Contrary to what some people may believe, the easy and straightforward way of securing a loan is not just reserved for people with good credit scores. These days, there are a multitude of online lenders out there that are willing to consider your loan application, even if your score is less than desirable.
The real trick as you seek to get loans for bad credit online is being able to identify and pinpoint the right lenders that are both reliable and trustworthy. Luckily, there are a number of online platforms that are dedicated to making the entire process simple for you, which is where UKBadCreditLoans comes in.
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A Better Look At UKBadCreditLoans
As the name implies, the company specializes in helping UK-based borrowers find and secure online loans, even with a bad credit history. In other words, if you have ever tried to get funding from a traditional lender like a bank or credit union, UKBadCreditLoans can be an excellent alternative.
With this online loan platform, you can instantly get connected to a wide variety of online loan providers that can provide you with multiple loan products to choose from. The website is not only easy to navigate, but it also ensures that the entire application process is fast and straightforward.
You can typically apply to borrow loans for as little as £100 up to a maximum of £5,000, with loan terms that range between 1 month and 36 months, on average. On top of that, their lending network will usually offer loan rates that can vary up to 49.7%.
However, according to Emilia Flores, the co-founder of UKBadCreditLoans, “The rates that you will be offered by our partner lenders will vary depending on your level of income and credit score. So, the higher your income level or credit score is, the more likely you will qualify for a more favorable loan rate.”
In other words, anyone with a less-than-stellar credit history can secure a loan, and at much more reasonable rates compared to most other platforms.
UKBadCreditLoans Loan Application Process
UKBadCreditLoans offers borrowers the best possible approach to securing loans from online lenders by sparing you a huge amount of time and effort contacting dozens of potential lenders individually.
Plus, the entire process has been designed in such a way that even a first-time borrower can navigate their way through it without much difficulty. And most importantly, you don’t have to pay a single cent to submit your loan request, either.
However, before you get started, you need to ensure that you fulfill a few standard eligibility requirements. These include:
- Being at least 18 years old
- Being a citizen or permanent resident of the UK
- Have an active UK bank account
- Have a steady income stream
If you meet all these requirements, you can follow the steps below to apply for a loan via UKBadCreditLoans:
Step 1: Head over to the UKBadCreditLoans website.
Step 2: From there, input your requested amount and click on “Get My Quote.”
Step 3: Fill out the online pre-approval form that follows with the required details. This includes personal information, credit information, bank account information, contact information, employment information, etc.
Step 4: Submit the form and wait for a decision on your loan request.
Step 5: Select the one that best fits your budget and requirements by e-signing the loan agreement.
Step 6: Wait for the funds to be deposited into your account. This will typically be completed in as little as 24 hours.
Step 7: Once you receive the money, all you need to do is ensure that you respect the repayment terms to avoid the risk of facing late payment fees or being reported to the relevant credit bureaus.
UKBadCreditLoans Fees and Costs
UKBadCreditLoans is a platform that provides free services to borrowers of all credit types, which means that you don’t have to worry about having to pay out even a cent to them.
This is because the company effectively makes a profit by charging its lending partners for connecting them to potential borrowers. As a result, it offers borrowers one of the most friendly lending services in the market.
However, do keep in mind that many bad-credit loan providers tend to levy modest fees and costs on borrowers. And since UKBadCreditLoans has no influence over what their lenders choose to charge, you should be careful before accepting any loan offer.
What Makes UKBadCreditLoans Special?
Aside from the fact that you don’t need to pay any fees to them, UKBadCreditLoans also does not require you to have a credit history. As mentioned before, their lenders take into consideration a wide variety of factors, such as your salary and employment, to determine your creditworthiness.
Also, unlike traditional lenders, UKBadCreditLoans’ lending network does not require you to put up any collateral to secure a loan. You only need to provide details about your finances so that they can see whether or not you are capable of repaying the loan amount.
How Long Do UKBadCreditLoans’ Lenders Take To Process a Loan?
This will often depend on the type of loan you apply for as well as the day that you apply for the loan. For instance, payday loans tend to be processed much more quickly than traditional loans since they typically come with less stringent eligibility requirements.
Furthermore, the day you apply for a loan is important, as any loan that you apply for over the weekend will usually be processed on Monday.
Is UKBadCreditLoans Safe To Use?
Absolutely. The only thing that you need to keep an eye out for is the lender that you partner with, which means keeping a close eye on the rates and terms you are offered. Some lenders can impose high interest rates or extra costs in their loan offers, so it is important that you look through any loan deal thoroughly before you sign it.
Also, if you don’t understand any terminology in your loan agreement, it never hurts to consult with a professional first.
Does UKBadCreditLoans Conduct Credit Checks?
As a credit broker, UKBadCreditLoans does not directly conduct credit checks, but their partner lenders do. And this is because they are required to by law, according to the Financial Credit Authority (FCA), which is a government body that regulates lending in the UK.
However, the good news is that UKBadCreditLoans’ lenders will usually conduct a soft credit check on your loan application. As such, you don’t have to worry about it leaving a negative mark on your credit report.
Will a Loan From UKBadCreditLoans Impact My Credit?
Most short-term lenders do not report on-time payments because the loans tend to be so short-term that they don’t end up creating a credit report item. However, it is very likely that the lenders will end up filing a report if you fail to make your loan repayments on time.
It is for this reason that you should always make sure that you can afford to take on a loan before you sign any loan agreements.
When it comes to securing loans for bad credit, UKBadCreditLoans should be your top choice. All you have to do is fill out a short online form and wait for their partner lenders to send you their offers.
Also, since you will have the option of comparing them, this ensures that you will be able to select the one that best suits your financial situation. And it is worth noting that this is something that most online lending services fail to provide.
As such, it is safe to say that UKBadCreditLoans is worth trying out today, and since the service is free to use, what do you really have to lose?