive rates.
What happens if I miss a repayment?
You should not miss loan payments as these can lead to additional fees. Moreover, negative marks will reflect on your credit profile once you delay loan payments.
Is using a broker better than a direct lender?
It will depend on your requirements. If you are confident about finding the ideal lender on your own, you will not need a broker. You can save time by contacting lenders directly.
The bottom line
The process to search and find lenders with poor credit might not be simple. If you want more flexibility and convenience, you can explore the services of Annuityloans. However, you can use this blog to review other lenders as well and choose one according to your preferences.
