Renovate your home, plan that holiday, or buy a car.Getting a loan tailor-made to your needs and budget is no longer just a dream. You don’t need to wait to create your dream home office or finance your child’s sports career. You can meet any purpose without dipping savings with Annuityloans. Don’t worry about the costs. We have got it sorted for you.
Our well-crafted personal loans cut the hassle of securing affordable ones. It is regardless of the bad credit history that you share. We analyse and reward improved credit performance. Yes, you may get a low-interest personal loan if you pay your bills timely.
Moreover, you can exercise flexibilities like re-scheduling payments or halting one under financial uncertainties. You then can pay personal installment loans in easy-to-affordpayments. It helps you achieve your dream without delaying the timeline.
A personal loan is a financial facility that does not require one to pledge an asset. It is an unsecured loan you get on fixed and variable interest rates. You can choose either of the options depending on your income type, need, and repayment capacity.
The interest rate depends on your credit score, earnings, and financial management. Individuals with better management may get fair rates. Alternatively, individuals with a bad credit history may fetch competitive rates.
You can use the loan for any valid purpose only. Confirm the loan requirements and needs before applying. It helps you avoid getting the loan for the wrong reasons, which affects credit.
The repayment term generally stays fixed on such loans. It allows you to budget for or set direct debits to repay the dues timely. Calculate monthly income, expenses, and investments. It will help you define the amount you can afford to get and pay back.
You may have missed payments, CCJs, or suffered bankruptcy in the past. Such issues affect your credit score significantly. It prevents you from securing cheap loans, credit cards, or mortgages. Here are other reasons to check personal loans for bad credit from a responsible direct lender like us:
Building and improving credit score
You can use it to repair your credit score by taking a long-term loan. It extends your credit history, making you reliable against the next loan application. You may get low interest rates and repay less than what you used to with a chequered credit history. You just need to be regular with the loan payments to benefit from this.
Settle pending debts at once
Pay it now if your profile reveals dues like utility bills, credit cards, payday loans, etc. The longer you wait, the more deeply it affects your credit score. You may get personal loans for debt consolidation instantly. Individuals with recurring income and no heavy debts like mortgages may get quick approval. The costs stay slightly competitive. You can reduce the impact by providing a guarantor or additional income source. Do so only if the provider asks you to
Help manage finances individually
You may not want to involve a third person in your every financial decision. Check unsecured personal loans for bad credit with no guarantor requirement. Individuals with consistent income, low liabilities, and better credit utilisation may get one. You get a cheaper one if earning over £8000/month. Part-time income, rental income, and self-employment count as legal pay proofs.
Yes, getting a cheap, unsecured loan is possible despite mismanaged finances. You may get one by updating your credit score, getting a guarantor, or choosing the correct loan term. Yes, the loan repayment timeline also decides the interest you pay on the personal loan.
The more time you take to pay a loan, the more the interest costs. Try to choose a comfortable term that does not attract interest rates unnecessarily. Here are other ways to get personal loans with low interest rates:
Use a loan calculator before applying
You can use the loan calculatorto understand how much should you borrow. Choosing the right amount helps avoid additional interest. Yes, a valid personal loan calculator may help you with that.
For example, you want £21000 for kitchen renovation with a loan term of 6 years. Here is what your loan payments may look like:
| Loan amount | £21000 |
|---|---|
| Interest | 9.0% |
| Loan Term | 6 years |
| Monthly Payment | £376.80 |
According to this, you pay £27,129.79 as the total loan amount. It includes interest and other loan costs amounting to £6129.79.
You can adjust the calculator according to the required amount and interest rates. It will help you know the amount you can comfortably afford to pay.
Note: Every missed payment may cost you an extra £25 on personal loans. So, be regular with one by setting direct debits.
Prefer pre-qualification to direct application
Check for flexibility in knowing approximate costs before applying. It helps you decide the right amount to borrow without affecting your credit score. It is especially beneficial for small or emergency uses.
