Do you want a loan with a bad credit score? As a matter of fact, hundreds and thousands of borrowers are thinking about this at this very moment. They are suffering from somewhat bad to extremely bad credit scores.
In situations like these, most borrowers would assume getting credit is difficult. In a way, the statement is not entirely false. You can say many borrowers can show you evidence of lengthy and stressful loan approval because there is a bad credit score.
While other financial institutions may have strict rules, private lenders do not impose heavy lending requirements for a borrower. We are a private lender. We know that a borrower is looking for a loan because he or she needs immediate assistance. What if you run a business and you need cash money right now?
Bad credit loans come to solve your problem as easy loans such as urgent doorstep loans or short-term unsecured loans. Bad credit loans work for people who have been suffering from low credit scores yet need money now. With our flexible bad credit loan offers, we have taken care of the product in a way that the borrower with poor credit can take it out as usual as one with a good credit score can. Let us explain.
Bad Credit Loans: All You Need to Know about the Product
When there is a problem, there is always a solution. You need to look for that solution in order to find it. A bad credit loan is designed for people with a low or considerably bad (extremely low) credit score. This is where we realised to make the approval of the product by some other means. This is how it works.
If you are looking for short or long-term loans for bad credit, you can easily (and quickly) take it out by sharing your salary information. We have made the approval of these loans dependent on your income statement officially. You need to qualify the loan affordability to get the money. Plainly put, if we can find out that your income is enough to repay the loan in the set instalments, you get the loan despite your low credit score. Features of a bad credit loan are:
- The loan is dependent on your income statement and not your bad credit score.
- You will not be charged extra fees or costs for the loan.
- The loan can be found in a variety of ways.
- Your credit score will be taken for a soft credit check. It does not influence lending.
- You can aim for a secured loan as an alternative bad credit loan.
- Bad credit loans are given for almost any purpose.
You have now understood the matter of bad credit loans quite clearly. Now, it is time for you to learn a few interesting points about it. Then we may help you to take out the money soon.
Are Bad Credit Loans and No Credit Check Loans the Same?
The right answer to that question is a ‘no’. You cannot get a no-credit-check loan without having your credit score analysed. The no-credit check loan might be a statement in the online world that flourished for countless reasons. However, a bad credit check loan is quite similar to a no credit check loan when we consider how the credit check process is made.
Two kinds of credit checks are made to offer you the loan you need. First comes the hard credit check process. It considers all the significant and subtle records of your credit report and credit score in a hard credit check process; getting a new loan can be difficult.
A soft credit check is an additional process with different purposes than a hard credit check. With a soft credit check, you do not need to worry about having your borrowing come to a halt. You will get the loan in a soft credit check.
Soft credit checks are meant to increase the probability of helping a bad credit borrower. Lenders do that not as an official process to define the lending process. The real purpose of a soft credit check is to understand your financial behaviour, suggest the best loans, and, of course, keep a record of your borrowing.
By analysing this point, we can say that a no-credit-check loan has some relevance to the soft credit check./ Although there is no such thing as a no-credit-check process, you can still get a bad credit loan without worrying about the approval process because it is based on your income.
How to Take out a Bad Credit Loan from a Private Lender?
Private lenders are also known as direct lenders. We are organisations that directly deal with the borrower without anyone or any party in between. This helps our loans faster and simpler.
You must understand that your income statement is mandatory to take out a loan with a bad credit score. However, whether or not you may repay the loan it is easy to find out if you use a loan calculator yourself. As you know, we offer more than one repayment package for our loans; a loan calculator might as well help you choose the best package. Let us know if you need help in this case, too.
- Apply using our online application form.
- Arrange your income statements and keep them organised.
- We also accept alternative income such as freelancing or part-time earnings. Do not be hesitant to share all of them as your income statement. For startup businesses, using business plans can serve as income statements.
- Share your updated credit score.
We will go through your borrower profile and income statement with these steps. In a few minutes, we can approve you of the loan. You can receive the money within a day.
To Conclude
Now that you have learnt a little about bad credit loans, hopefully, you can take it out in clarity. Let us know if you need more assistance or explanation. Our team is ready all the time to help you out.
Anna Johnson has more than 11 years of experience in direct lending industry of the UK. She is the Senior Content Editor at 24cashflow where she is leading a large team of loan experts. During her career, she has helped the loan aspirants to use the particular loans in the best way and improve their financial lives and status.
Anna Johnson is known for her in-depth research of the UK loan marketplace, as she has worked with many major lending firms in her career. During her educational phase, she has done a research on ‘Finance Fundamentals for Growing Business’.
