Bad Credit Loans – Bad Credit Loans For People with Bad Credit – 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.

Bad Credit Loans Information and Guide

Bad Credit loans are often secured loans for which you must offer an asset as collateral for the security of the loan. The application process is easy and can be completed online in a matter of minutes. Once you have been approved the money can be in your account very quickly. Bad Credit loans should only be used for urgent expenses. You must make sure that you can pay a bad credit loan back or you could lose your home.

The main criticism of bad credit loans is that they charge a very high amount of interest or APR. However, do remember that these loans are designed for people with bad credit and the lender takes on a higher level of risk. You need to be absolutely certain that you will be able to repay the loan, plus the interest when it is due. Otherwise you could be left with heavy charges and loss of your home.

Bad Credit Loans are not the best option for all

Bad credit loans are not the best option for everybody. They should not be used for any long term financial difficulties you might be experiencing. If you are already in a lot of debt then the risk of ending up in more debt with a bad credit loan is simply too high. Treat bad credit loans as a last resort and explore all your other options prior to applying.

There are many reasons why you might have been refused a loan. One of the most common reasons why you will not be accepted for the loan that you want is because you have a poor credit rating. You credit rating can be easily damages simply by missing a few payments on your loan or credit card. Unfortunately, a bad credit rating will be used against you. This is because lenders will see you as a too much of a risk to lend money too because in their mind you have not demonstrated being financially responsible. If need a loan but have a bad credit rating you might want to consider bad credit loans which is geared towards those with bad, little or no credit and those who have been refused elsewhere.

Bad credit loans are really helpful in getting people with a bad credit score the money they need. They can even help you rebuild your credit rating. A good credit rating is really valuable. Those with a good credit rating will be offered better loan conditions and be able to borrow more money with lower interest rates. You will be able to find both secured and unsecured bad credit loans. In general you will find that secured loans will have lower interest rates because you have to put up an asset used as security against the loan. Unsecured loans do not require collateral but you will find interest rates can be higher as a result.

Bad credit loans in general have higher interest rates than most types of loans. With this in mind you need to make sure you don’t want miss payments because the interest charges can be expensive. You will also only damage your credit rating even further which won’t do you any favours. If you are sure a bad credit loan is the right option for you, you need to take the time to research the market. Make sure you compare different bad credit loans against each other to find the right one for you.

If you have a bad credit rating then you will know how hard it can be to get the loan that you want. Having little or no credit will also affect your chances of getting a loan. This is because some lenders and in particular banks will see you as too much of a risk to lend money to. However, if you are tired of being refused a loan because of your financial history you do have options. Today there are bad credit loans, loans which are specifically designed for people with a poor credit rating and anyone who has been loans elsewhere. You will be able to find both secure and unsecured bad credit loans

Is a bad credit standing between you and the loan that you want?

Bad credit loans are flexible and you will find you can borrow more money for more time as opposed to payday loans. The main advantages of a bad credit loans are that you will be able to get one whatever your credit rating. Many also come with a credit rebuilding facility which can help you start to build or improve your credit rating. A better rating will stand in your favour and affect your future chances of borrowing. This is because those with good credit scores are likely to be offered more money and lower interest rates.

The main disadvantage of a bad credit loan is that the interest rates can be considerably higher when compared to other types of loans. This is again because you can take one out whatever your credit rating. With this in mind it is really important that you make your repayments on time. Failure to do so could result in expensive interest fines and other charges which can easily accumulate and you risk falling into debt. You will also damage your credit rating even further. A bad credit loan is therefore a big commitment so you need to make sure you will be able to keep to the loan conditions. Always take the time to find the right bad credit loan for you.

Thousands of people across the around the world will go into debt at one time or another and be faced with a poor credit score, particularly as many continue to struggle against recession threats and worsening economic conditions. This trend looks set to continue as the cost of living is showing no signs of slowing down. In the UK, the economic situation along with inflation and lower wages means increasing pressure is being put on households forcing many to take out loans and credit cards just to get by. Unfortunately, your finances can somehow get the better of you and with more and more people taking out loans and credit cards it is no wonder that people miss payments and damage their credit rating.

Compare Bad Credit Loans With a big range of loans currently advertised at competitive rates, which one must you pick?

Should you be looking for a truly short- term loan to get you through the remaining days in anticipation of your next salary cheque, then it would be more cost-effective for you to think about payday loans rather than use your AMEX card or go in debt on your bank account. Such quick fix loans are available to those persons who have a job and who need to be able to get cash fast, perhaps due to a crisis for example a car accident or an unforeseen bill that needs immediate imbursement. Even though one is usually required to settle the amount once they receive their next job payment, the providers who offer these types of loans usually allow a 30-day grace period for settlement of the total amount owing.