Loans for Bad Credit

Loans for Bad Credit

Having Adverse credit doesn’t mean you are ineligible for a loan. Many loan companies are willing to look at more than just your credit score when determining if they will lend you cash. If you need to apply for a loan with bad credit in the UK, then Monevo’s lender panel may be able to help.  With Monevo’s streamlined, simple process and cutting-edge technology, they can match you with suitable lenders and find the best rates on offer for your circumstances. All you have to do is fill out the free, no-commitment application, sit back and relax, and Monevo will connect you with the loan companies that accept your application. It’s that easy, even with bad credit.

Applying for a Loan with Bad Credit

When you apply for a loan in the UK, a creditor will have access to more information than your credit score to help them make a decision. They may also look at:

  • Relevant public records
  • Past financial account information
  • Home repossessions
  • Who you have opened joint financial accounts with
  • Previous searches, going back 12 months

Building good credit takes time; lenders understand this. You are not alone if you don’t have flawless credit! Many borrowers have applied for a loan with bad credit and are still financially capable of managing the debt. Whether you require a personal loan to invest in a home upgrade, a business loan to move your career ahead, or a cash loan for essential purchases or other reasons, you can apply to borrow despite having bad credit. In fact, there are loan companies in the UK who cater to those with lower credit scores.

The Effects of Adverse Credit

Still, with Adverse Credit, you will have to pay more for a loan. It’s nothing personal, but borrowers who have an adverse credit score are considered to carry a greater level of risk. Loan companies protect themselves from this risk by charging higher interest rates.

To make applying for loans with bad credit easier, you may also want to consider having a guarantor. A guarantor signs an agreement to affirm that they will repay the loan in the unlikely scenario that you are unable to. This makes you a less risky, and more desirable borrower.

Want access to some of the top UK loan companies and their competitive rates? Use Monevo’s award-winning technology to search the best loan offers available from their extensive trusted panel of lenders.

Wefindanyloan.com and Monevo encourage customers to seek out as much information and advice before taking out any type of Loan. Here are a couple of sites to help you along the way:

 

https://www.moneyadviceservice.org.uk/en/
https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/
http://www.stepchange.org/

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