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I Need A Personal Loan Quick But I Have Bad credit-UK Residents

By Edited Nov 13, 2013 0 0

Personal Loans For People With Bad Credit Who Live In The UK

So you may be saying "I live in the UK and I need a personal loan quick but I have bad credit."  There are no human in this world that 100% flawless so the fact that you have bad credit isn't really something you should let hold you back for accomplishing your goals or getting emergency cash. Only you know what bought you to this place where you are now considered one of the 25 percent of society that has bad credit. No matter, you can still get the emergency cash you need with virtually no problems. 

Whether you live in the US or the UK there are lenders out there who are willing to lend you money for all your emergency needs and all of life's bumps, bruises and surprises.  You will however, have to expect that you will pay a higher interest rate than those who have good, or excellent credit. This is only natural. The lenders who are in business to lend to people with bad credit have to take steps to protect their investment.  Afterall, they are in this to make money, not do you a favor.  It's really up to you whether or not you choose to deal with a bad credit lender if their interest rates are too high. In this area, you should not just settle for anything, it is your money afterall and if the interest is too high and you can't pay back the loan then you can land yourself in a deeper bucket of credit mess and financial nightmare. Although there are lenders out there willing to lend you money, be very selective and read the terms and agreement carefully before you sign anything.

A Word On Your Credit History and Having Bad Credit

You would have heard of this saying, "Prevention is better than cure". It’s true in every aspects of life and even in handling your financial situation. An immediate question one may have is how to prevent or avoid bad credit history? To know the answer, it is very important to know how credit score is calculated. Consumer reporting agencies and credit bureaus maintain a report on every financial transaction of an individual and with this data, the calculate your credit rating and credit score.

A single late payment or a check bounce may have a negative score on a credit score. In the UK, missing tax payments, credit card bills, default on any loan or bankruptcy are also major factors that contribute to a bad credit rating and credit score. You will be surprised to know that frequent change of address or telephone number may also impact your credit negatively. Instead of late payments or missing payments on any bills or loans, you can directly talk to the provider  or creditor and check if there is any other option available to make both parties happy.  Many creditors understand that there will be genuine reason and help you to overcome such situations. Communication is one of the best ways to prevent negative credit ratings on your credit report.

Bad credit score lead to an annoying situation especially when you wish to obtain a loan. Whatever type of loan you wish to borrow whether it be a mortgage, personal loan or car loan, your credit rating and credit score has an impact on whether you get the loan and if you get the loan how much interest you will have to pay.  So it is to your benefit to clean up your credit if you have bad credit and if you are having financial troubles now, take every step you can to prevent ruining your credit history. 

Your bad credit score may shoot up the interest rate or there are chances where your loan application is rejected. Not to panic or worry! There are enough bad credit loan lenders in the UK who deal with this very large segment of the population to ensure that you will be able to get a loan. There are many Brits who have bad credit and still get the loans they need.  They understand and respect the nature of the game and are careful which lenders they deal with.   It is simple to get a loan if you are a homeowner even with your bad credit history.  The Lenders listed below lend to Brits in the UK with bad credit and the interest rates are pretty reasonable.

If You Live in the UK and Need A Personal Loan Quick But Have Bad Credit-Some Creditors You Can Check With

Shawbrook Bank

Shawbrook Bank is a specialist in providing savings and lending services. They provide bad credit loans for homeowners. They are specialists in providing secured loan services. Shawbrook Bank acts fairly and reasonably and really able to understand your financial problems. All secured loans are provided through brokers and they work with Consumer Credit Lincese from the Office of Trading. They provide secured loan of up to 85% of the loan to value. You can get loan from a minimum of £3,000 to £100,000 and offers a repayment term of three to 5 years. Shawbrook Bank offers fixed as well as variable interest rate secured loans. The unique feature of this bank is they do not charge any additional settlement interest if you settle the loan within 28 days of receiving the settlement figure. One of the renowned brokers is Self Serve Loans  and theyhelp you get a secured loan through Shawbrook Bank.


Provident Personal Credit

Bad credit and not a homeowner! Do not worry. Provident Personal Credit offers loan for tenants and unemployed as well. They also provide quick loans from £100 to £500. Very easy to apply as they have an online quick loan form at their webpage! Provident Personal Credit considers all circumstances for providing loans at the best interest rate. The loan process is very simple. You just need to provide your details in an online form. The local agent will contact your in person explaining the details. They also provide affordable interest rate. The unique feature of this creditor is that they do not charge any administrative charges. There is no late payment fee. Provident Personal Credit does not include any hidden charges and the interest rate does not vary during the course of the loan. You can also apply for a loan through broker Self Serve Loans to obtain a loan from Provident Personal Credit.


Guarantor Loans Online:

Guarantor Loans offers unsecured loans for bad credit history. The unique feature of Guarantor Loans is that they do not charge any upfront fee. Every loan process is done online. You can either apply online or call them. They will email the documents. You just need to complete the documents and send them back. Guarantor Loans provides loan. They encourage bad credit people for Debt consolidation loans. Guarantor Loans help to rebuild your credit profile by offering loan even for bad credit holder whose applications have been declined in other prospective lenders. You can borrow up to £7,500 in a simple and easy way. People with bad credit need to go through hassle in getting a loan without a guarantor. If you call them, their agent will help you find a  financial solution that suits your circumstances. Guarantor Loans offer number of loans options so you can get a loan without a guarantor. Guarantor Loans offer an unsecured tenant loans. You can either apply for a loan directly at their website or through Self Serve loans.'

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