Great loans for people with bad credit
Great loans for people with bad credit
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There are more and more people that have a less than perfect credit history which hinders them from being accepted for cedit from loans to credit cards and even car finance and hire purchase. Trying to get an unsecured loan when you have poor credit can prove very difficult as most of the high street banks and main lenders will reject you if you have defauklts or CCJ's or even no credit histroy.
Thankfully there are lenders and brokers that specialise in providing bad credit loans to people with all types of credit files. Just becuase you have a low credit score doesn't mean you should be excluded from borrowing money when you need it. There are a wide variety of bad credit lenders and brokers that can help and the process is normally very simple, in fact the application for a poor credit loan on the bad credit loans takes around 2 minutes to complete.
What are bad credit loans?
What are bad credit loans?
Loans for bad credit are simple loans that have been designed for people that have a lower credit score. There is one main difference between these loans and the normal loans you may get from your bank and that is the apr and how much you pay back. When lenders accept someone for a loan who has a poor credit file there is more of a chance of that person defaulting on the loan, according to the credit history. This means that the lender is taking on more of a risk and for this reason the interest is much higher. If you have very good credit it means you will have mich more of a choice of where to go and interest rates will be a lot lower.
Poor credit loans can be a good way to help rebuild your credit rating as it can show to other lenders you can successfully repay an agreed loan on time. On the flip side if you miss payments or fail to replay a loan designed for poor credit it will damage your credit history even more.
2 Minutes to apply online
2 Minutes to apply online
Applying is a simple online process. Simply complete an application for and you can have a decision on your loan application within minutes
No fees or charges
No fees or charges
Money Trumpet charge no fees or charges so you can apply for a loan withuot any worry. We make our money from the lender / broker.
Fast payout
Fast payout
Once you have completed the form and recieve a decision you could have the funds witihn a few hours, subject to meeting the bad credit lenders criteria.
How much can I borrow with poor credit?
How much can I borrow with poor credit?
Normally anything up to £2000 but that will depend on your circumstances such as you previous credit history and your income. After you apply and recieve a decision the lender will inform you if the amount you asked for has been accepted, in some cases you may be offered a lower loan amount.
Are bad credit loans safe?
Are bad credit loans safe?
Yes as long as you use a reputable lender or broker they are safe. Only use direct bad credit lenders or brokers who are registered and authorised with the FCA. This means they will practice responsible lending and only lend money if they feel you can comfortably make repayments.
How quick can I get the money?
How quick can I get the money?
Once you have applid for the loan and have been approved the process is normally very quick. If everything goes smoothly and you are accepted by the lender you could have the money in your account within a few hours.
Do I need a guarantor for a bad credit loan?
Do I need a guarantor for a bad credit loan?
No not always but it depends on how bad your credit profile is. If you do have a guarantor with good credit it will be easier to get a loan and you may be able to get a lower interest rate. Remember though that your guarantor is liable for your loan if you fail to repay it.
What can I spend the money on?
What can I spend the money on?
You can get a poor credit loan for any reason from paying for a car repair, a wedding, holiday or to help see you through to next payday. Alternative it may be for debt consolidation.
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