Traditional finance institutions can often be hesitant to provide loans to customers with low credit scores. It could be that you missed a payment in the past, have an active debt, or perhaps you still haven’t managed to build up enough of a credit line on your report.
Whatever the reason may be, if you find yourself in need of a quick cash loan, your best bet in such situations is to take out bad credit loans in the UK with the help of an online credit broker like UK Bad Credit Loans.
It is a reliable platform that makes it easy for borrowers to quickly access cash loans of up to a maximum of £5,000, even if their credit score is less than desirable. And while the lending service does not provide loans directly, it is partnered with an extensive network of loan providers based all across the country.
This ensures that you are able to quickly pinpoint a legitimate online lender that is willing to approve your loan request. It also makes the entire loan process easier, safer, and less time-consuming, as you don’t need to go through several different loan websites to apply.
And since UK Bad Credit Loans does not charge borrowers any fees to use their service, you can try out your chances without fear of any financial obligation.
Does UK Bad Credit Loans Provide Funding Directly?
As mentioned before, UK Bad Credit Loans is a credit broker, which means that they do not provide loans directly but simply act as an intermediary between the borrower and lender. This also means that they will not have any influence over the approval process or the loan rates and terms that you are offered.
However, the benefit of using a loan aggregator like UK Bad Credit Loans is that the lending service effectively handles most of the legwork by making it easy to complete all the necessary paperwork through a single online form. This is in contrast to most lending institutions, which would require you to submit a ton of paperwork just to get the loan process underway.
All you will need to get started is to submit your information, wait for multiple lenders to send you their offers, and then make a decision on which one best suits your financial situation. Also, since UK Bad Credit Loans has a close partnership with its lenders, you won’t need to wait long to get your funds, as they are typically processed as soon as the next business day.
What Differentiates UK Bad Credit Loans From Other Lending Services?
For starters, it is commendable that UK Bad Credit Loans vets every lender within their network to ensure that borrowers do not fall victim to any unscrupulous lending practices. According to Emilia Flores, co-founder of UK Bad Credit Loans, “We want to ensure all borrowers that all lenders in our network are FCA-compliant, so you can expect to be offered fair and reasonable loan rates and terms.”
The platform makes it easy to instantly compare different lenders’ rates and terms, which means that you are always able to secure yourself the best deals in the market. This is especially crucial when borrowing a loan with bad credit, as you don’t want to find yourself falling into bad debt.
UK Bad Credit Loans’ lending network also offers multiple loan products to choose from, such as short-term loans, same-day loans, bad credit loans, payday loans, and more. Each one comes with its own unique features and benefits, which enables you to better choose a loan type that falls in line with your budget and needs.
While most traditional lending institutions will carry out a hard credit check on your report when you make a loan request, UK Bad Credit Loans’ partner lenders will only conduct a soft credit check during the pre-approval process. This means that you don’t have to worry about a hard credit check negatively impacting your credit score, even before you secure a loan.
Borrowers are also provided with a fair amount of flexibility when it comes to the loan amount they can access, as you can apply for funding as low as £100 or as much as £5,000. And while the exact amount you qualify for will vary depending on your income level and credit score, it is still a great choice should you need a small cash advance or a significant lump sum.
What Are The Pros and Cons of UK Bad Credit Loans?
Pro: Fast Funding
All of UK Bad Credit Loans’ partner lenders understand that most bad credit borrowers are often in need of quick financing, so any loans processed from them will often be ready for withdrawal by the next working day.
Pro: Competitive Loan Rates
Most of the lenders on UK Bad Credit Loans are open to welcoming borrowers of all credit types, which means that you won’t need to worry about your credit score affecting your chances of securing the funding you need.
Furthermore, the loan rates and terms you receive from their lending network are some of the most competitive in the current market. As such, there is a high chance that you can get the funds you need without having to accumulate huge debt in the process, even with a poor credit rating.
Pro: No Hidden Fees
A major differentiator that makes UK Bad Credit Loans superior to other lending services is that they are completely free. This means that you don’t have to worry about dealing with any extra costs while submitting a loan request or even after receiving a loan offer. As such, any other fees that you may need to pay will be included in the loan agreement between you and the lender.
Pro: Reliable and Trustworthy Lenders
UK Bad Credit Loans conducts a deep industry analysis of any loan provider before deciding to partner with them. This means examining their past lending practices, current customer testimonials, business registration, etc.
All of this is to ensure that borrowers are only paired with trustworthy lenders that can be relied upon to provide funding when borrowers need it most. The company also values full transparency through the entire loan process, so you can rest assured that you will have a clear idea of what you are getting involved in before you decide to sign any loan agreements.
Con: No influence Over Loan Decisions
As mentioned before, UK Bad Credit Loans does not have any influence over loan applications submitted through its platform. This means that there is no guarantee that you will be able to secure approval for a loan, even after submitting a loan request. It also doesn’t mean that you can rely on them for help if you have issues repaying a loan on time, as you will have to deal with the lender directly.
While UK Bad Credit Loans isn’t perfect, it still has our top vote for borrowers that are in need of fast funding, especially if they have bad credit. It also helps that the site is completely free to use, so you don’t need to make any financial commitment to get started.
Within a matter of minutes, you will get a decision on your loan request, and if approved, you will have access to your money within 24 hours. Plus, you don’t have to worry about dealing with any unsavory lenders in the process!
With all this in mind, there is no question that it deserves your attention, so make sure to go check out what rates and terms their lending network has to offer you today!