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Home » Quick Loans

Quick Loans Options For Bad Credit Borrowers

It’s no secret how most applications from bad credit borrowers are rejected. Banks and high street lenders see them as a threat to their company because of the past behavior they have. Fortunately, there are many online lenders offering more quick loans that are available even to those with a bad credit remark. Therefore, if you are in need of money and you need it in the soonest possible time, you should consider this option.

You can start by asking for referrals from the people you know and shortlisting the ones you think are worth considering, or you can do your own research. Once you found a loan provider, fill out the 2-minute application form found on their website. Basically, it will ask for personal and financial details, such as your name, address, contact number, employment details, and bank account. Your credit report is not an issue but they might use it to determine the maximum amount you can borrow and the interest rate to be charged. Unlike the conventional lenders, quick loans providers are more flexible in terms of repayment and the amount you can borrow. Moreover, they understand the urgency of the demand by giving a rapid loan application process. Quick loans release loan decision within hours and once approved, you can have the money transferred to your bank account.

Quick loans are often acquired over the Internet, thus making it a better option especially when you have limited time. You can apply and get approved wherever you are; all you need is a stable Internet connection and a laptop. There’s no need to carry a plethora of paperwork to the office because all you need is completed online application form. The best part is – you have access to their customer service even after office hours. Quick loans online are available 24/7 so you can have the money you need during weekends and even holidays.

This kind of loan offers a convenient financial alternative not only to those who have a record of CCJs, bankruptcy, late payments, arrears, and defaults. It’s also a feasible option when you have a good credit remark but you barely have enough money left to resolve an unexpected bill. It’s also ideal for anyone who wants to deal with their financial dilemma privately. There’s no need to go out and visit a lender personally, so you can obtain quick cash discreetly.

There are no upfront fees and hidden charges but you need to handle its high-interest rate. The loan skips credit check and the only way to compensate the risk is to apply expensive interests. In addition, the amount provided is small, thus can’t be used for long-term financial plans. It is settled over a short-period of time in one lump sum. Nevertheless, most lenders will allow you to have it on the same day you’ve applied.

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Other Quick Loan Options For Bad Credit Loan Seekers

It is true that you can still have an advance even with a poor credit remark, however, it is not as attractive as the ones offered to good credit borrowers. Most loans carry a high-interest rate, a small loan amount, and short repayment period. Therefore, if you want to score a good deal, it’s recommended to improve your credit rating first.

But at least, there are still enough options left for bad credit borrowers in the market, and here are as follows:

–    Credit Cards

Credit cards are often use to purchase groceries and settle educational fees; however, it can be useful in more ways than one. If you need quick cash and you can’t find any lender who can give quick loans immediately, you can use it to acquire money. But, be sure to use it only as a last resort because it carries an extremely high-interest rate.

–    Credit Unions

This establishment is privately owned – managed by its own members – unlike banks and traditional lending facilities. They have a good reputation when it comes to lending quick loans because they are more considerate with their applicants. Therefore, if you need a cheaper advance and you have limited prerequisites, you can pay credit unions a visit.

–    Payday Loan

Payday loans are popular despite its downsides. It doesn’t conduct a credit check therefore, borrowers with a bad credit remark or have no credit history can rely on this option. It is fast and easy to acquire; most borrowers can have their money within an hour. However, the high-interest loan should be settled within one month or less, otherwise they will pay for penalty fees.

–    Peer-to-Peer Lending

The online lending platform is a place where investors and borrowers meet. But unlike online loans, it’s quite complicated to find a Peer-To-Peer (P2P) platform. But if you want more affordable rates and less complicated requirements, you should spend enough time finding one. The application is easy; once you have a reputable P2P lending, all you need to do is post a request and once approved, your risk category will be determined.

–    Talking To Your Bank

When you have established a good relationship with your banker, it’s easier to get a loan despite a bad credit remark. Most financial providers give better alternatives to their clients for being loyal. These advances are cheaper, flexible, and more beneficial especially when you can’t find a reliable loan provider.

Taking Cheaper Quick Loans

As mentioned, having a good credit remark is better before you get a loan. It will allow you bargain with the lender, obtain a bigger loan amount, and get charged with a lower interest rate. You can start fixing your credit score by getting a free copy of credit report from credit agencies. Repay all your outstanding debts on your own or by asking assistance. You can communicate with a debt consolidation loan provider to help you settle all your debts. Also, check for any inaccurate data entered in your account.

When borrowing a loan, be sure to apply only for the amount you need and can afford. Avoid late or missed payments to maintain a good credit remark. Above all, use loans only when it’s necessary.


Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
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