Desperate Loans in the UKIf you are suddenly caught up in a tough financial situation and your credit score is not good enough to qualify for a loan from a bank or any other traditional lender, what do you do next? You may choose to run to your family and friends for help but if you don’t want to drag them into your financial problems, there are still ways in which you can get the funding that you need without much stress and delay and they come in the form of desperate loans. These financial products will put some much needed funds in your pocket without literally breaking a sweat since you can find plenty of lenders offering the loans online with quick and seamless application processes.But before you head out and start looking for desperate loans on the internet, it’s very important to know what the available options are and their unique features and advantages as well. This will help you determine whether or not the loans are indeed ideal to your needs and present circumstances. And if they are, you will also know which desperate loan option will work best for you.
Desperate Loans with a guarantorDesperate loans with a guarantor will require another person, typically a family member, who will co-sign the loan deal and agree to cover any repayment that the borrower fails to make. The loans are ideal options to consider if your bank has denied you of the funding that you need because of you either have no credit history or have a bad credit score.This is because instead of focusing on your credit score, lenders providing desperate loans with a guarantor will look at two main points:
- Whether your income and monthly earnings are enough to afford the loan and its repayments
- And whether you have someone who is close to you who is willing to enter into a loan agreement and guarantees its repayments if you are unable to.
- Same day payouts. There are plenty of specialist lenders online that provide same day funding to any borrower in the UK as long as they are qualified.
- Credit rating is not an issue. You can be considered for a desperate loan with a guarantor even if you have CCJs or defaults as long as you meet the lender’s eligibility criteria.
- Rebuild your credit history. Simply keep up with your loan’s repayments on time and it will paint a positive picture in your credit history. With a new and better credit status, you can avail of more loan options with even larger amounts and better rates and terms in the future.
- Flexible repayments. There are lenders who will allow you to pay off your loan in advance and enjoy potential savings for interest rate payments without any penalty or extra charge.
- Affordable Repayments. The repayments for desperate loans without a guarantor are competitive compared to different types of loans in the UK.
- Any Purpose Loans. You can apply for the loan to purchase a new car, finance a wedding, consolidate debts, improve your home, and virtually anything you want as long as it’s used legally.
Desperate Loans without a guarantorDesperate loans without a guarantor allow borrowers who are in dire need of quick and reliable funding to apply straight to the lender without the need for a guarantor to become approved. This means that you will be the only one applying to the lender and that the approval will depend on your personal credit situation and affordability. Once your application becomes a success, the money will go straight into your bank account with no other individuals involved. Some of the popular desperate loans without a guarantor option you can find in the UK today include:
- Payday loans
- Logbook loans
- Peer to peer loans
- Bad Credit loans
- personal/unsecured loans
- Secured Loans
- Desperate loans can be obtained with or without a guarantor.
- Other available types of loans include logbook, payday and personal.
- Funds can be made available in a matter of minutes in most cases.
Desperate Loans for bad creditThe truth is, it will require you some time before you fully recover from a bad credit score and ironically, you will need to take out more loans to rebuild your credit back to favourable standings. But how are you going to accomplish this when banks and other traditional lenders will instantly shy away in the first instance they glance at your credit history in your loan application? The solution, desperate loans for bad credit.The loans are designed specifically to help people with bad credit but need reliable funding right away because they are caught up in an emergency financial situation. Most of the loans are offered by specialist lenders online which means that you will enjoy several unique advantages that are simply absent from banks and other traditional lenders such as:
- No need stress about your credit history – This could be the best benefit that desperate loans for bad credit can provide you. You don’t need to stress yourself about your credit report because lenders won’t bother looking at it in the first place. Instead, they will look more on your present income and finances and your ability to pay the loan on time and on the agreed terms and conditions. Traditional loans don’t consider other factors like increases in income before they turn you down. Lenders who provide desperate loans for people with bad credit are lenient and more concerned about your future.
- You can enjoy a very quick approval – Not only are traditional loans from banks difficult to obtain and almost impossible to access if you have bad credit, they can also take forever to get an approval. Bad credit loans can be approved almost instantly, in a few minutes or hours after you submit your application but always on the same day. The approval rates are also higher and can range from 80 and 90 percent approvals.
