Extremely bad credit loans are the specialised form of bad credit personal loan in the UK. These are applicable to those individuals who have been in trouble with issues like County Court Judgement (CCJ), bank defaults or missing payments.
These are short-term loans available for lesser amounts but hold higher interest rates. If your score falls under 0-560, these loans will be for you. Still, approaching mainstream lenders may not be suitable as they often deny your loan request. Therefore, you need to move towards alternative funding options, i.e. loans for extremely bad credit in the UK from direct lenders.
At LoansEvents, we understand how difficult it will be for you to fetch the necessary funding during extreme financial conditions. Your adverse credit history further restricts your funding prospects. We have brought specialised loans to apply like these where the affordable amount is assured.
We have categorised these loans among short-term and medium-term loans.
| Short-term Loans for Very Bad Credit | Medium-term Loans for Very Bad Credit |
|---|---|
| Amount from £1000 to £2000 | Borrow from £2001 to £5000 |
| Loan term up to 12 months | Loan term up to 24 months |
| Ideal for financial emergencies | Applicable for both planned and unplanned expenses |
As there are a lot of challenges ahead of your financial life, you are desperate to have additional funding from a relevant source. It tempts you to search terms like ‘really bad credit loans in the UK’. If you agree on a high interest rate, then you can get these loans from alternative funding like we provide
Our loan experts have expressed some ways to get loans without any hassle. These include:-
Examine your current credit score
You should know your latest credit score. It is a good practice as it will make you understand where you stand right now and how much amount you should borrow. Share the same report with your lender so that it can also assign an affordable amount to you.
Go through the qualifying criteria
You want guaranteed loan approval during a tough financial scenario. Still, it requires being eligible first before seeking the lender’s nod on these very bad credit loans. You should have age and residence proof, an active bank account and a minimum of £800 as regular monthly income or £400 as part-time monthly earnings.
No debts currently
Not only us but almost every loan provider would hesitate to offer you a loan if you are under multiple debts. It is because they doubt your repayment capacity. You may find it difficult to manage those debts and loan repayment from a limited monthly income. Therefore, you should be debt-free while applying for these loans.
No CCJ for the last two years
It is essential not to have CCJ against your name for the last couple of years. You need to generate trust among the lenders, and this is the way to go. Suppose you still have CCJ to clear. During this situation, you should first apply for our CCJ loans and remove that blot to go for any other loan option.
No credit history
You can still qualify for a loan for extremely bad credit if you lack a credit history. This happens to those individuals who have not yet applied for any loan. We do not hesitate to approve your request because you aim to start a positive credit score.
Options are there to get 100% acceptance on loans with no guarantor from a direct lender even if you have an extremely poor credit score. However, you must agree on the higher interest rate and other possible fee.
As a responsible direct lender, we suggest you take a detailed look at the terms and conditions before signing the loan agreement. Including a guarantor will benefit you with lower interest or a larger amount to borrow. Still, not everyone can include a person with a good credit history to be their guarantor while processing the loans.
Here are the potential benefits that you get with these no guarantor loans for very poor credit:-
Whether you contact a mainstream lender or want loans for very poor credit score from a direct lender, a careful assessment of a loan product is mandatory. You would like to know the positive sides of a loan, but neglecting its negative side can cost you badly later.
| Positives of Extremely Bad Credit Loans | Negatives of Extremely Bad Credit Loans |
|---|---|
| These loans are highly useful during financial emergencies like pending bills to pay or medical urgency. | You cannot use these loans to fulfil your larger financial goal for which collateral is needed. |
| With the amount limit you borrow, it is sufficient to save yourself from CCJ or any such issues. | Missing the loan payments will put you in a dismal situation, and no lender will provide you with a loan. |
| The chances of loan approval are higher because you get only the affordable amount. | There will be a higher interest rate and another necessary fee to pay. |
*Note: These are a few pros and cons of loans for bad credit with no guarantor. As a reliable direct lender, we want to alert you to evaluate everything clearly before going ahead with a loan.
You may have been failed previously to follow your financial obligations. It has further invited an adverse credit score. We know that there might be some circumstances, which you could not handle.
After facing rejections from the traditional lenders, you desperate to have very bad credit loans with no guarantor and no broker in the UK.
At LoansEvents, you will get the genuine deals on these loans. Our loan experts will guide you on how the loan application works and how guaranteed approval can be possible for you.
Our team has discovered this loan product and the best part is that loan approval will be there no matter how bad your credit score is. We are the right lending hub that is willing to loan you instant funding.
Do you need loans for extremely bad credit from a direct lender? We are here...
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