Bad Credit Loans - How to Find Bad Credit Loans Online
Bad credit loans are one of the most popular forms of borrowing among those with poor credit history. So, if you missed a couple of payments and are struggling to have your loan sanctioned by a bank, then it's the time to consider other options, like borrowing one of Money Pig’s bad credit loans. Through our network of direct lenders, we offer several bad credit loans such as payday loans for bad credit, cash advance loans for bad credit, installment loans for bad credit and several others.
We are fully aware of all that you must go through while applying through a bank. Unless you have a high credit score, most banks in the UK rejects your loan application. We call it the traditional approach, and as a young and dynamic intermediary, we think differently and along with our network of direct lenders, we firmly believe that your present matters more than your past.
In the UK, bad credit history disqualifies an individual from availing loans through premier banks for at least six years. Now that is a wee bit too much for a couple of unintentionally delayed payments and therefore, we offer an assortment of loans under the category of bad credit loans. These loans are designed for those who are struggling with a bad credit score but are fully capable of repaying their loans.
Are Bad Credit Loans Really Possible In 2022?
If you are looking to get yourself a loan in 2022 and you have bad credit, then it will be more difficult. The main thing to look at if you are trying to get a loan with bad credit is to bear in mind that it will all be down to the lender.
The lender looks at criteria and this will be far more than just your initial credit score. They will use your credit score in most cases with a “soft credit check”, to be able to get a rough idea of the confidence that they will have lending you the money. Depending on the situation they can make a hard credit check and that will give them more information, but it will also affect your credit score.
While you can get a loan with bad credit depend entirely on the lender and just be aware that they have their own criteria when they are selecting.
The best thing that you can do is to work out a way of raising your credit score, so you have the best chance of being able to pick from loans. The problem with raising your credit score is that it will take a while to do so in most cases.
How To Get Your Credit Score?
We recommend if you are worried about being able to obtain a bad credit loan that you check out a service like Experian, they will be able to give you a free credit score. Bear in mind that the Experian is their own personal credit score so although it will help you to gauge where you stand it is not a guarantee of getting credit.
The best thing is that once you do that you are able to see from Experian, suggestions and best ways of improving your credit score.
The simple answer, if you want more information, you can read the full article below or for a simple answer:
“Yes, you can get a loan with bad credit, but it will be fully dependent on the individual circumstances and the lender’s criteria.”
We recommend trying to improve your credit score, if you’re still going to go for a short-term loan make sure that you go for a company that will compare some of the best loan choices for you, so you are able to get the best rate.
Bad credit loans| FAQs
- What are bad credit loans?
- Are bad credit loans legitimate?
- Who should borrow bad credit loans?
- What are the types of bad credit loans that Money Pig offers?
- Why should I borrow bad credit loans from Money Pig?
- How do I apply for Money Pig’s bad credit loans?
- How do you process bad credit loans?
- What are the advantages of borrowing bad credit loans from Money Pig?
- Are bad credit loans more expensive?
- How long does it take to process bad credit loans?
- How much money can I borrow through bad credit loans?
- Why do I have a low credit score?
- How can I improve my credit score?
- Do loan rejections worsen my credit scores?
Money Pig offers numerous short terms and long term loan options, through its direct lenders. These loans can be further classified into good credit loans and bad credit loans. While most borrowers have no problems borrowing bank loans with a good credit score, things are different for those with a bad credit score. So, to make the journey a whole lot easier for individuals with bad credit scores, we offer financial assistance in the form of bad credit loans.
In other words, bad credit loans are a type of loan, exclusively designed for those with bad credit history. Money Pig understands that individually approaching direct lenders and seeking information about whether or not they advance loans to those with bad credit scores, can be overwhelming. Therefore, we partner-up with direct lenders willing to advance loans to those with bad credit history. So, regardless of your credit history, Money Pig can help you find a loan.
Yes, bad credit loans are absolutely legal in the UK. In fact, all the bad credit loans that we offer are advanced by FCA licensed direct lenders. The rules and regulations of the financial services industry only bind these direct lenders to run a credit check before advancing a loan. However, that does not restrict them from lending loans to those with bad credit history.
If you have borrowed a loan or used a credit card but failed to fulfill your financial obligations in connection to the credit agreement, then your credit score declines. Another reason for the decline in your credit score could be identity theft. So, if you fall victim to identity theft and your accounts are misused, then even that could cause a dip in your credit scores.
