Loans For Bad Credit UK
A bad credit loan (or an adverse credit loan) is designed especially for people who have got a poor or low credit history. A poor credit rating can make it more difficult or more expensive for someone to get credit, because lenders view customers with a poor credit history as a higher risk.
If you have had a problem like this in the past, it will show up in your credit history, and will indicate to the company you are seeking to borrow from that you may be at higher risk of falling behind with your repayments. This could affect your chances of being approved for a loan, as companies generally lenders online bad credit
do not wish to lend to an applicant who has a less-than-perfect history of managing credit repayments. However, not all hope is lost. At Sunny we want to help people as much as we can, so even if you have had some problems managing credit in the past, you could still qualify for a bad credit loan with us.
A bad credit loan is designed specifically for those who have bad credit. Lenders will only lend to borrowers who they think can afford the monthly repayments, so if you have a poor credit history, a lender may agree to lend you money if you have a guarantor who can cover the repayment costs if you are unable to, or they may charge higher interest rates to cover the potential risk.
Our flexible guarantor loans are around a 30th of the APR of a payday loan and are regularly featured by price comparison sites as one of the cheapest options for anyone borrowing Â£500-Â£10,000 with a low credit score, even if you are not a homeowner Your loan can be for any responsible purpose, ranging from a car to home improvements, and anything in between.
Your unique credit score will be an important factor in lending decisions. If your credit score is particularly low, it may prevent you from obtaining any kind of finance. This is because lenders assess the risks associated with providing money. If you have a long history of missed payments, it could be a preventative indicator. To get a better understanding of your credit report why not try a free credit reporting website such as noddle. The better your credit score, the better your chances are.