How to Get a Loan with Bad Credit
Featherloans makes getting a loan with bad credit simple. We are the responsible direct lender to offer affordable loans…
Featherloans makes getting a loan with bad credit simple. We are the responsible direct lender to offer affordable loans…
Do you want to know the ways of having a loan approval on bad credit? If you research in the right direction, it is possible to find out how to get a loan with bad credit.
Mainstream lenders can be an option, but their strict norms may not match your capacity. You need the assistance of a direct lender due to their more delicate approach for those with past credit issues.
Featherloans is one such direct lending hub where you can test your loan approval chances through our trust in your repayment capacity.
We offer tailor-made deals where you get the most favourable features on loan with bad credit in the UK.
A personal loan with bad credit is a specialised funding option for those with less-than-perfect credit scores. This is a small, easy loan available online and on an instant decision.
While providing these loans, lenders do not consider the credit history of the applicants as the loan approval criteria. Instead, they analyse the repayment capacity through the current income status and financial performance of the loan seekers.
This sort of loan runs on 3 features:
A credit score is not the sole criterion
We will not mind if you have a poor credit score, as we judge your capacity through other factors, particularly recent income.
Soft credit check
We can perform a credit check on your loan application, but it will be soft. Sometimes, we do not check credit scores too.
Advancement in credit scores
Your wish to improve your credit scores also determines applying for these loans. We let you do that with our range of repayment terms.
Avail of a loan with a bad credit score with these features and start regaining your better financial life.
Getting the approval on a loan with bad credit is indeed an achievement. At the same time, it also demands good preparation from your end. Despite low credit scores, you cannot take things lightly even though we are ready to offer a loan.
Our loan experts are suggesting here some crucial tips on how to get a loan with bad credit:
Decide a necessary amount only
Many individuals make the mistake of applying for a heavy amount they later struggle to repay. You should know that these sorts of loans are ideal during an emergency.
You should consider your existing financial situation and then finalise the loan amount you feel comfortable repaying. It means you should opt for an affordable amount only.
Research hard to get a better deal
You should take a few minutes from your busy schedule to find the most favourable loan deal from a reliable one. Yes, we are also a trustworthy lender, but we suggest you do research before finalising a deal.
The best way to do that is by comparing the different lenders' interest rates using the loan calculator. During this practice, you can compare our rates with any UK lenders. You will find our rates on bad credit loans most competitive.
You should be an earning individual while applying
During the time of submitting the loan application, you should be earning a stable monthly income. It does not mean you cannot apply if you are unemployed and making only a part-time income.
We consider your loan application on your part-time earning or even on benefits you have received from the government. It is enough to describe your loan affordability to us.
Opt for a loan with a small duration only
You have a bad credit score because you have made certain mistakes in paying all your bills on time or repaying previous loans. Therefore, you should opt for a small amount only this time, as it will be easier to repay it from your limited monthly income.
It further helps in managing your loan without any hassle. You can better concentrate on your regular household expenses along with managing the monthly instalments of the loans.
Always seek to build a credit score
During bad credit or no credit score, you should still look for ways to enhance your credit score significantly. It may not be easy as it demands continuous sincerity from you.
If you need more loans with better credit scores in the future, you should start making efforts right now. It does not mean you must do something extraordinary, but keep the basics right by repaying the loan on time.
We show full responsibility towards your financial interests. You can compare us with a credit union loan with bad credit. We are not here to compete with them, but we are the perfect alternative to provide a bespoke loan deal.
Approaching a direct lender proves advantageous in several circumstances. One of them is getting a loan with bad credit in multiple forms. Indeed, there are different types of bad credit loans which you can apply for according to your situation.
Debt Consolidation Loan
A common problem among those with poor credit issues has multiple debts. They want a common place to merge all their dues and pay a single interest rate. It is where debt consolidation loan with bad credit become useful.
Business Loan
Unlike other direct loan providers in the UK, we provide business loan with bad credit. Indeed, these loans allow small funding, but they will be useful for those start-ups or self-employed businesses.
Very Bad Credit Loans
The numbers are huge for those with very poor credit ratings. They usually have issues like County Court Judgement (CCJ) or bankruptcy. We have prepared a fresh deal on loans with really bad credit for them.
No Guarantor Loans
We know that arranging a guarantor becomes tough with a bad credit score. It is like winning the trust of someone to be your loan guarantor. There is no need to find someone to take your loan guarantee as we provide a loan with bad credit and no guarantor.
We like to be your lender during this critical financial time. You only need to show your faith in us. We are ready to fulfil your aspirations.
You are often confused about where or how to get a loan with bad credit. With us, you get all the solutions to your financial quandaries. We bring the following loan benefits to your financial interests:-
You apply today and will receive your loan amount on the same day. We take quick loan decisions as there is no hard credit check.
Whether you need funds to buy a new car or to renovate your home, we are ready to fund your needs, irrespective of your credit scores.
Since these are dedicated loan deals for those with bad credit, and we offer only affordable loans, you have higher loan approval chances.
We can take the risk of no credit check only for you. However, we remain committed to loans on your affordability and current situation.
Our primary aim is to ease your financial burden. Therefore, we do not charge anything extra for bad credit on any of our loans.
These are unsecured personal loans for bad credit where the applicants are not bound to offer an asset to secure their borrowing amount.