Bad Credit Loans Information
We aim to find out and then delve into some Bad Credit Loan providers to see what they have to offer.
Help When You Need it!
Bad credit can paralyse individuals, with banks only willing to lend to people who have a good history of repayment and credit. The problem of bad credit has multiplied and grown in the past four years because of the current economical crisis and recession. As banks become less and less willing to lend money, even those previously termed as having a good credit rating may now slip into the negative category as banks raise the minimum credit rating for those that they are prepared to lend to. There are other loan lenders in the market who are willing to lend to people with bad credit ratings but they may offer stricter and harsher repayment terms.
Bad Credit Loans – what are these?
This kind of loan is aimed at people who have had problems with their credit history in the past. But unlike a payday loan which is also aimed at people with credit rating issues, Bad Credit Loans can be anything from secured, unsecured or a credit card. A payday loan is just one type of loan with very specific criteria. A Bad Credit Loan provider will be able to search the market on your behalf and will be able to source a lender who is willing to take you on even if you have had problems being accepted elsewhere. This kind of loan has been harder to get hold of since the 2008 global financial downturn as lenders have become more reluctant to lend money to high-risk borrowers. However, using a good service means you most probably find a lender willing to take on a bit of extra risk. Of course, because you are higher risk, you may be subject to strict terms, so check these before taking the loan.
1. Provident Personal Credit for Bad Credit Loans
If you've found yourself squashed in to a tight financial corner then Provident Personal Credit could come to your rescue. Due to Provident Personal's more sympathetic attitude to lending £50-£500 could be delivered to your door within a matter of days, even if you are unemployed or have a poor credit history. With a maximum term of 52 weeks to pay back your loan, a financial weight can be lifted off your shoulders, allowing you to make your repayments in smaller, more manageable sums. Join over 1.8 million happy Provident Personal Credit's customers today online and speak to a friendly, local agent for more information.
2. FLM loans – Unsecured and Payday Loans
FLM offer personal loans from £500 to £5,000 for a term of between 12 and 60 months. FLM will consider applications from people who have had CCJs, arrears and defaults, which means a poor credit history is not a problem. The unsecured bad credit loan from FLM does carry rules on eligibility though – applicants must have proof of ID, a bank account, be able to provide one month's bank statement, be able to provide a guarantor who has a good credit rating and who is a homeowner. This is quite a long list of requirements, so it may be worth considering if you are able to meet these before applying. Always check what fees are involved as some bad credit loan providers can add brokers fees and other hidden extras.
3. First Choice Capital Resources offer Bad Credit Loans
First Choice Capital Resources offer various types of loans including loans for people with bad credit. Even if you have been refused for a loan elsewhere this company will do their best to find you the cash you need. First Choice Capital Resources work with a large panel of lenders who can offer both secured and unsecured loans of up to £2500 depending on your circumstances. If you are simply looking for a small amount of emergency cash then this company can also find you payday loans. The loan terms also vary so it is possible to borrow money for a period of up to 24 months depending on your needs. The application process is easy but as with any financial purchase be sure to read the terms and conditions thoroughly.