When any of that happens, then your only option is to borrow a bad credit loan, which is a type of loan offered exclusively to those with bad credit scores. You must know that banks in the UK do not lend money to those with poor credit scores, and to steer clear this problem, we help you connect with several direct lenders in one place. Money Pig has several direct lenders within its network that offer bad credit loans at convenient terms. So, if you are still wondering how to pay your bills, then its time you applied for one of our bad credit loans.
Money Pig teams up with dynamic direct lenders that don’t mind lending loans to those with a bad credit history. Through our wide network of direct lenders, we offer several short terms and long term bad credit loans depending on your needs. If you need a bad credit loan to buy a car or to pay for a mortgage, then we offer long-term bad credit loans such as installment loans for bad credit. On the other hand, if you need some cash urgently to pay for utilities until your paycheck arrives, then you could try our payday loan for bad credit. This is one of the most popular short-term loan options, which is sanctioned on the same day. Other loan options for those who need to deal with sudden expenditures include cash advance loans and other short term bad credit loans.
Money Pig is an intermediary that introduces you to various direct lenders through a single application. So technically, we do not lend you the loan but put you through the right lender willing to work with us. We know how terrible it is to be denied a loan just because you chose the wrong credit card or were an innocent victim of identity theft. All these pitfalls can considerably damage your credit score and leave you in a financial mess for several years. However, we believe that you deserve another chance and therefore we rope in only those direct lenders who agree with our ideology.
As banks are most likely to turn down your loan application due to bad credit, the only other alternative is to look for direct lenders willing to advance bad credit loans. This may require you to frantically look through the internet, make multiple phone calls and exchange emails — all of which require a lot of time and effort. We have also heard of borrowers falling into financial traps while trying to borrow bad credit loans from lesser-known lenders. You can avoid all of that trouble by applying through Money Pig, one of the most trusted intermediaries in the UK. We have earned a reputation for providing personalized support to those struggling to get bad credit loans in the UK.
Our internal guidelines lay down certain very specific customer-centric requirements that you benefit from. For example, we require our direct lenders to hold an FCA license, run soft credit checks only, and process the loans quickly. This allows you to receive loans from trustworthy direct lenders that are not going to put you through lengthy loan approval formalities.
If you are not on the top of your finances, then the most harrowing experience is to be rejected for a loan that could have paid your bills. Most banks in the UK stay away from advancing loans to those without a high or at least an average credit score. So, when your credit score has suddenly dropped, you need a lender that is more generous and practical than the traditional banks. However, finding such lenders and applying for bad credit loans can be risky because if your loan application is rejected, then your credit score drops further.
Money Pig’s bad credit loan application process is designed to solve these issues, which allows you to focus on the commercial aspect of the loan. By connecting you to multiple direct lenders willing to advance bad credit loans, we open the doors for you. We also ensure that all our direct lenders hold the necessary permits and licenses, so you need not worry about confirming that. You are only required to fill in Money Pig’s loan application and furnish the required particulars.
Once you have done that, we take care of the rest and bring you the best bad credit loan offers. In the past, we have helped those with bad credit history to get a bad credit loan on a weekend. That should explain how much effort our team puts into assisting our customers with bad credit loans. So, if you have any such special requirements, do make it a point to mention that in your loan application. We will take that into account and pull out the most cost-effective bad credit loan option for you.
Once you submit your bad credit loan application to us, we then find a direct lender who would be willing to sanction it. This involves matching your background against the minimum requirements laid down by the direct lender. We do this on the basis of the loan amount requested by you, your current employment status, your ability or inability to furnish guarantors and several other factors.
While some of our direct lenders don’t mind sanctioning higher loan amounts, there are some who prefer to maintain a lower limit. So, based on the amount that you wish to borrow, we bring you the most financially viable loan options. Once we offer a proposal, you are free to accept or reject the same. If you wish to go ahead with it, then from this point the direct lender takes over and runs a credit check. Conversely, if you wish to reject our offer, then that shouldn’t be a problem either. All our quotes are absolutely free of cost and 100% no-obligation quotes. Since you are not paying any loan processing fee to us, there is no reason for you to not apply through Money Pig.
Bad credit scores can result in a series of financial blows, and the going gets tougher when your bills stack up, with no sign of your loans being approved. We know how terrible that can be and also understand that most of the time, a bad credit score isn’t your fault. It's just the wrong choices that you may have made temporarily, which continues to have an impact on your life.
So, while you are desperately looking up for direct lenders willing to offer bad credit loans, we bring you some good news. Among our network of direct lenders, there are many willing to transact with you despite your bad credit history. Each of these potential lenders is licensed to lend money in the UK. Also, these are ethical lenders who stick to the industry’s best practices and offer flexible terms.