You may take out personal loans with no credit check facility. Individuals seeking one with a bad credit rating can consider one. You get a quote after just providing basic information about finances.
No credit check option differs from a calculator. You get different quotes from unique applications. However, a calculator helps you know the rough amount you can borrow for any requirement.
Get a guarantor
Individuals with falling income and a bad credit history struggle to grab reasonable interest rates. Such a situation reveals financial inconsistency. Getting a guarantor may help you here. You share better chances to qualify than one with no guarantor loans. The guarantor's income and financial status help you grab better interest rates.
Choose someone whom you can rely on with your finances. Make sure the other person knows the stakes before signing off the agreement.
Yes, you may get approval instantly on your application despite a bad credit history. You just need to be conscious throughout the loan proceedings. It could mean identifying the requirements in detail and providing valid proofs accordingly. Given below are other aspects that may help you get personal loans for bad credit on instant approval:
Improvise the amount requirements
Improvise on how much you need for the purpose. It will help you cut the extra that you thought you required. Check whether borrowing slightly less would do. Borrowing a fair amount that meets your requirements is favourable for poor credit scores. It promotes quick loan approval.
For example, you thought you would need £7,000 for a backsplash replacement. Instead, it may cost around £3000, according to your neighbours. So, don't go for £7000 straight. Instead, ask the experts at Annuityloans. They may help you reduce your interest liabilities. You get only a fair amount that may serve the purpose.
Provide extra earning proof if unemployed
You may need urgent approval for small requirements like paying the bills at the last minute. If unemployed and require quick cash, halt here. You may get loans on benefits for personal requirements.Provide valid proof of income from government benefits for unemployed people.
However, if you need more, you must provide an extra income source. We provide up to £1500 instant cash to out-of-job people on benefits income.
Provide authentic information
The information required may differ according to the purpose of the loan.
For example, you don't provide much information if you need instant personal loans for 5000 pounds for motorbike repair. You must ensure a valid name, e-mail, contact number and loan purpose (if asked).
Alternatively, for personal loans for home improvement, you provide detailed information. The more authentic you are, the quicker the approval. Therefore, keep earning and ID proof transparent.
Nothing like "guaranteed approval on the loans" exists. Like ours, every reputed and trustworthy operating firm conducts a basic affordability check before approving a loan. It helps us determine the amount you can pay without affecting your basic needs. It keeps a bar and protects your financial interests.
However, you may get "guaranteed approval" only if you meet the eligibility criteria. You get approval if your income is exactly what we can comfortably lend against. Here are other conditions to get guaranteed approval on personal loans.
You can afford other liabilities with the loan
Certain aspects like- rent, utility bills, groceries, credit card payments, etc. are monthly expenses. If you can afford these alongside loan payments, you get approval. Your credit report must reveal enough credit utility to gear on other payments. Ideally, your monthly payments should not exceed 30% of your monthly income. However, with us, you may get one despite 40%. Try to keep the ratio low.
Want to fund small purposes/emergencies
If you want to fund emergencies but lack credit, check this. You may get bad credit personal loans at guaranteed approval, respectively. You can use it for medical needs, financing urgent purchases, or stationery. Your needs must not exceed £3000 for that to work. Alternatively, you can check specific poor credit loans for higher amount requirements.
Have a consistent residential address
Your rental/ residential address history also matters a lot. Individuals shifting homes every 6 months may struggle to get one. However, if you pay bills in your name and have lived in the same location for over 2 years, you get instant approval. You may get personal loans for guaranteed and instant approval here. You must reveal proof of that by presenting your bills and council tax statements.
You can contact us for a well-informed and quick personal loan. We look beyond the credit history and prioritise individual circumstances. You can rely on us for the best experience. Whether you struggle with payments or need to re-draw overpaid funds, count on us! You will obtain the best solution possible!