Lenders come in who need to be involved. They know how to correctly calculate the likeliness and ability of someone when it comes to making repayments. They base it on a consumer’s current income stream and work out how much they could afford in repayments. This leaves the consumer with still enough money left over to survive if they are approved and an opportunity to pay off a bill or settle a pre-existing debt.
There isn't a specific financial product called 'a bad credit loan'. It's a term that usually refers to payday loans or similar short-term loans that might accept people who don't have a good credit history.
Because the loan application criteria are predominately based on someone’s level of income, lenders are able to make an accurate assessment in regards to their ability to make repayments. In fact, the majority of people who get bad credit loans no credit check fast are capable of making the repayments; they just need a lender who is willing to approve them. This is why credit checks are irrelevant and how these lenders are able to approve these types of loans.
We work with a number of leading lenders who offer loans for people with bad credit so we can find you the best loan rate that you will be accepted for, given your personal circumstances. You may be very surprised at how competitive your interest rate could be compared to many other forms of credit. Even if you have CCJs or arrears we could still be able to offer you a loan.
If you’ve recently missed one or more credit repayments or have bad credit due to your credit file being impacted for any other reason, for example by moving home, then we could help. We provide a range of carefully selected loans for people with bad credit.