A lot of direct lenders are out there that provide loans to bad credit people. Banks and traditional lending institutions do not accept applications from people whose credit histories are not up to scratch.
If you have a bad credit rating and need to apply for a loan, you can turn to any of the lenders, but with many options available, you will have to analyse which lender matches your credit requirements.
Though a bad credit score, according to Experian, ranges from 561 to 720, it hinges on a lender’s policy, which they consider a bare minimum. Some may turn you down when your score is less than 570, while others could be a bit stricter with their criteria. Add to that, lenders may consult other credit reference agencies – Equifax and TransUnion.
Research is the key when it comes to choosing the best lender that matches your requirements. Amongst all lenders, choose the one that is more reliable and trustworthy – CashFacts is one of them.
How is this lender better than others?
Picking a lender that matches your requirements is actually hard. You will have to look into several factors. CashFacts is one of the best lenders because of the following reasons:
- Customised deals
The best part about this lender is that it offers you customised deals. Though you are all bad credit borrowers, your financial situation will be different. It is important for a lender to assess your financial condition so you do not fail to repay the debt.
CashFacts provides customised deals to all borrowers, meaning what works for you may not work for others. The lender offers different kinds of repayment plans to borrowers with the same credit rating because of different financial conditions. This helps keep you from falling into debt.
Even if you borrow a small amount of money, you will be required to pay down the debt in instalments. While other lenders will ask you to repay the debt in a lump sum, CashFacts makes payments more manageable.
- All bad credit scores are welcome
Other lenders might refuse to entertain you if your credit score is very near to the range of very poor credit rating, but CashFacts does not do so. The lender believes that emergencies can catch anybody unawares. It has nothing to do with your credit rating.
Therefore, this lender believes in giving a fair chance to everyone to apply for loans for bad credit with guaranteed approval in the UK. It is assumed that you can fall behind payments due to very urgent or logical reasons, like you may fall sick and be in hospital on the due date.
No lender minds when you have a big reason not to be able to keep up with payments. If your credit score is the lowest in the range, you can qualify for the loan if you prove your repaying capacity.
The lender will take into account your willingness to repay the debt. If your previous defaults and missed payments are too old, they will not much affect your borrowing capacity.
- No obligations are there
Some lenders will ask you to arrange a guarantor with a good credit history to take out a bad credit loan. Whether you need a small or large sum of money, you will have to arrange either a guarantor, who will be liable to repay the debt in case you make a default, or put down collateral that the lender can cash out if you make a default.
These kinds of obligations do not apply if you borrow money from CashFacts. The lender knows that having someone acting like a guarantor is hard for you. If you fail to make a default, it will affect not only your credit rating but also your guarantor’s too. It can put a strain on your relationship with them.
Collateral makes sense when you are to borrow a large sum. This lender will not bother you to put down collateral for such a small amount of money. You will be lent money based on your repaying capacity. As long as you can prove your repaying capacity, you will get the nod without the requirement of any obligations.
- A Soft credit check is available
Most of the lenders will lend you money after running a credit check. However, if your credit rating is poor and you cannot afford to run a credit check, they might offer you these loans without a credit check.
These payday loans carry very high-interest rates because a lender does not have an idea about your previous payment records. In order to mitigate the risk, they would charge very high-interest rates.
However, CashFacts follow an entirely different approach. If you do not want credit inquiries to appear on your credit report, you can still get payday loans with guaranteed acceptance at affordable interest rates. This lender will run a soft credit check.
No hard search footprints will appear on your credit file. A lender would get to know about your previous payment records, so you can avoid bearing outrageously high-interest rates.
- The lender also offers large bad credit loans
Other lenders would not let you borrow a large sum of money when you have a bad credit rating. They are not as flexible as CashFacts. You will need a good credit score and yet collateral to secure it.
If you try to borrow money from CashFacts, you will be able to borrow a large sum of money despite your bad credit report. If you prove your repaying capacity, you can apply for these loans. The repayment length of such loans is generally two years. If you borrow more than that, you will have to secure it.
The bottom line
CashFacts is the best lender in the UK because this provides customised deals that help prevent borrowers from falling into debt. You can get a large amount of money from this lender to be paid in instalments.
Even if you borrow a small sum, you will pay down the debt in weekly instalments. You need to arrange neither a guarantor nor collateral to apply for these loans. You can opt for a soft credit check facility if your credit score is too bad.
