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A personal loan is one of the most common types of credit. They are very popular because there really are no restrictions on how and where to use the money you can get from a personal loan.Personal loans can be used to purchase a boat, if you ever need one. But that's not the only thing you can use personal loans for.
What You Can Do With Personal Loans
Here are the most typical uses for a personal loan:
House repairs and home improvements usually cost a lot of money. Renovating your home is a good idea since it can increase the value of your property,
Whether you have a child to send to school or you want to finish college, getting a personal loan can help you pay for the tuition fee. Even if you have some money saved up, you may still need to get a personal loan since tuitions are usually very expensive.
Business or Investment
Are you planning to start a business or grow your investment portfolio? A personal loan can help you obtain the necessary capital for your business and investments.
Many people take a personal loan to consolidate debt. By getting a personal loan, you can consolidate your existing debts but make sure that the new loan has a lower interest rate in order to save money on fees and charges.
Travel and other personal reasons
If you want to go on a dream destination but lack the funds to do so, you can get a personal loan to fulfill that longing.
Remember that a personal loan is a financial obligation that you need to pay as agreed upon in order to avoid damaging your credit history.
Having a poor credit rating can be a huge stumbling block when you’re trying to take out a loan. Lenders will generally view you as a high-risk borrower- one that is likely to default if they will lend money to you. While your options may not be as abundant if you have a good credit score, there are ways that you can still avail of one. You just have to be prepared to make tradeoffs though in order to secure lender approval.
Start improving your credit
If your need for cash is not an emergency, you can start by rebuilding your score first. It would usually take you about six months to pull your ratings up, but it might be well worth it if it means having better loan terms and deals afterwards. Securing a credit card aimed at building your credit is one option to consider. It helps too if you will work hard on paying your bills and other financial obligations on time as these will reflect on your score.
Look for bad credit lenders
There are lenders that specialise on assisting borrows with less than perfect credit scores. You must understand that these lenders have to contend with a much higher risk of letting you borrow from them. So, it is to be expected that they would want to take extra steps in mitigating these risks. Oftentimes, they do this by raising the interest rates so, be prepared for a rather expensive loan terms.
Find a guarantor
This is a third party that will act as the security for the repayment of the loan. He must have a good credit standing since the terms of the loan and the interest rates would depend on his financial state. In addition, the amount you’ll be allowed to borrow will also depend on his score. It is essential to understand though that as a guarantor, he stands as the one that will have to pay off the loan in the event that you will default.
Apply for a secured loan
Another way to get approved for a loan with better offers even when your credit is poor is through a secured loan. This is where you present collateral such as a property or any valuable asset to secure the amount you are borrowing. Be aware that the loanable amount will be dependent on the actual value of collateral. Generally, this helps those borrowers that want to borrow a larger sum. You do have to be careful with this type of loan as you stand to lose the asset that you’re making as collateral if you fail to keep up with the payments.