Most of us are often trying our best to budget our way through our finances, which means that a poorly-timed financial emergency can often be a rather troublesome experience to deal with. It’s even more frustrating if you have a bad credit score, as securing a loan will be next to impossible.
In such situations, it often helps to be able to find a lender that can offer you loans for bad credit in the UK with reasonable interest rates as well as a flexible repayment schedule. And while conducting a search like this on your own can prove to be tedious and difficult, the good news is that there are numerous online lending services that can help you.
It is for this reason that we decided to review UKBadCreditLoans, as the online lending service can help you secure competitive loan rates and terms even if you have bad credit.
What Is UKBadCreditLoans?
UKBadCreditLoans is an online credit broker that connects potential borrowers with online lenders that are willing to provide funding, even to those with a poor credit history. In this respect, they should not be confused with a direct lender that provides cash loans, but rather a middleman that makes it easy to compare loan rates from different lenders.
The benefit of this is that you are able to save yourself a significant amount of time and effort searching for these lenders yourself, all for free. On top of that, the service vets all the lenders they partner with to ensure they are FCA-compliant, which reduces the risk of dealing with unscrupulous lenders.
When it comes to loan amounts, borrowers can typically access funding from as little as £100 up to a maximum of £5,000 from the comfort of their own home, even with bad credit. And if you navigate to this page, their lending network will offer you rates that can vary up to 49.7%, with a loan repayment term that revolves around 1 to 36 months, on average.
Plus, all approved loans are processed in as little as 24 hours, which means that if you are in urgent need of cash to deal with an emergency, UKBadCreditLoans is a reliable place to turn to. Also, since the entire loan application process is conducted online from start to finish, you can easily secure the cash you need from the comfort of your own home.
However, do keep in mind that the loan amount you will end up qualifying for may vary, depending on your credit score and income level.
Who Can Borrow via UKBadCreditLoans?
Anyone can apply for a loan through UKBadCreditLoans’ lending network. This means that even if you have a non-existent credit history, you still have a chance of being approved for a loan.
And even if their lenders are unable to approve your loan application, UKBadCreditLoans will make an effort to refer you to other viable credit-related services that may be able to help you.
However, before you even submit your loan request, you will need to ensure that you fulfill all the requirements of the service. These include;
- Being at least 18 years old
- Being a UK citizen/resident
- Have a steady source of income
- Have an active UK bank account
What Is The Step-by-Step Process of Applying via UKBadCreditLoans?
The loan application process on UKBadCreditLoans is so simple and straightforward that any first-time borrower can easily navigate their way to a loan without much stress or effort.
Step 1: Submit the Online Form
The first step that you need to take is to head to the UKBadCreditLoans site and fill out the pre-approval form by providing your personal and financial information. This includes your name, address, contact details, bank account number, credit score details, etc.
You should also take care to ensure that all the information is accurate, as this is what the lenders will use to evaluate if you qualify for a loan offer or not.
Step 2: Review Loan Offers
Once submitted, you will not have to wait long to receive a decision on whether you have been approved for a loan or not. If approved, you will receive multiple loan offers from different lenders, which you can take your time to compare until you find the best deal.
You should always take the time to carefully read through the offers, as some lenders also charge extra fees such as origination fees, pre-payment penalties, etc.
Step 3: Wait For Your Funds
If you decide that you have found the ideal loan offer, you can e-sign the agreement, and the lender will process your funds as quickly as possible. In most cases, the money should be available to use in your account in as little as 24 hours, but some delays may occur depending on your bank.
What Are The Benefits and Drawbacks of Using UKBadCreditLoans?
One of the best things about UKBadCreditLoans is that they usually take into account a wide variety of factors, such as your income level, when making a decision on your application. This means that your chances of securing the funding you need are high, compared to most other lending services.
Aside from that, their partner lenders understand the need for haste when handling loan applications, so you can rest assured that any approved loans will be deposited by the next business day.
In addition, the company utilizes bank-level data encryption to secure its website from unauthorized access. This means that any personal and financial information that you share via the site will remain confidential. unlike most other lending services.
On the flip side, the problem with using UKBadCreditLoans is that while you can still apply for funding with a bad credit score, this doesn’t necessarily guarantee that you will be able to secure loan approval. And even if you manage to secure loan approval, there is no guarantee that you will qualify for the original loan amount that you wanted.
Will Borrowed Loan via UKBadCreditLoans Impact My Credit?
UKBadCreditLoans’ lending network will only conduct soft credit checks on your loan pre-approval form. As such, you don’t need to worry about undergoing several hard credit inquiries that end up leaving negative marks on your report.
However, you should remember that once you have been approved for a loan, you need to make sure that you make all your repayments on time. Failure to do so can lead to the lender reporting you to the relevant credit bureaus as a defaulter, which will only end up lowering your credit score even further.
In the event that you have trouble making a repayment, you should contact the lender as soon as possible. In most cases, they may be willing to discuss a flexible repayment plan that could help alleviate the issue.
What If My Loan Application on UKBadCreditLoans Is Denied?
UKBadCreditLoans will usually be able to match you with a direct lender that can provide you with the cash that you need, no matter what your credit score may be. However, in some cases, there is a chance that your loan request is denied and you don’t get any offers.
For instance, it could be because you applied for a loan amount that is too high for your income level. In that case, you can always try to apply for a smaller loan amount instead. After all, the service is free to use, and they don’t conduct any hard credit checks during pre-approval, so submitting another loan request shouldn’t do any harm.
The fact that UKBadCreditLoans has made its service fully accessible to borrowers of all credit types is commendable, to say the least. On top of that, they don’t charge users anything to get connected to a lender and since they vet every loan provider, this reduces any risk of someone falling victim to unsavoury lending practices.
Taking all this into account, it must be said that they are absolutely worth checking out!