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Loans For Bad Credit UK

Loans For Bad Credit UK

We understand that not everyone is blessed with a perfect credit score which is why here at we welcome applicants with a less than perfect credit score. We understand that life happens, sometimes you’ve made a mistake years ago. Sometimes your poor credit score has occurred completely get a unsecured loan with bad credit by accident if you’ve cancelled a direct debit by mistake or simply forgot to make some low value payments. It happens to the best of us, we understand completely. At even if you do have a bad credit rating you can still apply for one of our payday loans with no credit checks needed!

We invite applications from people with all credit histories, we do not place a restriction on who can apply for a bad credit loan. From the information that you provide to us in our online application form we can make an accurate decision as to whether a payday loan would be the right option for you. Sometimes a payday loan isn’t always the best option if you have a bad credit history. If we feel that a payday loan will not benefit your current financial situation, we will always recommend another service suited for applicants with a poor credit history.

Don’t use most of your available credit, even if you pay it off on time. Your credit utilization ratio your outstanding balance vs. your total credit limit should be no more than 30%, but 10% or less is ideal, experts say. That means that even if you have a $10,000 limit on your card, charging more than $3,000 on it can negatively impact your credit score. This holds true whether or not you pay off your balance every month.

Small businesses with a bad credit score no longer need to rely on borrowing from friends and family, or credit cards, which are historically the other go-to sources for extra cash. Indeed, altfi providers often give small businesses funding despite poor credit scores. Since these lenders are set up to cater for the needs of SMEs, they’re generally more flexible in assessing a business’s suitability for a loan. Therefore, a non-existent or bad credit score doesn’t have to mean the end of your funding search.

This is a hard question to answer, as it can vary a great deal from one lender to the next. Because each lender creates their own set of criteria for evaluating a potential borrower, it’s hard to say exactly how taking on a loan will affect your credit from lender to lender. However, the general truth regarding loans and lenders is simple: Pay off our loan on time and it should reflect positively on your credit rating. Keep in mind, however, that taking out a loan or accumulating too much debt may affect your credit rating.

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