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Short term loans for bad credit – How to get a loan with bad credit score

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Short term loans for bad credit – How to get a loan with bad credit score

If you have a low credit score in the UK, then you know how difficult it is to obtain a loan of any type. In fact, most people with a bad credit score give up all hopes of qualifying for a short-term loan. Bad credit history can kill your confidence and make you feel helpless with the opportunities you will have to loan money. At Money Pig, we completely understand your situation and strive hard to remedy this, by offering short term loans for bad credit.

At Money Pig, we help increase your chances of getting a short-term loan despite bad credit history, by connecting you with the right lenders. With an enormous network of legitimate lenders that are willing to lend you short term loans for bad credit, we make borrowing hassle-free. At Money Pig, our loan application approval rates are as high as over 90%. We pride ourselves on our high approval rates for those seeking short term loans with bad credit. We make this possible by working with lenders who are flexible when it comes to approving applications for short term loans for bad credit. That helps speed up the entire process by minimizing the chances of rejection to the bare minimum and helps you cut a fair deal.

Moreover, our lenders make use of something called ‘soft search technology’, so you can apply for a short-term loan for bad credit, without worrying too much about that hurting your current credit score.

Currently, several direct lenders within our network offer short term loans for those with bad credit. Usually, these loans are processed for smaller amounts, which are lent for a comparatively shorter period. This period varies from a week to about a month and the payback terms are custom-designed and instantly processed, depending on the needs of those with bad credit.

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FAQs — Short term loans for bad credit

  1. What is a short-term loan for bad credit?
  2. Do short term loans for bad credit charge higher interest rates?
  3. Will bad credit rating impact my borrowing capacity?
  4. What is the process to apply for a short-term loan for bad credit?
  5. Should I opt for bad credit short term loans?
  6. Is credit check mandatory to get a short-term loan with bad credit?
  7. Would Money Pig give me a short-term loan for bad credit?
  8. Would Money Pig charge me for facilitating short term loans for bad credit?
  9. Would I be obligated to borrow after submitting an application to Money Pig?
  10. Are short term loans bad for credit rating?
  11. Can you help me get out of debt by sanctioning a loan to consolidate the existing one?

What is a short-term loan for bad credit?

Loans that are available to those with a bad credit history, are referred to as bad credit loans or short-term loans for bad credit. Most premier banks do not offer this facility and that is the reason why there is very little awareness about it. So, if you have a low credit score and if your application for a short-term loan has been rejected due to bad credit, we would be glad to help.

Unlike earlier, Direct Lenders no longer distrust those with a bad credit score and believe in giving them yet another chance. Money Pig teams up with such Direct Lenders that are willing to offer short term loans with bad credit and puts you through the one most likely to approve your loan application. So, we provide you with a platform to borrow short term loans despite low credit score.

So, if you have a bad credit score due to non-payment or untimely payment of previous loans, then we can help you obtain a short-term loan for bad credit. All you need to do is fill in and submit an application for a short-term loan for bad credit. Once you do that, we offer you all the assistance required to get the best deal. However, sanctioning a short-term loan for bad credit requires a more detailed assessment of your current credit score. Nonetheless, in most cases, we manage to assist our applicants and our success rate is well above 92 percent. So, if you are in that tight spot, Money Pig can help you get a loan from its network of lenders as quickly as possible.

Do short term loans for bad credit charge higher interest rates?

With a poor credit score, you may qualify for a short-term loan from Money Pig’s network of lenders, but the interest rates may differ. That’s because the interest rates are determined based on your current credit score, duration of borrowing and current employment. Therefore, it would only be possible to conclude about the exact interest rates charged, after taking into account factors such as assets owned, employment history, etc.

At Money Pig, we help our customers cut the best deals on short term loans in the UK, despite their credit history. Once you file your application for short term loans for bad credit, we study it in detail and pull out the lenders offering the best deals depending on the amount and the period for which you wish to borrow. Depending on these factors, we help you choose the most appropriate short-term loan with low interest rates.

However, if your credit score is extremely low and borrowing a short term loan is your only option, then you still need not worry about the interest rates because it is a short-term borrowing which is often made to meet a sudden expense such as repair and replacement costs. So, while you are going to repay the loan soon, the interest shouldn’t pile up as much as it otherwise would.

