Which loan companies really do lend to people with poor Credit?
Having Bad credit means you will have limitations when it comes to Persona Loan Lenders. There are several who claim they will lend to people with poor credit, so we are giving you our own experience with these.
Satsuma Loans are part of Provident who have had a long history of looking past just your Previous Credit History. This doesn't mean they will lend to everyone who applies, however, they will look to how they can help. The downside to Satsuma Loans being the interest they charge, they are pretty expensive compared to other loan companies. They do however promise no additional charges if you miss a repayment and have both great customer service and a Great little mobile phone APP that you can use to track your balance. New Customers can borrow up to £1000 and once they get to know you, subject to affordability you could borrow up to £2000. You can also have more than one loan with them. Repayments are Weekly or Monthly, whichever suits you better. We found no issues with Satsuma Loans when it came to borrowing with Defaults and missed repayments.
Our Review – A Great lender, although expensive so do consider the costs first, they are a good choice who actually do help people with a poor credit rating.
Another company who promise to consider those in any shape (As in Credit Worthiness). We hadn't heard of Likely Loans until last year. I can confirm they lent both me and a friend a loan without any hassle, same day payments and a great members area. Likely Loans can lend up to £5000. The APR is higher than a typical Loan lender, so always consider if you can afford before borrowing.
They did what they said in terms of providing a hassle free personal loan, Our money was in our account within 2 hours of submitting the application. We also love the Eligibility checker which gives you the heads up if you are likely to be approved or not.
Bamboo loans offer both Unsecured and Guarantor loans. We can't report on the Guarantor loans but the Unsecured loan option was used by me. We applied in the evening and by the next morning we had both a welcome email and the funds. Another company to consider who will lend to those with less than perfect credit history.
According to Noddle we had a high chance of acceptance from Lendable, we completed the eligibility checker on their own website and they were willing to lend us money. Once We submitted our application we was told our funds would be with us within an hour. However, a few hours later we was declined with the reason, We cannot provide a reason for our decision. This company didn't help us which is fine, there is no right to credit, however, at least be honest and tell us why. Lendable may well help you borrow but as they was the only company to turn us down despite making out they would lend to us, we felt pretty unhappy, especially with the comment about not telling us why.
So if you are looking for a personal loan then Satsuma, Likely Loans and Bamboo loans will help those with a less than perfect credit history. That's from our own experience.