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We aim to find out and then delve into some Bad Credit Loan providers to see what they have to offer.
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, a Bad Credit Loan 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.
Wentworth Direct Finance for Bad Credit Loans
Wentworth Direct Finance can offer an unsecured loan even if you have been refused credit elsewhere, have been blacklisted or have defaults against your name. The loan range is from £1,000 to £15,000 and can be used to cover any needs. The application process is online and the loan terms are decided when you apply – such as the loan term, the amount you wish to borrow and so on. The APR rate isn’t actually too bad for this type of ‘high risk’ loan at 15.6%. There are some eligibility areas that need to be ticked off – applicants must be at least 18 years old and be either self-employed or regularly employed in order to be accepted. Overall though Wentworth Direct offer a pretty good service for this kind of loan.
Provident Personal Credit
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.
FLM loans – Unsecured and Payday Loans
FLM offer unsecured 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.