Loans for Bad Credit
Loans for bad credit are for individuals who suffer from bad credit and who experience problems obtaining loans from banks. In some circumstances, people often lack support.
Bad credit occurs when you miss repayments on your current loans, bills or if you have CCJs and bankruptcies.
Not many people are aware that you can get bad credit for applying for too many loans.
How Do Loans for Bad Credit Work?
Applying for a loan for bad credit is simple, you apply for the amount you require, the lender will then inform you of the interest rate applicable for the amount for the agreed period.
Interest rates are capped by the FCA which means you will never pay more than £24 for every £100 you borrow from the lender.
Bad credit lenders generally work off your income and whether you can afford the repayments as apposed to using your credit history to make a decision.
All that they do differently is make sure that you are who you are, that you are over 18 and in full-time employment with regular income and that you have a U.K bank account.
Can Loans for Bad Credit help improve your credit rating?
If you keep up your repayments!
Loans for bad credit are not long-term fix solutions if you looking to improve your credit rating. There are several tips that will help such as;
- try not to apply for too many loans
- try not to make too many applications in a short period of time
- paying your bills on time and set up direct debits wherever possible
- check your credit file to look for any discrepencies
- make sure you are registered on the electoral
Am I suitable for a Loan for Bad Credit?
Everyone is suitable, there is no threshold for applicants looking to apply for the service.
These types of loans have bad reputations in the past, however, times have changed and this is due to the high demand, the rise in transparency with fee and rates and most importantly the customer satisfaction the service has on the borrower’s (short-term) financial circumstances.
Companies (us included) have not only helped people out of an emergency situation, but many have advised thousands of customers on how to improve their credit, manage their finances, budget and even save money too.
PM Loans are here when you need us most, we are here to help, advise and get you back on the track with a healthy financial future.