Bad Credit Loans
Not everyone in the UK has perfect credit, in fact, based on the Equifax credit score range, the average score for the UK is ‘fair’ standing at 380. Meaning that if you have bad credit, you are not the only one. Thankfully, there are still options available to you if you are looking for a loan of any sort. These are named, ‘bad credit loans’.
What Are Bad Credit Loans?
Bad credit loans are loans for people who have a poor credit score. Typically, lenders and brokers see those who don’t have a perfect credit score as a risk. For example, most banks won’t lend to those who don’t meet their standards so those people will turn to other lenders. But, your credit score shouldn’t make you any different to those who can access loans from the bank. So, that’s why companies offer bad credit loans.
If your credit score is below 419 on the Equifax credit score range, you are classed as having a bad credit score. Although, not every lender bases their applications on that company’s range, so to different lenders and brokers your credit score could be good or bad.
Am I Eligible?
The eligibility for a bad credit loan can vary from lender to lender and broker to broker. Any loan provider of personal loans will look at your application to ensure that the loan you desire is one which you can comfortably afford. We cannot guarantee that if you apply for a loan with a lender you will automatically be approved, even if you have bad credit.
Do I Apply Online?
Applying for a bad credit loan is easier than it might sound. Typically, if you haven’t done your research when you think of applying for a loan, you might think of a physical, paper application. But, in today’s society, that usually isn’t the case. Unless you are applying for a loan from a bank, the majority of lenders and brokers now work online.
So, if you have found your desired bad credit loan lender or broker, you will be able to access their application in only a couple of clicks. With Simple Personal Loans, you are able to easily find their form. Either click here or visit their homepage and click ‘Apply Now’. Once you have done this, complete and submit the application. Following submission, you will be notified whether you have been accepted. If so, you will receive your loan soon after.