Loans for Bad Credit
Missing a payment, making an overdue payment or paying less than required by your credit agreement are all contributing factors to your credit history. As time passes, credit agencies can sort your credit score as ‘poor’ or even ‘very poor’ as a result of this. Lack of a borrowing history can also lead to poor credit. Thus, making loans and paying for products/services on finance challenging for you. However, we’ve got a great solution to get you back on track – loans for bad credit.
Can I be approved for a Short Term Loan with Adverse Credit?
You may still apply for a short-term PMLoan if your credit score is still being rebuilt.
How do I improve my Credit Score?
It’s not the end of your credit’s poor – it’s only up from here. Here’s how you can bounce back and rebuild your credit:
- Check and review your credit files. If there’s a mistake on your file, this could negatively affect your credit. Double-check as it’s better to be safe than sorry!
- Get on the electoral roll. Lenders observe the electoral roll when making the decision on whether they should provide you with credit or not. Not being on the roll increases the likelihood of refusal.
- Pay all of your bills on time. Make a habit of making sure all of your bills are paid on time. If you have existing credit, ensure all minimum repayments are made at least and consistently avoid making late repayments.
- Abolish old accounts. Closing credit cards & old overdrafts that you aren’t using anymore can work to your benefit. Credit agencies may be deterred from offering credit to you’ve got an abundance of ‘open’ credit already available.
What is a Bad Credit Score?
Bad credit is in accordance with your credit score. Your credit score is a triple-digit number. According to Vantage Score, a credit scoring model which was prepared by the three main credit bureaus (Equifax, TransUnion, and Experian).
- 300 – 499 is very poor.
- 500 – 600 is poor.
- 601 – 660 is fair.
- 611 – 780 is good.
- 781 – 850 is excellent.
Knowing these guidelines can be beneficial. This is because they can allow you to set goals for bettering your credit score. Thus, giving you the challenge to set for yourself. The credit history you have is based on:
- Your income
- Your credit utilisation
- The length of time of your credit history
- Credit mix (if you have a diverse portfolio of credit accounts)
- The affordability of what you’re asking for
Applying for Loans for Bad Credit
Applying for short term loans for bad credit from PM Loans is plain and simple, even if your credit’s not in the best state yet. For the purpose of the application, all that’s necessary is filling out our online application form. We suggest that you complete our application process in whole & candidly.
This permits us to choose to the best of our ability whether you’re eligible for the range of short-term loans that we have to offer. Moreover, it’s to properly detect which set of short-term loans would be the best suit your financial requirements. Whatever you’re searching for, we’re sure to have everything that you require all at PM Loans.