News Flash – Not All Loans for Poor Credit Are Bad

Many of the current specialist loans take a constant bashing in the media; but we’ll show you that not all of the current options should be approached with caution.

With so much negative publicity it can be all too easy to steer clear of anything that the media has tagged with the ‘dangerous lending’ heading. Is this the right thing to do though?

The following article focuses on 3 of the best current options and highlights why a little bit of homework can save you a lot of money!

Approach payday lending with caution

Before we get into our recommended options, a quick note about an option to avoid wherever possible.

Payday lending should certainly be approached with caution.

With very high APR’s, fees and charges, other options are readily available and should always be explored first.

Our list of the top 3 current options includes:

No. 1: Guaranteed Borrowing

guaranteedThe majority of problems relating to our chances of making a successful application from your bank or building society relate very closely to our recent financial history. Simply put, if you a lot of debt and a record of missing repayments, there is every chance your bank will not grant your application.

One way to avoid this problem is to turn to a guaranteed borrowing option. Guaranteed loans take the borrower’s personal financial history out of the equation by asking for a third party (normally a friend or family member) to guarantee the repayments.

Key benefits:

  • Because there is no credit scoring, the credit score of borrower is not an issue
  • They can be available for sums of up to £10,000
  • Many lenders do not impose early repayment penalties
  • Successful repayment will allow you to re-build your personal financial record

For more information, please take a moment to visit the dedicated Wikipedia page by clicking here.

Loan No. 2: Doorstep Borrowing

home-credit-or-doorstep-lendingDoorstep borrowing is a very traditional for of borrowing which will work just as you would imagine. Typically available for smaller sums of up to £500, once you have reached an agreement with your lender, an agent of your lender will visit your house on a weekly or monthly basis to pick up the repayments in person.

Key benefits:

  • The majority of lenders do not impose any charges
  • Personal finance history is often not factored into the application
  • No third party (i.e. a guarantor) needs to be involved
  • A completely cash transaction (amount borrowed and repayments are often available in cash)

For additional impartial information relating to Doorstep Lending, please view the Citizens Advice Bureau guide taking an in-depth look at Home Credit & Doorstep Loans.

Loan No. 3 – Credit Unions

Credit Union LogoCredit unions have been around since the 1940s but have recently received a significant boost in popularity.

Put in place by people with a common interest, they offer a range of financial services including low interest borrowing, savings and even bank accounts.

Key benefits:

  • Much cheaper than some alternative options
  • Non-profit organisations
  • There are fewer fees involved
  • Because they are community based, they are typically very flexible

Do you know how your personal finance file looks?

To keep an accurate check on your financial record, we strongly recommend paying a visit to the Checkmyfile website to obtain the UK’s only multi-agency report, which contains all of the relevant information.

Once there you will be presented with two options to check your current score.

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

Keeping Watch Over Your Credit Score
Checkmyfile

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We offer an unrivalled selection of options

We believe it is important to put our customers in direct contact with professional quality lenders.

Avoiding big fees, charges and interest rates can save a huge amount of money and our application system will put you straight through to the UK’s very best lenders.

Firstly, use our calculator to see how much you can comfortably afford to borrow, once you have done this, then complete our simple application form to submit one application to over 10 lenders simultaneously.

Our lenders have all been highly vetted and within just a few minutes of submitting your application, the loan offers will begin appearing in your inbox.

For more information, please click here click here.



Helping you find affordable options

  1. Poor financial history 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

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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.