Why Applying for Bad Credit Loans Directly with Lenders is Not The Best Move

The sub credit market has been flooded with new lenders in recent years, most of which people will not have heard of.

It is therefore very difficult in this market to know which lenders are good and which are not so good!

In this article we explain why it is good to go through a third party company such as AllCreditLoans.net, who have already done the hard work in terms of finding a panel of professional lenders, plus making the application process streamlined and easy.

Increasing Need to Borrow

Research by the debt charity Step Change and the Children’s Society in Hull recently highlighted some frightening findings.

Matthew Read, chief executive of The Children’s Society, said:

“Families in Hull are increasingly relying on debt as a way to make ends meet. With little savings to fall back on, it can take just one unexpected setback – like illness or being made redundant – to tip a family over the edge and into a debt trap that can feel impossible to escape from.”

Matthew Read
Chief Executive of The Children's Society

Testimonial Matthew Read

This is a trend which is echoed across the country and has seen a number of enterprising lenders flood the market with a huge number of innovative new loans aimed specifically at borrowers with mounting debt and a falling credit rating.

Which lender should I trust? – try and get a personal recommendation

If you have not never borrowed money from professional lender before, especially if you have a poor credit score, it can often be very difficult to know which lender to go with.

It is especially difficult to get personal recommendations, as typically people so not tell each other when they are having to take out emergency borrowing options.

Though if you do know people who have a poor financial history and have had a good experience with a lender, then this is always a better start.

shark with a briefcase of moneyThe worst that could happen – Loan Sharks!

The worst case scenario would be to end up borrowing from a loan shark. Whereas some lenders can be very expensive, loan sharks are a different proposition altogether.

They’re unlicensed, they break the law, often go knocking door-to-door and at worst use highly questionable methods (including violence and threats of violence) in order to get their money back.

If you have any contact with a loan shark, please report them on 0300 555 2222 (you can also text LOAN SHARK and lender’s details to 60003, or visit the Government’s Report a Loan Shark page).

Loan sharks

Avoid the risks and do your research

The best way to make sure you do not end up borrowing from a ‘bad’ lender, is to make sure you do your research.

So on top of asking friends and family for reccomendations, there are plenty of lenders on-line, though you need to make sure they

  • Have a Credit Consumer Licence (CCL)
  • Have reasonable fee, charges and terms and conditions

It is worth spending a few hours researching the different lenders, and summarising the differences between them.

Let someone us do the hard work for you

AllCreditLoans.net has already done the hard work for you by putting together a panel of reputable and fully accredited lenders.

Rather than researching lenders individually, by using the services of like AllCreditLoans.net, you will have the chance to submit a single application to a number of lenders resulting in the receipt of a variety of no-obligation offers from which you can choose.

Clicking on the Calculator will allow you work out just how much you can afford to borrow and then filling in our easy to complete application form will allow you to simultaneously submit your form to a number of the UK’s best and most affordable lenders.

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Helping you borrow money

  1. Bad credit rating OK

  2. Affordable rates and fees

  3. Fast application and payout

  1.   One application to multiple lenders
  2.   No broker or application fees
  3.   No early redemption fees
  4.   Secure online application

how much

How it works?

Quick application for £50 to £12,000
no risk free
  • No credit checking*
  • No obligation to take out finance
  • No application fees
  • Secure online application

4 Easy Steps

1. Calculator

Calculate how much you can afford to borrow and for how long

2. Easy Online Form

One quick online form to our panel of multiple lenders

3. Multiple Offers

Receive a choice of no obligation offers from multiple lenders

4. Get Your Money

Send off your preferred offer and get your cash

Save time with one easy online form

Why spend time filling out lots of different forms to numerous lenders?

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With us you just fill out one easy form

Borrowing + interest & fees of = Total to repay
* Based on repaying after 30 days

Borrowing over your repayments will be approx. per month and in total. For actual figures hit Get My Loan to get a choice of free, no obligation loan offers from the best bad credit loans lenders in the UK.