There are numerous consumers out there that find themselves unable to access funding from traditional lenders like banks and credit unions because they need a higher credit score. From car payments to utility bills to medical fees to travel expenses, whatever your reason for needing cash may be, you can get a loan for bad credit in the UK from UKBadCreditLoans.
The platform is not a direct lender but connects borrowers to loan providers that are open to accepting bad credit applications, with loan amounts that can extend as high as £5000. These loans can also be paid out within a repayment period that revolves around 1-36 months, with interest rates that can vary up to 49.7%.
The platform is also designed to be extremely easy to use, with the entire loan process being streamlined for speed and efficiency. UKBadCreditLoans co-founder Emilia Flores went on to add, “We focused on ensuring that our platform has a fairly simple and straightforward user interface to ensure that even first-time borrowers have no difficulty accessing the funding that they need.”
How Does UKBadCreditLoans Work?
Submitting a loan request via UKBadCreditLoans only takes a few minutes, and since the platform is also free to use, you don’t have to worry about paying any fees. Also, the entire process can be handled online, so there is no need to run around to different offices or deal with multiple in-person meetings.
Everything can be handled on your phone or computer, and the first step that you need to take is to fill out an online form with your personal and financial details. This will usually include your name, address, loan amount, social security number, bank account type, employment status, income level, etc.
Once you finish filling in all the necessary details, you simply submit the form and wait for your loan application to be reviewed. This process should only take a few minutes, as the platform uses an automated system to match you with the relevant lenders that are willing to approve your loan request.
You will then be presented with multiple loan offers, each with its own rates and terms for you to consider. You should also keep in mind that a loan offer may also come with extra fees and costs like prepayment penalties, origination fees, etc.
As such, you should carefully look over the terms of every loan offer before you make the decision to accept it. It is important that you are able to afford to make your repayments on time; otherwise, you risk falling into bad debt. If none of the offers is satisfactory, keep in mind that you are free to decline them without fear of having to deal with any penalties or fees.
On the other hand, if you find a loan offer that fits your budget and requirements, you can choose to accept it by e-signing the loan agreement. At this point, the lender will start to process your funds, and in most cases, you can typically expect to receive the money in your checking account within 24 hours. However, this can vary depending on the day you applied for a loan as well as the processing times at your bank.
Once you receive the funds, it is now up to you to ensure that you make your repayments on time; otherwise, there is a high chance of being charged high late payment fees. On top of that, some lenders may decide to report you to the relevant credit bureaus, which can lead to a lower credit score.
Why Choose UKBadCreditLoans?
There are a few key aspects that UKBadCreditLoans has that make it the ideal place to go should you find yourself in urgent need of financing. In this respect, some of the main things that we liked most about the company include;
- Speedy Loan Processing: Unlike applying via a traditional lender, all loan requests conducted on UKBadCreditLoans are processed extremely quickly. In fact, you can often expect to receive your finds as soon as the next business day, which makes it ideally-suited for paying off urgent and unexpected expenses.
- Secure Lending Service: Another important aspect that allows the platform to shine is the fact that they use highly advanced encryption technology to ensure that all data that is fed through its system remains safe and private. In addition, the company conducts frequent data security tests to ensure that there are no security leaks.
- Bad Credit Accepted: UKBadCreditLoans does not limit any of its services to just borrowers with good credit. It also works with those carrying bad credit scores, with most of their partner lenders often taking into consideration other factors when evaluating your creditworthiness. For instance, they will often look at your income level and employment status, so even if you were unable to be approved by a bank or credit union, this is a reliable place to turn to.
- Multiple Loan Products: UKBadCreditLoans has an extensive network of lenders, most of whom offer access to a wide variety of loan products. Some of these include; bad credit loans, payday loans, same-day loans, and more. As a result, it is very easy to find a form of financing that works best with your current situation and also fits within your budget.
- No Hidden Fees or Costs: UKBadCreditLoans’ lending service is completely free to use, so you never have to make any sort of financial commitment to find a lender. You also don’t need to sign up or create an account either, which makes it an extremely accessible platform that pretty much anyone can use to secure themselves urgent financing.
- FCA-compliant Lending Network: All the lenders that UKBadCreditLoans partners with are FCA-compliant. This means they are all licensed and government regulated, so you can rest assured that there is zero risk of falling victim to unscrupulous or predatory lending practices.
Should You Use UKBadCreditLoans?
If you need cash to deal with an emergency and cannot access funding from a bank or credit union, it’s safe to rely on UKBadCreditLoans. The platform makes it easy to connect with potential lenders, and since it is free to use, you have nothing to lose by submitting a loan request.
Furthermore, their lending network always ensures that your funds are processed as quickly as possible, so you can depend on them to provide you with cash when you need it most. Plus, having a bad credit history will not affect your chances of being approved.
However, it is important that you take the risks of borrowing from UKBadCreditLoans’ partner lenders into consideration. For one, you can usually expect to be charged high interest rates, especially if your credit score is less-than-stellar due to increased risk to the lender.
Moreover, any late payments will often be met with high penalties and may even come with the added risk of being reported to the major credit bureaus. Also, most online lenders for bad credit do not tend to report on-time payments, so taking out a loan from them is unlikely to help you improve your credit rating.
In short, UKBadCreditLoans is highly recommended for anyone with few options to borrow money in a hurry. However, before you decide to apply for funding, you must be confident that you can afford to make the repayments; otherwise, you risk complicating your financial situation even further.