Will bad credit rating impact my borrowing capacity?

If you have poor credit history and require a short-term loan in the UK, then the entire process is going to be quite a struggle. Almost no reputed bank would be willing to sanction even a short-term loan for those with bad credit and the only other option is to find a direct lender. At Money Pig, we offer you a platform to apply for a short-term loan with multiple direct lenders despite your bad credit history. As a responsible intermediary, we also help you choose the best deal from the many options available with us.
We understand that every low credit score has a story behind it and to uplift our customers, we do not let the bad credit rating lower their borrowing capacity. However, that may not be the same way in which premier banks and financial institutions may treat your loan application due to a bad credit score. They tend to go by the numbers, and any rejection of your loan application by them may further lower your credit score.

However, if you chose us, we could make this entire process much easier by connecting you with a network of lenders, that is both understanding and flexible. Our network comprises of lenders willing to lend under £5,000 and that too at low-interest rates. The borrowing duration could be anywhere between 3 months and 3 years, with interest calculated after taking into account several other factors.

What is the process to apply for a short-term loan for bad credit?

You can fill in a simple application for short term loans with bad credit, which hardly requires a couple of minutes. Through this loan application, we collect the relevant information required to assess your eligibility and connect you with the best lender. In our opinion, nothing should stop you from qualifying for financial assistance and realizing your goals with a short-term loan. So bad credit should not be a roadblock and stop you from chasing your dreams.

Since we are an intermediary and not a Direct Lender, you need not bother about the loan rejection adversely impacting your credit score. Most people are unaware of this, but loan rejection by banks and direct lenders can further lower your credit score.

However, when you apply with us, you are doing so with an intermediary and not a direct lender who is obligated to run a credit check.

Once you fill in and submit the application for a short-term loan for bad credit, we take the next step. We skim through the terms of our lenders and find the one that is most likely to approve your loan. Depending upon your credit history, need, urgency and other factors such as the lender’s eligibility criteria, we do our best to connect you with a lender who is most likely to sanction your short term loan for bad credit, within the expected timeframe. We understand that if you have a low credit score and still wish to borrow a loan then you are in deep financial crisis, and do not have much time.

We then inform you about the lender’s terms and conditions, and only when you agree to that, we take the next step. Upon your approval, we let the lender know about it, after which the direct lender performs a soft credit check on you. This initial check is solely to assess your eligibility for a short-term loan with bad credit, and this does not harm your credit score in any manner. Only after this initial check, is the hard credit check performed and once that is out of the way, the lender sanctions your loan. This credit check process is mandatory for all direct lenders, and since we partner up only with legitimate, ethical and reliable lenders, you would have to go through it.

Should I opt for bad credit short term loans?

Although, this is a matter of personal choice, there are times when a bad credit short term loan is no longer a choice but a necessity. That’s because if you have a bad credit score, none of the leading banks in the UK would be willing to sanction your loan. Plus, having your loan application rejected would only further lower your credit score.

At Money Pig, we believe that there needs to be a way out for everyone, even for those desirous of borrowing a short-term loan with bad credit. Also, we go one step further and partner up with lenders who make use of soft search technology. So even if your application is rejected, it does not affect your current credit score.

So, if you have a bad credit score, but also need to pay for a sudden expense that may have come up, then a short-term loan for bad credit should help manage your finances. Since you can no longer borrow from reputed banks, your options become even more limited. That makes bad credit short term loans ideal for anyone with a bad credit score in any of the previous six years.

Is credit check mandatory to get a short-term loan with bad credit?

A quick answer to this question would be ‘yes’ because the Financial Conduct Authority (FCA) lays down certain guidelines, requiring the Lenders to carry out a credit check prior to lending. As a matter of fact, this credit check is absolutely unavoidable under the laws and regulations of the UK. So, if someone claims that they can help you out with short term loans for bad credit, without a credit check then you need to stay away from such scammers. That sort of a claim is often made by those desirous of luring you into a financial trap. No legitimate and ethical lender would make such a claim, as that is absolutely impossible in the UK.

