Which payday loan is best for
people with bad credit?
Which payday loan is best for people with bad credit?
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Guaranteed loans that you can consider if you have bad credit
Guaranteed loans are perhaps the kind of financing solutions that you will look into when you are in an emergency situation and you direly need to secure extra funding right away. It’s not at all difficult to become short of cash given how fragile the economy has become in recent years but obtaining a loan if you have a rather abysmal credit rating can be a challenging ordeal. Fortunately for you, guaranteed loans are indeed viable solutions to such a pressing financial situation.
Guaranteed loans are the easiest forms of financing to avail in the UK today. Your chances of getting approved for the kind of financing that you request is higher than other forms of loans but bear in mind that there are still eligibility requirements that you need to meet first. Nevertheless, the requirements are easy to satisfy even for a person with bad credit rating.
How guaranteed loans in the UK work
Guaranteed loans are designed for easy access and high approval and for this reason they are more flexible than other forms of financing especially those offered by banks and other traditional lending institutions. For this reason, even people with bad credit and unique financial circumstances, like those who are unemployed or self-employed, can still avail the financial products.
It’s important to note however, that there is still a small chance that you won’t get approved especially if your income is not enough to satisfy a lender’s affordability criteria. This is because lenders providing guaranteed loans are primarily concerned on your capacity to pay off the money that you borrowed and not so much on your credit history.
Applying for guaranteed loans online
Majority of guaranteed loans are easily accessible online from numerous reputable lenders. To apply for the financial products, simply go to a direct lender or broker’s website and fill out an application form that will take no more than 15 minutes of your time. Once successfully completed and submitted, the lender will then evaluate the information that you sent and determine if your current monthly earnings and outgoings are appropriate to pay back the money that you owe. If your application becomes approved, the money will then be deposited into your bank account in the same day or the next business day.
Majority of guaranteed loans in the UK are short-term in nature which means that you will have to pay back the money that was lent to you by the lender in a month or several months. And because they provide quick funding, convenient application processes, and provide easy to satisfy requirements, they also tend to have higher interest rates than most other types of loans. For this reason, it would be best to use the credit product only when it’s extremely necessary.
Finding the ideal guaranteed loans
If you are considering on taking out guaranteed loans in the UK, you might as well focus your priorities on the ideal offers that provide the best price and features. With that being said, bear in mind these important points when choosing the ideal guaranteed loan:
- Borrow what you need – As mentioned earlier, guaranteed loans tend to have high interest rates that’s why the best thing to do would be to borrow only what you need and no more. This will help you enjoy a loan that is just enough to meet your current needs without straining your finances.
- Choose the shortest payment term possible – And because of its high interest rates, make sure that you choose a payment term that is the shortest possible. This will help you save more on your loan agreement as you will only be covering lesser interest rate payments.
- Quick processing – Guaranteed loans normally have quick processing times but if you are in an emergency situation, you might want to choose those deals that provide the quickest processing with same day funding features.
- Bad Credit Options – If you’re overall creditworthiness is not that good, the best way to go about this would be to choose guaranteed loans that can cater different borrowers including those who have bad credit. Just make sure that your income is enough to afford the loan based on the agreed terms and conditions however, so you can enjoy the best chances of getting approved.
- Legit and Reputable Lender – And don’t forget to choose guaranteed loan lenders that are legit and reputable. This will help you enjoy a credit product that is not only safe but has your best interests in mind. Checking the lender for an FCA license and other credentials will help you verify if it’s legal and trustworthy.
The advantages of guaranteed loans
There are also several great advantages that you can enjoy when you obtain guaranteed loans in the UK and they include:
- Seamless application process – Applying for guaranteed loans is a swift and seamless experience. And when you apply online, there is no need to do any tedious or hectic process like sending or faxing documents or filling out paperwork.
- All-purpose funds – Guaranteed loans can be used for any purpose as long as it is legal. This means that once the approved loan amount is in your hands, you can use it to purchase groceries, pay off rent, or even buy a gift for your son’s birthday.
- FCA Protected – Guaranteed loans are legally recognized financial products in the UK which means they are genuinely safe and legal for use. They are also designed to keep the borrower’s best interest in mind always.
Final things to consider with guaranteed loans
Guaranteed loans are one of the best financing solutions to numerous emergency situations. However, they tend to have high interest rates and most of the options you can consider have short payment terms. This means that making sure that the loan and its repayments is ideal to your budget is extremely crucial to avoid incurring penalties and charges on missed payments. Also, it would be best to review the loan contract that will be presented to you before you sign the legally binding agreement.
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Representative Example: £160 loan for 15 days at a fixed interest rate of 290% pa. Total amount payable is £179.07 in one single repayment. This is based on the amount of credit plus interest, no other fees apply. Representative APR 1449%
Employees are the drivers of the global economy. They comprise a large percentage of the workforce, and the world will stop without them. If you’re going to analyze deeply, you’ll realize that all of us are employees. We are working for someone else – be it a boss, an organization, or a contractor. Employees are good demographic points because they tend to experience financial troubles more often. It could be that employees are also parents, or they need quick cash to survive until the next payday. In fact, the borrowing habits of employees empowered payday loans (that’s why they called ‘payday’). Employee-centric payday loans don’t have much difference from the cash advance programs of the past, though some lenders have made adjustments. Employee payday loans probably have a smaller interest rate stretched over a manageable repayment period. Lenders can also work hand in hand with employers to increase awareness for employees.
Freelancers on A Budget
The global freelancing community is starting to gain important traction this 2017. In fact, thousands of people are now resorting to freelancing because of the awaiting opportunities in the market. Freelancers are like hunters – they’re actively chasing big game, occasionally hitting and, oftentimes, failing. New payday lenders have understood the need for freelancer-specific loans, though only a few of them are following suit. Perhaps freelancing still needs to be recognized as a tangible income source in the payday lending arena. Another angle is the way people are tagging themselves as ‘freelancers’ even though they don’t have any jobs or income sources. This is why some lenders will look for additional income proofs whenever they encounter freelancers applying for payday loans. Nevertheless, we’re going to see lots of payday loans geared towards freelancers on a budget this year.
Being an entrepreneur today is no longer a side path – it’s necessary for the betterment of your life someday. Once you have a winning idea and transformed it into a plan, you can focus on acquiring capital. If your startup business is not that big, you can settle for a payday loan. Payday lenders can release your money in just minutes. They won’t care about your credit rating or the nature of your business (somehow). What they want to know is if you’re capable of repaying the loan within the agreed time frame. Once you got your payday loan, your business operation can be ignited and you’ll start raking profits in no time. Just remember to allow some of those profits towards your loan repayment. An unpaid payday loan can bring too much stress.
You may think that big-time investors are going after large, bank-issued loans. Well, you’re right. A stock investor, for example, needs big loans if he wants to participate in a growing market. The same can be said for antique collectors and coin enthusiasts. However, we can’t deny the fact that investors also start small. In this sense, small-time investors can use payday loans to fund their investments. Whether they make a killing or not, investors can see potential attention from new payday lending companies.
Once you understand all of these demographic points, you’ll know how lenders are adjusting their operations strategically. At one point, they may pursue better marketing efforts while compromising other areas. Despite this, it’s still important to find a lender that attains a great form of balance among all of these demographic areas.
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