Bad credit unsecured loans
An unsecured personal loan is just that, a loan without the need of a Guarantor or any form of security. It’s important that you understand the repayments, by keeping up with the repayments on time each month you could start to improve a poor credit rating.
Bad credit loans will cost you more…
If you choose a Bad Credit Unsecured loan you will likely pay a higher APR. Other than that there is no real difference. If you keep up the repayments on your personal loan this could help improve your credit rating;
Improving your credit rating will have benefits the next time you need a personal loan. You could qualify for a reduced APR and have more Lenders available to you.
Our Personal Loan partners will ask you for some basic personal information, You will be required to supply your name, your address, the time at your current address, (your previous address if under 3 years),
They will ask about your employment status and your bank details. This will be the bank account used to deposit your personal loan and collect the repayments.
Applying for your bad credit loan
Please ensure you answer all questions honestly for the best possible chance of success.
Lying on your application is illegal and could result in your details being added to a Fraud register (CIFAS). If you know you cannot afford the loan repayments then a Personal Loan is not for you.
Instead consider taking some advice on getting your finances back into shape with a Debt charity. Late payments could result in further fee’s being added and possible legal action being taken against you, this could result make it harder to obtain credit in the future.
Remember, your account conduct will be reported to Credit Reference Agencies and will be available for potential lenders to see for up to 6 years.