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Small Loans – Find the Best Loans in the UK
Bad credit can often complicate a financial issue. Instead of being able to access various credit options, most lenders are likely to turn you down because you do not meet their credit score requirements. You’ll be happy to know though that there are lenders who would be willing to offer you a small personal loan despite your bad credit.
Where to apply for a bad credit personal loan
A bad credit personal loan is something that lenders offer for those customers with limited borrowing options due to their low credit scores. This can be useful for bailing somebody out during financial emergencies despite the fact that your credit score may be less than what is ideal for most standard loans.
Since this is a personal loan, the money you’re borrowing is going to be paid back through monthly instalments. There is a fixed amount which means that you will know exactly how much you need to pay every time your due date comes. There are a number of places that offer these loans today. As long as you can prove to lenders that you can pay back what you’re borrowing, you are most likely going to be approved.
Banks will be willing to assist you get a personal loan if you have an account with them. Most would require a guarantor to approve the loan. Approval is also very likely if you have collateral to secure the loan.
Credit unions are a good place to get a personal loan if you have low credit. They are known for their low rates, so they may be a good place to look into if you want to get something more affordable.
You can use your home equity to get approved for a personal loan too. Your credit score would not even matter. A home equity means instant approval for a loan. Just be careful though because you can lose the house if you can’t pay the debt back.
Small loans are most useful in a financial emergency. Sometimes, something happens and an unexpected expense comes up and you have no way of covering it out of your own funds. Instances like these could benefit from small loans. They are generally small amounts that are payable within a short time and could be ideal if you just need a financial stop-gap to cover an urgent expense.
Loans Through Payday lenders
They can offer payday loans, which can be between £100 to £1,000 which is payable on your next payday. Generally, they are charged a really high interest rate, but if you are sure that you can pay off the loan amount and the interest rate by the end of the month, this can be a useful tool since the application is easy and approval is fast.
You may refer to online lenders too if you have an urgent cash need. While they have their own criteria that they’ll require borrowers to meet to be considered for loan approval, generally, they are known for fast processing and even faster funds disbursement. They do not usually care much for the borrower’s credit score but instead focuses on the income he’s earning to assess whether he can afford the loan he is taking out or not. They do charge high loan fees.
If you want a way to get access to smaller cash but do not want to get subjected to high interest rates, you may take out a small loan from a credit union. They may offer alternatives to payday loans which could range from £100 to £1,000 which would be perfect if you have an urgent small expense that needs to be covered.
Before taking out a small loan, always consider the fees and the interest rates involved. Try to shop around to find a lender that can offer the most reasonable rate and be sure to read the fine print before actually finalizing your borrowing.