Loans for Bad Credit UK
A variety of factors contribute to and impact your credit history. This includes making overdue payments or paying lower than required by your credit agreement. Not to mention missing payments entirely are a contributory factor to your credit file. Over time, credit agencies can class your credit score as ‘poor’ or even ‘very poor’ as a result of this. Not having a borrowing history can also result in your credit being poor to poor. But in that case, it just means that there’s room for improvement. Thus, making loans and paying for products/services on finance challenging for you. Loans for bad credit UK fits perfectly into this puzzle.
What leads to Bad Credit?
Poor credit is sometimes the outcome of loans not being timely paid back. On the contrary, it can be the effect of you not using or barely using credit. This may seem confusing but it’s just that you haven’t shown creditors your ability to get credit and properly repay it. Having too many forms of credit in use can lead to your score diminishing. Your credit use is usually referred to as your credit utilisation ratio. Constantly requesting new lines of credit can lead to the same effect as well.
How much can I borrow?
A loan for bad credit from us ranges between from £50 to £1500. With our online loan calculator, you can custom the perfect borrowing amount to fit your circumstances and customise the ‘to repay by’ period to give yourself the appropriate repayment duration for the loan.
Am I eligible for a Bad Credit Loan?
To advance in the procedure of getting a loan for bad credit, you’ll need the eligibility criteria before going ahead.
You meet the criteria if:
- Are aged 18 or over
- Reside in the United Kingdom
- Are in employment (however, in some circumstances other forms of income may be considered)
- Are able to meet the affordability checks which we and our lenders request
What are the advantages of Loans for Bad Credit UK?
- Short-term effect. Many types of credit can place you in dept for longer than 12 months. Short term loans won’t be hanging over you for years to come.
- Easy application process. Application for a short term bad credit loan is facile. Click apply now and input your personal details, income, expenditure and bank details. You’ll receive a decision within minutes following submission.
- Constant availability! Traditional banking hours won’t be a problem as you can apply for a short term bad credit loan anytime. You’re also able to review the loan as often as you please & make additional repayments to speed up the process too.
- You’re in control. With PM Loans, you choose the number of funds to be borrowed as well as the repayment terms. We’ll present information on the overall repayment amount, monthly payments and the repayment dates.
How do I apply?
Applying for a PMLoan is simple. All you have to do is fill in our short and simple application form. The information we require from you allows us to confirm your identity. Thus, ensuring the confidence that you and only you get access to your loan and the information about it. Plus, the info allows us to confirm the status of your credit. This, in turn, allows us to properly evaluate your affordability to analyse if you can repay the loan.