What are Bad Credit Loans?
One of the biggest barriers to borrowing can often be a bad or poor credit rating. Many consumers think that because their credit rating isn’t the best, they will be seen as a poor risk and be unable to borrow; others may worry that they will be seen as having poor money management skills, which has contributed to their undesirability as a borrower. The reality is that it’s perfectly possible to obtain a loan, even if your credit rating is less-than-ideal. If you need cash in a hurry and are looking for loans for bad credit, at Bingoloans, we can help.
What is bad credit?
There’s actually no such thing as “bad credit”. Credit reference agencies hold records of the borrowing which you’ve undertaken in the past, alongside your history of repaying the borrowed funds. Your credit record also contains general information such as your name and address. Higher scores are assigned to borrowers who repay promptly, particularly when they borrow larger sums. Factors which can reduce credit scores include:
– Not having borrowed much in the past.
– Falling behind on repayments (this could be something as simple as being late with a catalogue payment).
– Missing a mortgage repayment.
– Defaulting on a loan.
– Being in receipt of a County Court Judgement (CCJ).
The lower the credit score, the less likely you are to be accepted as a borrower. If you are accepted, it’s likely that your borrowing will be limited and that interest rates may be higher than if you were seen as a low risk (ie: have a higher credit score).
A bad credit score on your report is the history of every form of credit that you’ve ever had. This includes loans, credit cards and car finance. If you’ve ever missed a payment on any of your previous credit, then you’ll find that your credit score on your report can be affected. Sometimes, this can reduce your chances of being accepted for a loan or credit in the future. However, with a short term loan, you will find that you are more likely to be accepted. This is true even if you have bad credit, due to the various checks that are carried out.
The checks are to make sure you can repay, check how much you earn and whether you have any other loan checks. The FCA’s new regulations mean that a loan company has to carry out a credit check on all applicants but this doesn’t mean that it’s the only factor in the decision.
Why can Bingoloans lend to people with a poor credit rating?
Bingoloans are a direct lender as well as a broker. This means that it is the Bingoloans company which lends to borrowers. Because Bingoloans is the company taking the borrowing risk, we have considerable flexibility to accept lenders who may not have the highest credit scores. We provide short-term borrowing for people who need a fast cash injection due to some sort of financial emergency. The simple, short-term nature of the loan means that risk is fairly limited, allowing Bingoloans to offer finance to people who may not be accepted by high street banks or lenders.
Bingoloans may help you restore your credit rating!
Credit scores can vary over time. If your rating is poor, one of the ways in which you can rebuild it is to borrow, then make your repayments on time. This can have a positive effect on your rating, improving your score and potentially opening up more borrowing choices in the future.
How do I borrow from Bingoloans?
Simply complete our online application form and we will make a fast decision. Borrowers with a low credit score are welcome to apply! Remember that short-term borrowing should only be considered for emergency situations – it’s not a long-term solution to an insufficient income. Make sure that you can afford the repayments before filling in your loan application – late or missed payments could cost you more! Poor credit isn’t a barrier to borrowing when you use Bingoloans as your lender.
Bad Credit Loans for when things go wrong
It is an absolute nightmare when things go wrong. For instance, the washer breaking down or the boiler suddenly stopping working could push many families over the edge financially. When there is no money to cover repairs it can be extremely stressful, but if you add a poor credit history on top of that, you can see why it is enough to drive people to despair. In situations like this, people often turn to a payday loan. Many assume, however, that poor credit history will prevent them from securing a loan. This is where BingoLoans can help. We help those with bad credit secure payday loans from direct lenders only.
Easy Online Application
When you use BingoLoans to arrange your payday loan, you can rest in the knowledge that we will make the process as quick and easy as possible. We understand that the need to apply for a loan usually comes at a time of significant stress and so we make our application form fully completable online, you won’t even have to talk to anybody to arrange your loan. The application process itself is quick and you will be able to see which lenders will offer you finances quickly too. Once the application is complete we show you in a clear and concise way exactly which lenders are prepared to offer you a loan along with their quotations for providing you with the service. You will be able to see at a glance which lender will be right for your circumstances.
Same Day Payments
When it comes to releasing finances, in some cases, lenders might be able to offer you money on the same day, although this depends on the time that the application is completed. Many of our lenders do endeavour to make sure that any money they agree to lend to you is in your bank account within 24 hours. We and the companies we work with understand that you need the money quickly and so we will do everything we can to make that happen.
Short Term Bad Credit Loans
Sometimes, a bad credit record can get in the way of you borrowing money when you need it. On these occasions, look no further than BingoLoans’ bad credit loans. We understand that sometimes you need a bit of help, regardless of your credit history. When other options for borrowing are no longer available, you may need the help of a short term loan designed for people with bad credit. Our lenders will carry out a credit check when you apply which will show on your credit report. That doesn’t mean that you will be rejected though, for a quick and easy cash, turn to Bingo Loans.
The Issue with Bad Credit Loans
The problem when you have bad credit is that a lot of lenders don’t really want to know you – which certainly doesn’t help you get through the odd patch of financial instability. The issue is that lenders so rarely look at context. They run their checks and see that you have bad credit or a bit of a marked financial history and they automatically decline you the loan. They do this without seeking out all-important context. It’s not good enough to just know you have bad credit, it’s important to know why. Your credit history may not even be your fault, or down to issues that have long since been resolved, but leave you struggling with the consequences. But if you have bad credit, you needn’t worry – Bingoloans is here to help.
Why apply with Bingoloans?
You should apply for your short term payday loans with Bingoloans because we’re both a direct lender and a broker. When you make an application with direct lenders only, you’re only going to get an answer from that company. If you’re refused the loan, you have to spend more time searching out another company and making out an application with them, then wait for it to be processed and decided. This takes time – time you don’t have when you need a cash injection in a hurry! This is where Bingoloans can help you. We’ll do our best to be able to arrange your loan ourselves, but we can’t always do that for one reason or another. If that happens, don’t worry! We can still go to our selection of approved lenders with your details and do our best to get you a loan from one of them. We choose our partners very carefully, so you can rest assured you’ll always be dealing with trustworthy financial companies.
Apply for Bad Credit Loans Online Today
If you need a short term loan in a hurry, get in touch with Bingoloans. Through our simple online application, you can have the money you need in next to no time. Even if we can’t pay out your loan ourselves, our partners often also try to match our goal of getting your loan paid within 24 hours. So if you need money to cover an emergency, reach out to Bingoloans – even if you have bad credit.