Short Term Loans For Bad Credit
Sometimes unexpected things occur, whether it be something which costs you money or not. Perhaps your car has broken down or you have to pay some medical bills you never thought you’d need to. But, unfortunately, not everyone has the ability to get their hands on a loan immediately due to factors including a poor credit score. Hence the need for short term loans for bad credit.
What Are Short Term Loans?
Have you ever come across a lender offering a loan of £100 – £1500 which is roughly for around 12 months? If so, you will have probably come across a short term loan. Direct short term loans are small, short loans which have come straight from a lender to suit your needs. Typically, you borrow your desired amount and then repay the fixed amount in smaller instalments each month. This way you have a stress-free borrowing experience.
Direct Loans for Bad Credit
Direct short term loans are loans which come directly from a lender. In other words, if you apply for a short term loan through a lender and receive your loan from them, they have given you a direct short term loan. The opposite of this is companies like brokers. If you apply for a loan with a broker, they will send your application to various lenders to see if any of them will accept your form.
Direct short term loans for bad credit can be hard to find. Not every lender is willing to lend money to those with bad credit. This is because their credit score and report gives the lender an idea as to whether or not they will repay the loan. According to the credit rating company ‘ClearScore’, the UK has an average credit score of 380. This is considered to be ‘fair’ (380-419), but only just as the category of ‘poor’ finishes at 379 (280-739).
Along with the average credit score in the UK, ClearScore also created an analysis which revealed where the lowest ranking postcode area’s in the UK are. The data revealed that some of the top areas include Kingston Upon Thames (400.16), Hemel Hempstead (380.00) and Bromley (832.18). The data shows that the majority of the areas which have the lowest credit score are in the NorthWest. Blackpool, Liverpool, Manchester and Oldham were all named the some of the lowest. But in actual fact, the place with the lowest score overall is Sunderland standing with 318.51.
Despite the UK having an average of poor credit scores, lenders like us here at BingoLoans are still willing to take the chance and lend to you as we believe your credit score doesn’t define you.
Can I Get One Without A Guarantor?
You might think that because you have bad credit, all lenders will require you to have a guarantor to ensure you repay the loan on time. But, luckily for you, here at BingoLoans, we offer No Guarantor Loans. The process of applying becomes easier when you don’t need to rely on someone else. Even though it might be more difficult to be approved for a loan by yourself, here at BingoLoans we can help you.