- You can begin improving your credit – One of the main reasons why you find it extremely difficult to secure a loan is because of your bad credit score. Fortunately, desperate loans for bad credit can provide you with the opportunity to start making positive marks on your credit report. If you manage to make timely payments, it can help improve your score and help provide you with a chance to build a stronger financial standing.
- You can borrow large amounts of money – Another great benefit in obtaining desperate loans for bad credit is that you can get a larger amount of money in a shorter period of time. However, bear in mind that if you choose to borrow larger amounts, you will naturally pay higher interest rate costs as well.
- You can enjoy convenient funding 24/7 – Because the loans are normally offered online, you can enjoy convenient access to funding through your smartphone, laptop, or tablet as long as you are connected to the internet. And since your application will be catered by a website instead of a physical office that has human employees and opening and closing hours, you can access funding in any given time of the day and any day of the year.
- A steady income from a job or business that can be verified through payslips and bank statements.
- An active bank account that can receive the loan amount
- Some assets that you can comfortably offer as collateral (in the case of secured loans for bad credit)
Desperate Loans from Direct LendersFor many people in the UK who find themselves in urgent need of funding but can’t turn to traditional lenders for help because of their credit situation, desperate loans from direct lenders are the best possible options. Because unlike banks, direct lenders that provide desperate loans will not make you wait for weeks for a response on whether or not your application has been approved. These lenders understand that when you’re in a financial emergency, time is of the essence and waiting for weeks for a decision is simply out of the table. That’s why direct lenders offering desperate loans will process your application within 24 hours. And through their advanced risk-based underwriting system, they can approve numerous borrowers that have been turned down by banks while minimizing default rates.
Desperate Loans in the UK and Desperate Loans with Instant FundingDesperate loans in the UK and desperate loans with instant funding are designed to offer emergency funding to those in need regardless of credit or financial situation. A desperate loan with instating funding can be used for any legal purpose and accepted and use without direct documentation or verification. They are also very easy to get approved for and most people are funded in the same day or an hour after their application was accepted by the lender. Desperate loans in the UK and desperate loans with instant funding are also:
- Loans designed for people who are in desperate need of funding. They can be approved with no employment verification and no income verification. This means that even those who are self-employed and unemployed who are living under pensions, grants, and benefits can get approved.
- The financial products can provide financial assistance to different people from all walks of life in the UK; not just those who have high income and stellar credit rating. People with bad credit rating and those who have been bankrupt in the past are welcome to apply.
- Lenders providing the loans understand that any person can encounter financial problems and unforeseen expenses from time to time and they will consider these factors when evaluating your application. You can even talk to your lender personally so they will better understand your current situation and can tailor a loan deal that is better suited to you and your needs.
- Lenders offering desperate loans with instant funding know that you may need your money right away that’s why they provide instant approval online without delay. This means that there is no need to fax, fall in long lines, make appointments beforehand, or provide hectic documentations. What you get is a simple loan that will help you through a financial hardship without much delay.
Desperately Needed Loan FAQs
I need a loan desperately, but I have bad credit. Can I still apply?
Of course! A large number of the lenders we work with will be more than willing to do everything possible to assist you with a loan. In many cases, your credit rating will not have an effect on whether your application gets approved or not.
How quickly will I receive approval for my loan application?
If you have been completely honest and truthful when filling in the required information on the application form, chances are that you can receive approval in as little as 15 minutes to an hour. In cases where larger amounts of money are being borrowed, it may sometimes take a little longer.
If I repay my loan on time or early, will it have an effect on my credit rating?
It most definitely will. If you have made all of your required payments early or on time, your credit rating will be positively affected. This could enable you to obtain further loans far easier in the future.
It’s the weekend. Will I still be able to get the money I require?
Thanks to all applications being processed online and through a website, you will be able to apply for a loan at any time of the day or night – even over weekends and on holidays.
Will I have to go anywhere to collect my cash once approved?
No. In most cases, the funds will be deposited directly into your bank account. However, if you opt for a doorstep loan, an agent will deliver the funds