At Money Pig, we strive hard to remain as transparent as we can and help those seeking short term loans with bad credit in the UK, connect with the right lenders. Also, we completely understand how unfair credit scores can be to most people who are penalized for something that was absolutely out of their control. So, irrespective of your previous credit score, our experts can help you get into a fair deal by helping you obtain a short-term loan with bad credit.

However, there would be a credit check, which the lender that we connect you with, would eventually carry out. The FCA clearly puts this burden on the Direct Lender, and all our Direct Lenders are legitimate and abide by the rules laid down by the authorities.

As we do not lend the money, we do not carry out the credit check. So, once we receive your application and make an offer on behalf of one of our lenders, you may or may not accept the proposal. If you choose to accept it and agree to the lender’s proposed terms, then the lender carries out a soft credit check, which is followed by a hard credit check. As Money Pig is only an intermediary that helps you connect with the right short-term loan lender, we are not required to carry out the credit check.

Would Money Pig give me a short-term loan for bad credit?

Money Pig is an intermediary that receives your application for short term loans with bad credit and then forwards it to the right lender. We have a network of lenders willing to lend short term loans for those with a bad credit history. We know what each of our lenders expects and are fully aware of their individual terms and conditions. So, when we receive your application for a short-term loan, then depending on the particulars that you provide, we put it through the lender who is most likely to sanction your loan.

So, this gives you more options and eliminates the need to approach multiple direct lenders. Most importantly, you need not go through loan rejection and its impact on your credit score. With a high success rate of 92 percent, Money Pig successfully facilitates short term loans for those with bad credit scores. Plus, all our lenders are legitimate and ethical, so you can be sure that you won’t be cheated.

As you may have realized, Money Pig does not lend loans, but only puts you through its network of direct lenders who would be giving you a short-term loan with bad credit. We only act as an intermediary that helps you connect with a legitimate lender, willing to lend you money despite your previous credit history. We understand how frustrating it can be for anyone with bad credit to get a loan sanctioned from a reputed high-profile bank. Therefore, we help you overcome this by mediating the loan and putting you across a lender who is least likely to turn down your application for short term loans with bad credit.

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Would Money Pig charge me for facilitating short term loans for bad credit?

Money Pig does not charge you any fee for receiving and processing your application for short term loans with bad credit. We generate our revenues from our network of lenders, which ensures that you do not have to be further burdened by the loan processing costs. Money Pig is only an intermediary that channelizes your application to the lender who is most likely to approve it.

Would I be obligated to borrow after submitting an application to Money Pig?

Absolutely not, by submitting your application for a short-term loan with bad credit, you are under no obligation to borrow from our network of lenders. So, even if Money Pig processes your application for the loan, and recommends certain lenders, it is up to you to make the final decision. Only when you agree to go ahead with the terms of a particular lender, the offer would be accepted.

Upon your acceptance, the lender would perform a soft credit check on you to confirm that you meet their eligibility criteria and once that is confirmed, only then they perform the hard credit check. Then, they decide whether or not to sanction your short-term loan for bad credit. Therefore, you have the absolute right to either accept or reject an offer made by the lender recommended by Money Pig.

Can you help me get out of debt by sanctioning a loan to consolidate the existing one?

In times of financial crisis, monthly repayments can be quite stressful and if you wish to reduce the burden, then consider having a word with your current creditors and work out a repayment structure for your debts. While consolidating loans, you need to focus on the interest rates to ensure that you get the most out of it. If you do not feel confident doing this all by yourself, consider hiring the services of a financial advisor. Accordingly, you may approach Money Pig with a proposal, and we will do the best we can to help you out.

Are short term loans bad for credit rating?

Any loan can be bad for your credit rating if you do not repay it on time, and a short-term loan for bad credit is no different. However, by partnering up with lenders who make use of the soft search technology, we do our best to lower the impact of a loan application being rejected by us. As we successfully process over 92 percent short term loan applications for bad credit, you need not worry about a loan application rejection. On the other hand, if you directly approach a direct lender and they reject your application for a short-term loan, then that could very well be bad for your credit rating.

Therefore, while borrowing a short-term loan for bad credit, always do so only when you have no other option and can repay it back promptly. However, if you borrow a short-term loan for bad credit and repay it promptly, without any delay or default, then that should not have any adverse effect on your credit rating.

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