Are you searching for a bad credit loans? Take a look at our list of lenders who can provide you with a loan for even if you have a past history of bad credit. We can help you find the right loan that is is at an affordable rate.
when looking for a bad credit loans your options will be very different to those who are searching for a smaller “payday” loan but there is just as much options available for yourself.
All our guarantor lenders are able to provide you with a bad credit loan amount for one thousand pounds or more.
Applying For A bad credit Loans
Guarantor loans are generally considered to be a personal loan, they can vary between £1000 and £10,000. Our studies shows that the demand for these types of loans are a lot lower than that of payday loans but there are still plenty of lenders out there who are available to provide you with a loan at a competitive rate even if you don’t have a clean credit history. With Guarantor loans those who are considered to have bad credit are sill able to take out a bad credit loan with the aid of a guarantor.
Loans of these nature are often loans that are taken out over a longer period of time; usually the minimum period for 12 months. This means you are able to spread out your repayments giving you more flexibility with your payments. For a typical loan of £1,000 your monthly payment terms could stretch up to a maximum of 7 years, as a general rule of thumb its important to note that the longer you take to repay the loan the more interest that is paid over the length of the loan. We would always suggest for yourself to spread out your bad credit loan over the shortest period of time factoring in any other commitments to lower your overall payments.
Loans For Bad Credit
Most prime guarantor lenders would find it very difficult to lend to those with a bad credit history but the benefit of taking out a guarantor loan is that your nominated guarantor is a added form of security for the lender entail making it easier to be accepted for a loan of £1,000 or more.
If you are looking for a £1,000 loan or above your poor credit may not necessarily be an issue but you need to ensure that you are able to nominate a guarantor for the lenders, but if you have had more serious debt problems very recently, you might find it difficult to get approval from a mainstream lender.
All FCA approved lenders will give you an representative example on the loan options that you select; this will include the loan amount ie £1,000 and the duration that the loan is too be taken out for. Example show below;
“Representative Example: Borrowing £1000 over 12 months, repaying £102.50
per month, total repayable £1230.00. Representative 48.3% APR (variable)”