A short-term loan direct lender is able to provide you with funds during emergency without further ado. Finding yourself in a tight corner is undoubtedly a painful situation, but direct lenders have several options to help you fund your unexpected expenses despite a bad credit score.
In days gone by, getting a loan with bad credit was beyond imagination because of strict benchmarks. Traditional lenders would disburse money to borrowers with a good credit standing. Ignoring the fact that emergencies may catch people with impaired credit history on the hop, they would never find their loan applications worth considering.
In fact, this trend still exists when it comes to borrowing money from a bank. You are highly likely to have your application turned down in case of very poor credit history.
British Lenders provides short term loans for bad credit history to British borrowers. We try our best to offer affordable interest rates so that you do not face difficulty paying off the debt.
Services of short-term loan direct lenders are not same as brokers. You must know the exact difference between both parties to ensure that you will get a cheap deal. Both brokers and direct lenders have acceptance rate, which means you are likely to get money even if your credit rating is not stellar.
The processing time is a bit longer if you take out a short-term loan with a broker. This is because they have to find a lender according to your needs. Broker acts as a mediator and hence charge a good amount of fees that is mainly involved in the processing fees.
However, direct lenders instantly approve your application and transfer funds to your bank account. They also do not charge processing fees. Since British Lenders is a direct lender, getting a loan is very convenient and quick.
Online application procedure has made disbursal of short-term loans very fast and convenient. You just have to submit an application form when you need money. Direct lenders particularly do not emphasise the purpose of taking out a loan, but the rule of thumb says that you should borrow money when you have a financial emergency. Try to avoid borrowing money to fund your recurring expenses such as groceries.
British Lenders charge competitive interest rates. Since your credit history is not perfect, you are likely to end up paying high interest rates. Make sure that you will manage to pay back the debt.
A short-term loan with direct lenders can boost your credit score if you manage to pay down all instalments on time. Otherwise, the lender will charge late payment fees and interest penalties that continue to add up unless you settle all dues. Failing to repay the loan will also wreck your credit score.
Timely repayments will be reported to credit reference agencies that show up on your credit report. It will increase your chances of getting a loan from a direct lender in the UK at lower interest rates down the road.
British Lenders suggests that you should consider your repayment capacity before applying for these loans. If due to any reason you feel that you will not be able to pay off the debt, inform your lender of your true financial condition. You will likely get a new repayment plan that suits your budget.
British Lenders can be an excellent choice for you as we provide short-term loans in the UK at affordable interest rates.
Apply for short-term loans with direct lenders today!