Poor credit situation arises due to imperfect financial behaviour. Once your credit score goes down, multiple issues arise. The significant impact is you cannot obtain any financial product smoothly. However, if you improve your credit rating, you can get back to the good old days in financial life. But how is that possible?
Loans for bad credit solve multiple purposes. You can obtain funds despite a low credit score and improve your credit rating by making timely payments. The loans are available on customised deals. Therefore, you can be sure of affordable payments.
These unsecured loans are available with flexible features through direct lenders like us. Unlike traditional options, direct lending focuses on borrower-friendly deals as an alternative loan option.
Without compromising the rational approach, urgent loans for bad credit from a direct lender ensure timely deposit of funds. As a result, AnnuityLoans provides instant funds online all across the UK.
Reasons of bad credit
Are you looking to borrow money with bad credit?If yes, APPLY NOW and get funds through a 100% online loan process.
Loans for bad credit are short-term personal loan options available to fund seekers with a less-than-perfect credit history. The loans are available upon instant approval, and your repayment capacity is the decisive factor. However, direct lender bad credit loans on guaranteed approval have a high approval rate.
98 out of 100 applications get approval. We make borrowing funds with poor credit easier. These loans are known to fix your financial crisis and repair your credit score issues.
The funds are approved on individual payback capacity.Therefore,instalments are pocket-friendly. Also, the loans have no specific purpose condition. You can apply for any seen or unforeseen financial requirements.
Two great features of bad credit loans from a direct lender are that you do not need a guarantor or collateral. This makes borrowing even more convenient. Neither do you need to depend on others to be your guarantor, nor do you need to risk any asset as collateral, unlike secured loans.
You can get loan approval faster if -
Applying for a bad credit loan with us is easy. You do not need to engage in detailed documentation or proof. Instead, our streamlined and optimised application process provides loans with quick turnarounds. Here are the following steps to get a bad credit loan with us.
Step 1- Identify the amount to borrow
Determine your financial needs and monthly liabilities. Accordingly, check the amount you can afford to repay. You will get a basic digit after the initial analysis. Check whether this meets your needs. If not, you can borrow slightly higher within your affordability.
Step 2- Apply with basic details
Next, you can apply with us by filling in basic details –
Re-check the details before clicking “Apply”.
Step 3- Review the basic quote
Once we receive your application, you will receive an initial quote with the approximate loan amount and costs. It may vary from the final quote and the amount you may get.
Step 4- Provide required documents
If you find the quote affordable, you can proceed further. Check the document requirements and provide authentic copies. Usually, you must provide:
Step 5- Review the final agreement
Provide accurate documents to avoid the delay. Afterwards, if you meet the affordability criteria, you may get the loan. Choose a comfortable repayment term by analysing your monthly expenses. Picking a longer one means paying more in interest.
Step 6- Get the cash immediately
After reviewing the final agreement terms and interest, provide your consent via mail. We keep costs transparent to avoid any confusion or delay. Post that, you get the money in your bank account the same day.
Anyone who is a citizen of the country and can afford the loan payments may qualify for poor credit loans. Applicants must provide valid proof that showcases repayment ability. It could be an income slip and recent bank statements. Here are some other criteria to get the loan:
Have a valid bank account
You need one to apply for a loan in the country. You must own a relevant bank account within which you can receive the loan amount. Also, you should use the same account to repay the dues. Individuals on a Visa may consider a guarantor’s help, or someone residing in the country, for a loan.
Have no recent bankruptcy/CCJ
You must not be undergoing a bankruptcy or a CCJ as you apply for the loan with us. It may not be ideal for your finances. However, if you must, then we may provide personalise cash solutions. The payout may be low, but it will not affect your finances.
Have a consistent income
We prioritise ease of loan approval and availability with a seamless procedure. Anyone with a consistent income can get the loan. However, it should be a verifiable and legal one.
Don’t worry, if you have low pay. We refine loan solutions that help you meet your needs without affecting your basic budget. Here is who may qualify:
Improved financial profile
Individuals with an improved credit score and financial management may get instant approval. We may offer you low interest rates if:
Taking loans with a poor credit rating helps you in many ways. Beyond expectations, you can explore multiple benefits through bad credit loans. Let’s see the positive aspects you experience through loans for people with bad credit.These benefits are specifically available when you choose a direct lender.
FACT CHECK
What makes bad credit loans the low interest rate loans?
Bad credit low APR loans work on the principle of repayment capacity. Therefore, a loan amount is approved depending on your creditworthiness not what you demand for.
Direct lending has emerged as a promising alternative to traditional lending, and there are some precise reasons for that. Especially for people with poor credit, it is a convenient way to borrow funds through direct lenders. Let’s explore why you should choose bad credit loans online on instant decision and not traditional lenders.
Many of our borrowers have no clarity between bad credit and very bad credit loans. They believe applying for bad credit is similar to applying for loans for very bad credit from direct lenders. Do you also think in the same manner? Well, if so, you need to look at the comparison below.
| Parameters | Bad credit loans | Very Bad credit loans |
|---|---|---|
| Credit score range (according to Experian) | 561-720 | 0-560 |
| Who is it for? | Individuals with missed payments, loan defaults, low credit history, and good income | It is for individuals with multiple pending payments, CCJs, loan defaults, low income, Bankruptcy, or no credit history |
| Loan amount | You may get up to £25000 for your needs | The amount stays low up to £10000 for your needs |
| Interest rates | It is high in comparison to those of individuals with good credit history. However, it is affordable than what one gets with a very bad credit score | Extremely high due to the risk of default involved. |
| Collateral requirement | It is not mandatory to provide collateral on a bad credit loan if you can afford the loan repayments without worries. | You may be required to provide an asset as collateral to get a loan. It is especially true if your income is low. It may help you get extremely bad credit loans in the UK from a direct lender at better interest rates. |
When you think of applying for bad credit loans, make sure you know the difference. Very bad credit loans from direct lenders are always different from the loans for poor credit people. Financial literacy is vital to making the right decisions about your personal finances. Therefore, before applying, understand your credit score and its meaning. Accordingly, you will get to know whether you are applying for a suitable loan product or not.
AnnuityLoans is always ready to help you with the right loan deal. Don’t let bad credit create chaos in your life. It is a temporary situation that can be handled as easily as a cakewalk. Apply for loans, get affordable deals, repay on time and improve your credit score and financial life. We offer funds irrespective of any situation.
Many of our applicants apply for loans for people on disability with bad credit ratings. Nothing can stop you from availing funds as long as you can prove the repayment capacity. Contact us now and get funds for any of your financial purposes.