When people have bad credit it may be necessary for them to seek a loan with low APR, therefore the amount of interest and other charges will be reasonably low. Bad Credit Loans are usually only of use for those who do have a poor credit rating, or those who may be blacklisted or you may have suffered CCJs. So if you struggle to secure a loan, you may need to consider companies that specialise in dealing with such persons.
How to get a loan if you have a bad credit history
Bad Credit Loans are offered to you by brokers who specifically deal with people with poor credit ratings, because if you record is poor in terms of paying back loans, it is usually a risk to most companies to offer you a loan, as there is no real guarantee that they are able to recover the money, therefore the whole process can be stressful for you and the company, therefore bad credit loans may help ease some of the hassle.
There are various providers who offer loans to those who suffer with bad credit, it is best to compare them in great detail, so I shall name a few general companies who specialise in such loans:
Best loans sites catering for bad credit history
- Wonga: Wonga’s credit check is fairly objective, therefore they only look at whether you are able to pay the loan, and if you are able to do so, it is likely you will be accepted.
- PayDay UK: This provider will take into account your actual situation to assess whether they are able to provide you with a bad credit loan, they can still provide you with a loan in a single day, even with bad credit.
To sum up, there are many providers that are able to provide a bad credit loan; the companies as listed on this website will be able to provide you with such loans, simply after a quick and easy check.