3 Best Loans for People with a Poor Credit History

Desperately in need of cash but options limited because of past financial problems?

This all too common problem can now be easily addressed by exploring the a brand new financial market.

The following article has been designed to highlight the top 3 options to help make sure that you do not make costly mistakes by applying for the wrong option!

Can I Turn To My Bank?

The short answer is probably no.

If your financial situation is likely to preclude you from accessing the most affordable options from your bank, you are likely to be directed towards the options available form alternative lenders providers (i.e. those who provide loans or other financial products to people who have been turned away by mainstream lenders) who specifically target borrowers with who have had prior financial difficulties.

These lenders have made a variety of different options available with some regularly grabbing the headlines.

For additional information relating to your past finance history and why they are so important, please take some time to check out this recent Investopedia article – The importance of your current rating

Option No. 1: Turning to Family & Friends

Borrowing Money From Family and FriendsThe most obvious and affordable option for many people is often one that is completely over-looked.

Turning to family or friends for help in a time of need can often provide the ideal solution to short term financial issues.

Potential embarrassment or worries about future problems are common reasons for bypassing this option but there are definite ways around this.

Offering to make interest payments on any money borrowed or signing an agreement are 2 options which can help to provide peace of mind for both parties.

Key points

  • Often interest free
  • No fees involved
  • Reduced pressure

The Money Advice Service recently highlighted some of the pros and cons of borrowing from friends and family. To see what they had to say, please click on the following article:

Option No. 2: Guaranteed Finance

Guaranteed hand written wordsIf your family or friends would like to help you but cannot or will not lend you the money personally, a guaranteed option may offer the perfect alternative.

Guaranteed loans work by offering anyone who can find someone to back their application the opportunity to apply for a loan of typically up to £10,000.

The person backing you will not be expected to make any payments unless the borrower defaults on payments.

Key points:

  • Unsecured finance available from sums ranging from £50 to £10,000
  • No financial background check for the borrower (the current rating of the person backing the borrower will be factored into the application)
  • Interest rates vary but for amounts of £1,000 and upwards, an APR of approximately 50% is common.

Option No. 3: Doorstep Finance

Doorstep finance options are typically aimed at borrowers home-credit-or-doorstep-lendingwho wish to take out a relatively small amounts of between £100 and £500.

As implied in the name, doorstep finance works by having a designated agent of the lender coming to your home on a regular basis to collect the repayments in person.

Key points

  • Unsecured short term borrowing
  • Designed to cut through red tape to allow access to a sum of up to £500
  • Although much cheaper than some options, doorstep loans will typically be available with APRs of between 275% and 550%

Do you know your current score?

If the answer is no, we highly recommend visiting the Checkmyfile website to obtain the UK’s only multi-agency report.

Once there you will be offered two options designed to provide you with a comprehensive overview of your report.

You can either sign up for a one-off 30 day FREE Multi Agency Report , or alternatively if your free period has expired, you can order a comprehensive report for a single payment of £19.99.

Curious About Your Current Financial Record?
Checkmyfile

Testimonial Curious About Your Current Financial Record?

Looking to borrow between £50 & £10,000?

Let us do the hard work for you by submitting a single easy to complete application to multiple lenders with the click of a button!

Our Calculator below will help you to work out exactly how much you can afford to borrow and our application form will allow you to submit your application to the UK’s best specialist lenders.

For more information check out our this page.

Note:

  • You will not be obliged to take up any of the offers that you receive and we will not charge you for our services
  • You don’t even need to worry about your financial history taking a hit!  Your finance file will checked to just make sure you do not have an IVA or are Bankrupt but your current rating does not matter.

Helping you to find the best options

  1. Bad financial histories OK

  2. Affordable rates and fees

  3. Fast application and payout


Plus
  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


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.