Been Declined Before?
Chances are you’ve landed up here with us because traditional methods of obtaining finance just aren’t working for you.
If you have an imperfect credit history, you will be acutely aware that it is pretty much impossible to apply for finance through traditional avenues these days. If you have ever defaulted on a payment, or don’t have a squeaky clean loan track record, it is highly likely that you won’t get past the first stage of the loan application process with a bank or building society. This is because they have extremely structured and rigorous lending stipulations.
For years these establishments have left financially desperate people out in the cold with nowhere to turn, and this has had disastrous consequences for many – but not anymore.
Luckily, and thankfully, there has been a positive shift in the loans industry with regards applying for finance, and we are part of that constructive movement. Nowadays, people have flexible avenues when it comes to obtaining small amounts of cash – and these fresh and workable options start with us.
We should be the first place you come for all your loan needs. It doesn’t matter whether you have bad credit, or the perfect financial past, our loans service is unbeatable.
Does That Mean I'll Be Accepted With Poor Credit?
Our sleek service means an application made by you, through us, will be seen by a multitude of lenders – hence meaning the chances of being approved for an unsecured loan is higher than what it would be if you were to apply to a traditional lender.
Importantly, people with ‘bad credit’ are equally likely to be rewarded with a loan offer. This is due to the fact that our lenders have a broad lending spectrum. They don’t religiously stick to the script of only allowing people with perfect credit ratings to apply and be accepted. Instead, our lenders judge every application on merit, and take into account common sense factors such as evidence of recently good financial management.
Please bear in mind, however; us, and the lenders that we are affiliated with, take the business of responsible lending extremely seriously. So, despite us being able to offer a lifeline to people that have a ‘bad credit’ reputation, we will never offer a service to anyone that is clearly financially incompetent.
For instance, if it is evident that you have recently taken multiple loans out, and have defaulted on the majority of these, chances are you are going to be high risk in this instance too, and you will probably not receive the answer that you are hoping for.
In the majority of cases, however, we are confident that we can help many people with the ‘bad credit’ label. This is because we are aware that plenty of people are categorised as being a monetary risk, when in actual fact they were just victims of circumstance who shouldn’t be eternally punished by being cut off from seeking financial aid.
People who have missed just one payment in their lifetime, to us, are not risky. Yet to traditional lenders they are, and will be blocked from making an application of finance.
We like to think we have a common sense approach to lending. Every application is treated fairly and equally and judged in the here and now.
In our opinion, just because you have tried and failed in the past to obtain finance, does not mean you are destined to a lifetime of this rejection. Bad credit or not, we can help. See for yourself.
Bad Credit Questions
I keep being refused credit - why?
For those of you who don't know, having the same phone number and email address for the three years is very important.
Next, lenders want to know that you can make repayments on time. One or two missed repayments from a year or so ago is, but if you have numerous defaults in the last three months, then you will almost certainly be rejected.
If you pass these two areas, chances are you will receive a loan offer today.
I have no idea why my credit is so bad
There are a number of reasons and scenarios that could be responsible for your bad credit tag.
The most obvious reason would be if you have been a regular loan applicant who has a history of failed repayments.
Every loan application that is made is logged in your credit file, meaning if you are constantly applying for finance, this would suggest that you are a liability with money and this would make it difficult for lenders to accept you. Also, if it was evident that you had missed multiple repayments in the past, this would also ring alarm bells and you would more than likely not receive the decision you were hoping for.
If you have never been in the position outlined above however, and have always paid bills on time, then there may be other circumstances at play. Unbeknown to some people, if you are not present on the electoral roll this would automatically put you at a disadvantage. Other scenarios may include; if you have been declared bankrupt, or have a CCJ. Finally, if you currently have outstanding debts that you are still paying off, many lenders may decide to avoid lending to you at this time as it shows you already have financial commitments that could make you more of a risk when it comes to making repayments.
Am I eligible for a loan of this type?
Providing you meet the eligibility criteria set out on this website, there should be no reason why you wouldn’t be able to apply for this loan.
You should be over the age of eighteen, have a valid UK address, a bank account, and, in some instances, proof of income.
If I take out a bad credit loan, will it make my credit rating worse?
Yes and No. Some people have reported that obtaining a loan of this type has affected their ability to obtain a mortgage. Some mortgage companies have reported that this is true but only if you have taken out 2 in the same 12 months.
On the other hand it might actually do your credit rating some good. So long as you meet all repayments in the time stipulated in the loan contract, you will have proven that you can take out a loan and meet the agreed repayments. This will actually improve your credit score, and make it easier for you to obtain finance if you so wish in the future.
In all honesty, nobody really knows.