UK Bad Credit Loans is an online credit service that is dedicated to connecting consumers to legitimate online lenders, which enables potential borrowers to access safe and reasonable loans. You can get bad credit loans from UK direct lenders, but before that, the platform will require you to fill out an online pre-approval form by providing some of your personal and financial details, e.g. name, contact details, employment status, credit score, bank account number, etc.
Once submitted, this information will then be used by UK Bad Credit Loans partner lenders to assess your loan application and determine whether or not you qualify for funding from them. Luckily, even if you happen to have a less-than-stellar credit history, you can still take out payday loans on this page, as their lending network will typically be more interested in your ability to repay the loan than your credit rating.
If approved, you will be able to compare multiple loan offers from several direct lenders and find the one with the most favourable rates and flexible terms. Once you select the ideal loan provider, you e-sign the loan agreement, and the lender will transfer the funds to your account. In most cases, you can expect to receive the funds within 24 hours.
What Types of Loans Can You Get From UK Bad Credit Loans?
Compared to most other online loan services, one of UK Bad Credit Loans’ most commendable features is that it provides borrowers with access to a wide type of loan products from its lending network. Some of these include:
- Short-Term Loans: Short-term loans typically range between £100 to £5,000 and often come with extended repayment periods of between 3 months to 36 months. This makes them the ideal choice for those looking to deal with medium-large expenses like medical bills, small home renovations, etc. However, how much you are able to qualify for will typically vary depending on the lender, as well as your credit rating.
- Bad Credit Loans: These loans define the platform and are specially designed to cater to borrowers with low to no credit scores. They are also useful for dealing with unexpected emergencies or expenses, as they typically range between £100- to £5,000. They also have less stringent eligibility requirements, but in return, they have high rates of interest and less repayment periods, due to the higher level of risk to the lender.
- Payday Loans: These are loans that act as small cash advances and are typically due on your next payday. In most cases, they will range between £100-£5,000 and are one of the easiest loans to get approved for. The downside is that they often come with some of the highest interest rates. They are, however, one of the fastest types of loans that you can borrow from the UK Bad Credit Loans’ lending network.
- Installment Loans: These loans are designed to be repaid across multiple installments, which is why they typically have some of the longest repayment periods. This also makes them the best option for those who may be incapable of repaying the loan in full.
Rates and Terms To Expect With UK Bad Credit Loans
The first thing to remember is that UK Bad Credit Loans is a credit broker, not a direct lender. This means that they do not directly lend money to borrowers but instead connect borrowers to loan providers within their network. As such, the APR on the loan will usually vary depending on the lender that you are connected with.
These lenders will usually take into account your income level as well as your credit score when determining what your APR should be. However, in most cases, the loans from UK Bad Credit Loans’ lending network tend to be between 5.99% and 35.99%.
When it comes to repayment terms, UK Bad Credit Loans’ partner lenders will usually determine the conditions of your loan offer. And since each loan provider comes with their own specific requirements, this can often vary from lender to lender. That said, most of the lenders in their network tend to offer repayment periods that go up to a maximum of 72 months.
Aside from that, it is important to keep in mind that if you want to access funding via UK Bad Credit Loans, there are a few requirements that you will need to meet to qualify. You will need to;
- Be at least 18 years old.
- Have a valid government-issued ID.
- Be a permanent resident of the UK.
- Have a steady source of income e.g. a business or be employed.
- Have a valid bank account.
What Are The Pros And Cons Of Using UK Bad Credit Loans?
For the most part, there are a multitude of reasons why you should consider using UK Bad Credit Loans today. For starters,
- Bad Credit Is Accepted: The benefit of using UK Bad Credit Loans’ lending network is that they accept borrowers of all credit types.
- Instant Approval: Once you submit an application, their partner lenders will quickly review it and if approved, you can expect the funds to be deposited within 24 hours.
- Convenient: You can apply for a loan online from the comfort of your own home. This means that there is no need to deal with long lines, procedures, or tedious paperwork to secure funding.
- No Collateral Needed: With the number of loan options that are available from their lending network, you don’t need to put up any collateral to secure funding, even with a bad credit score.
On the flip side, there is one main downside to using this online lending service. For instance;
- Extra Fees: Some lenders may decide to charge extra interest rates and since UK Bad Credit Loans has no control over them, this can sometimes be inconvenient for the borrower. For instance, you can end up being handed exorbitantly high-interest rates or late payment fees, which can potentially make your financial situation more difficult.
Is It Worth It?
With an extensive lending network and a stellar reputation, UK Bad Credit Loans is a good choice for anyone in need of a safe way to borrow quick cash with bad credit. Also, since all their partner lenders are vetted, there is little chance of being matched with an unscrupulous lender.
However, since the credit broker has no control over the interest rates and terms you receive, it is best to be cautious when applying for a loan. This means taking the time to review all loan offers and only accepting an agreement if you are confident that you can make the repayments on time.