Low Credit Score Loans
When it comes to lending, we don’t think everyone should just be judged by their credit score. That’s why we choose to lend based on trust instead. At PM Loans, we base our loan approvals on affordability as well as credit score ratings. If we trust you to keep up the repayments, then hopefully you would be approved for low credit score loans.
What is a Low Credit Score?
A credit score is essentially a number that lenders can choose to judge you on, while a bad credit score is one that suggests you might be a risk (as in, you might not pay them back!). Most loan providers will be unlikely to accept an application for finance from somebody with a bad credit score. But we know you’re so much more than just a number, which is why we won’t say no just because your credit score is lower than someone else’s.
To provide a bit of background, credit reference agencies use different scoring systems and criteria to determine your credit score. This is why different agencies can score you differently and is also why you can be refused by one credit provider for having a poor credit score and not another. The data used to inform your credit score ranges from bank accounts and credit cards, to address history and court records.
What causes a Low Credit score?
A whole number of things can cause a bad credit score, including late payments, CCJs, or even having taken out little credit in the past. It’s no wonder it’s so easy to get caught out.
- Missed payments. Late or missed repayments on other loans, agreements of bills. These are normally marked as defaults.
- CCJS. Having a County Coury Judgement made against you.
- Thin credit. If you’ve never had a credit card or other form of credit. Which means you haven’t built a credit profile that lenders can check.
Can I get a loan with a Bad Credit History
Yes, we don’t see why not. And we don’t think it should cost you a fortune either.
Just apply online, providing details of your income and expenses, submit your application, check your email and receive money in your bank account! It doesn’t get any easier than that and it’s the same simple process even if you have bad credit, because we don’t use your credit score or credit history as criteria for deciding whether to grant your loan, or what kind of interest rate to charge you.