You gain access to all of them with just one loan application that you submit to us. This eliminates the need to apply to direct lenders, individually and the risk that follows loan rejection. In the UK, your credit scores can be adversely affected even due to loan rejections. Therefore, you must avoid applying directly, and that is precisely what we facilitate. As we are not a direct lender, your application is received by a non-lender so even if we reject your loan, there is little that you need to worry about.
Also, we do not charge any sort of loan processing fees to sanction bad credit loans, so you can be sure that we are not scammers trying to cheat you. Instead, you can confirm the legality of all our lenders by looking up for their license numbers in the FCA register. These are reputed professionals who have been in the money lending business for several decades.
The biggest advantage of applying through us is our ability to connect you with a lender most likely to process your loan. As we are fully aware of your requirements and the lenders’ expectations, we connect you with the one that is most likely to approve your bad credit loan. This brings down the chances of rejection and prevents your credit scores from dropping.
Bad credit loans are indeed more expensive than the loans advanced to those with good or average credit scores. Now that’s the price you should be willing to pay for having a bad credit score. However, our direct lenders offer the most competitive interest rates on bad credit loans, to provide you a cost-effective solution. So, although all bad credit loans charge higher interest rates, the ones offered by our direct lenders are more flexible.
The time taken to process a bad credit loan differs based on the type of loan that you wish to borrow. Our direct lenders offer several bad credit loans that you can choose from. Some of these are ideal for those in dire need of cash, while some are tailor-made to pay for mortgages. The time taken to process these loans depends on the loan amount and the duration for which you intend to borrow it.
As a general practice, we process short term bad credit loans such as payday loans and cash advance loans much faster than the rest. The reason for that is quite straightforward — long term loans involve higher loan amounts while short term loans are often for smaller amounts. Bad credit loans such as payday loans or cash advance loans can be sanctioned on the same day, however, loans borrowed for a longer duration may take us around 2 to 4 days to process it.
Money Pig’s direct lenders offer the highest bad credit loan amounts, letting you borrow up to £5000, often without a guarantor. The amount of loan granted to you is decided by the direct lender based on several factors such as your employment, current liabilities, age, etc…Although our lenders may allow you to borrow more, we advise you to borrow as little as possible. Bad credit loans charge a higher interest rate and you don’t want to be trapped in a vicious circle. By borrowing less and repaying it as early as you can, you pay less interest on the principal amount borrowed.
There could be many reasons for you to have low credit scores, but to be sure you must check the data held by the credit reference agencies. You could have violated a credit agreement, declared bankruptcy or been a victim of something as heinous as identity theft. Whatever be the reason, you are the one who needs to find it out and then plan ways to fix that. If the credit reference agencies have wrong info about you, then even that could lead to a poor credit rating. If that is the case, then you can challenge your credit rating by raising a dispute with the concerned credit referencing agency. In the UK, there are three credit reference agencies — Experian, Equifax, and Call Credit. Every time you transact with a financial services provider, these agencies are intimated. That is how they rank your credit score high, good, average or bad. So, start by finding out the trouble areas and then consider taking the next steps.
If you are worried about your credit score, then first ask yourself what resulted in a bad credit score. Were you the one at fault? Did you skip or default repayments? Or were you a victim of identity theft or miscommunication between the financial service provider and the credit referencing agency. Once you get to the bottom of it, then you need to plan the next steps.
If default or non-repayment resulted in a decline, then you can fix that by promptly fulfilling your current credit obligations. In case you have none because nobody is willing to sanction your loan, then consider applying for one of our long term bad credit loans. These should help you sail through the tough times and also help you improve your credit score. Every time you make a prompt repayment, our direct lenders report the same to the credit reference agencies and that improves your credit score. However, if you were a victim of identity theft or wrong information being passed about you, then you can raise a dispute and force the credit referencing agencies to rectify their records.
When you apply for a loan then the lender performs a complete credit check, after which he may or may not grant you the bad credit loan. If the direct lender grants you the bad credit loan and you repay it promptly, then things are going to be absolutely fine and your credit scores are going to go up. However, if things don't work out then your credit scores could plummet.
Therefore, it would not be wrong to say that loan rejections can worsen your credit scores but only when you are not transacting through Money Pig. As your trusted intermediary, we eliminate this possibility by partnering up with direct lenders willing to run a soft credit check. This type of credit check does not affect your credit scores even if the loan is rejected. Moreover, we have a stellar record of processing over 92% loan applications, successfully. So, all you need to do is fill in and submit your details in the bad credit loan application and we’ll take care of the rest.