Representative example of the total cost of the loan, including all applicable fees – Typical loan size of £25,000 over 120 months = £275.82 pm, 4.35% Variable APR – 6% (including £1800 in interest) total repayable £33,098
Maximum Annual Percentage Rate (APR) – approx. 24% (lender starting rate 18%) – Typical Apr will be around 8%
*We are not a lender, we provide a free credit brokering service. We will never charge you a fee for using our application.
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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Loans subject to status. Over 18s only. Minimum loan amount may apply.
Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable
It is our ultimate goal to make your lending experience as easy as possible.
If you have any queries feel free to contact our dedicated team of experts today.
Competitive Examples From Other Companies
Representative Example: Amount of credit: £300.00. Term: 91 days. Interest: £155.35. 3 monthly payments of £152.63.
Total Repayable: £455.35. Interest Rate: 292% pa (fixed) Representative APR: 1264%.
How To Get Poor Credit Loans
Major developments have made most of the lenders lenient; unlike before, getting a loan is more convenient and easier. However, that doesn’t mean that anyone can simply please the lender and obtain the much-desired approval. Indeed, the prerequisites seem easier to comply, but there are still borrowers who are having a hard time getting the lender’s approval. One of the main reasons is the bad credit; the low credit remark keeps the person struggling when getting a loan. Loan providers usually use the borrower’s credit history to come up with a decision and a low credit rating reduces the loan provider’s trust. When things go south; however, most of them can be pleased by providing a form of security. Aside from the asset, having a guarantor who will vouch and guarantee the loan on your behalf can increase the chance of getting approved. Known as the guarantor loan, the poor credit loans work by having a second person who will cosign the loan agreement. His role is barely visible after signing up unless the borrower decided to default. Because of the huge responsibility, loan providers apply critical requirements for the guarantor, which includes the following:
The guarantor must be over 21 years of age; the lender needs to ensure that the guarantor is mature enough, mentally and financially.
The guarantor must be a resident or a citizen of the United Kingdom.
The guarantor must be working with a reputable company, receiving a big amount of income or a homeowner willing to use his property as a security against the loan.
- Credit Rating
The guarantor must have an excellent credit rating with no records of bankruptcy, arrears, late payments, CCJS, defaults, and the like.
- Bank Account
The guarantor must have a working bank account which the lender can use for additional verification.
This is optional; most lenders demand a cosigner that is a homeowner, too. After cosigning the loan agreement, the role of the guarantor only takes effect in the event of default; nevertheless, it’s important for him to fully understand his obligations and the consequences. When getting poor credit loans, it is the borrower’s responsibility to inform the guarantor about how the loan works. Meanwhile, the cosigner should also do a research about his part and the liabilities he may face. The guarantor should understand the loan’s terms and conditions and in case he has doubts, he has the right to decline the loan offered. In case you’re taking the spot of the cosigner and you’re helping someone you know acquire poor credit loans, your main role is to affix your signature to the loan agreement. You’re also responsible for taking over the entire loan amount, including the principal rate, interest, and other accumulated charges should the borrower stops repaying the debt. If you think about defaulting on the loan, too, you are facing terrible consequences which may include a lower credit rating, losing your collateral, or facing a lawsuit. In case you find guarantor loans demanding but you need poor credit loans, you might opt for another credit that is less complicated. No guarantor poor credit loans, for an instant, allow loan seekers to acquire a financial assistance without the help of another person. To maximize the benefit of the credit, here are the important features you should consider when getting the right loan:
- Interest Rates And Fees
When looking for poor credit loans, it’s important to take note of the loan’s interest and charges. Comparing different Annual Percentage Rates (APR) of various companies will help the borrower avoid expensive credit.
- Application And Turnaround Time
Aside from the charges, it’s important to know the length of the application process and its turnaround time. This means getting to know the exact date when the loan product will be released and the repayment period.
Every poor credit loans provider has its own criteria. If you want a hassle-free loan application, look for a lender who has minimal requirements, making it less complicated for you to get qualified.
Options When You Want Poor Credit Loans
Banks and traditional lending facilities are the primary sources of a loan but if you have a bad credit remark, these financial establishments may not be able to accommodate you. In addition, they have time-consuming, complicated lending methods. Borrowers who are in need of urgent cash will not benefit from this. Luckily, there are poor credit loans acquired over the Internet. The overall process is faster and easier especially if you’re borrowing short-term cash. Below are some of the alternative you have when looking for poor credit loans: Payday Loans Popular with employed individuals, these poor credit loans offer a quick solution for those who are in need of urgent cash but with a bad credit rating. In a matter of minutes, the lender can transfer the fund on the same day they’ve applied or within 30 minutes, providing that the borrower has completed the requirements. The amount offered, however, is smaller compared to other types of a loan but still, it can be useful when you have sudden expenses. The downside of the loan is the high-interest rate; since it is a bad credit loan, it’s normal to carry exorbitant interest. Personal Loans Like payday loans, these poor credit loans are easy to find since there is a plethora of direct lenders and financial institutions offering it online and offline. The loan is acquired in a rapid manner; however, it carries a lower interest rate regardless if the borrower has a good credit score or not. In less than a few days, you can use the money to resolve your financial dilemma. You can also score a bigger amount which you can use to pay for utility bills or car repair, travel, as a capital for a small business, etc. The poor credit loans have no restriction and you can use it on anything legal. To make the application, you can go for a secured personal loan wherein you will pledge an asset as a security against the loan. This means giving the lender the right to repossess the loan should you defaulted on it. Otherwise, you may get an unsecured loan instead.
3 most recent personal loan reviews
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Review posted by Shah Azad, Brighton
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The best and more serious loan company, Moneysupermarket without a doubt! Fantastic customer services and great communication , lots of good advice in how to manage your loan and very reasonable rates in accordance to your possibilities. Perfect for that extra pending project without making a big dent to your monthly income. Highly recommended!
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This has proven to be an excellent service. Quick, efficient and trusting.I would definitely recommend Giffgaff loans to friends and family in the future.
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