Nowadays, getting loans with a good credit score is hard let alone getting bad credit loans as millions of people have various credit issues which make it hard to obtain a good credit score. Not to worry. There are still ways to get bad credit loans instant.
You get an instant decision and the funds are even instantly transferred to your bank account. No credit check, collateral, equity, or co-signer is required for a bad credit loan.
Getting approved for bad credit loans
There are a few requirements in order to get approved. You must have an open account in good standing. You need to have had and kept employment for a considerable amount of time.
The ability to repay the loan with the amount of income that your household makes. You must be a citizen of the UK and of course documentation to prove it. You must be 18 years of age.
Benefits of bad credit loans
There are many benefits to applying for an instant bad credit loan.
- It enables you to get money in times of hardship or cash in advance while waiting for your pay-check.
- If your payments are kept up and you are not late it raises your credit score giving you more control of your financing decisions. Those who do not have good credit find it difficult to purchase home, cars and so forth.
- Instant bad credit loans can also be used for numerous of things like education, vehicles, new homes, debt consolidation or even can be used to catch up on late bills. This can be good way to consolidate debts.
- Instant bad credit loans have low monthly payments and do not carry an interest rate. There is only a one time fee that is paid to the lender. This gives people a chance at establishing or rebuilding credit.
- Instant bad credit loans are short term and are spread out to low monthly instalments to make it easier for the borrower to repay with ease.
Bad credit loans guidelines
Certain financial institutions even offer short term loans through text messaging. However, there are a few more qualifications and guidelines that one must meet to get approved.
- If you are in the UK, you need a valid bank account that is able to receive direct debit payments, you must be 18 years of age, be employed and receiving a regular pay of 400 pounds.
- The maximum amount one can request is 100 pounds. It carries an APR of 894% and charges of 10% for 7 days.
- Most of the time you are required to register your mobile phone number through the companies website and pay a registration fee.
- Then you will need to verify the details to confirm your credit history.
- If approved you will be issued a PIN that you will use to identify yourself through your text messages.
Conclusively on bad credit loans
In conclusion I hope that those who have had issues pertaining to establishing or upholding a good credit score can feel at ease with the information that I have given you on how to get an instant bad credit loan.
