Unsecured loans with bad credit are a personal funding source that you can take out without putting collateral despite a bad credit history.
The repayment period of personal loans spread over between 1 and 5 years depending on the size of the loan. Among all short-term loans, unsecured personal loans let you borrow a large amount of money to fund planned expenses from wedding to home refurbishment.
The range of borrowing varies from £1000 to £25,000 depending on your credit needs and repayment capacity. You can borrow more than £25,000 without collateral provided your financial condition is very strong. However, British Lenders will call for a security if you intend to borrow more than £30,000.
Direct lenders do no impose any restriction. Taking out unsecured loans with poor credit is as easy as other short-term loans. A direct lender will never ask you a reason for using funds. Once you get money, you are free to use them as you desire. You will apply for the loan online and get funds without further ado. Under following circumstances, these loans seem worth taking out:
Some direct lenders do not allow for prepayment for unsecured loans because this can lead them facing interest risk, and if you do so, you will end up paying prepayment penalty that mitigates the loss of the interest the lender will likely bear. Such lenders are not trustworthy because they give priority to profits over borrowers’ interest.
British Lenders practices lending guidelines that work in favour of borrowers. We never discourage you from paying down your loan before the due date. As a responsible lender, our aim is to support you financially, not to push you on the verge of a debt trap.
We believe in transparency. All terms and conditions are mentioned in clear and comprehensible English. You have enough time to go through the contract and clear your doubts before signing the deal.
Personal loans are backed by creditworthiness of a borrower. A direct lender will run a hard credit check to know your credit standing. Your application will be turned down if your score is less-than-fair.
However, unsecured loans for poor credit work differently. British Lenders will run a soft credit check to avoid further damage to your credit rating. Of course, it is mandatory for a reliable lender to know that whether you will be able to pay back the debt on time or not.
It will help us look over your monthly incomings and outgoings. It is imperative that you have a steady source of income and you do not face fluctuations in cash inflows even if you are self-employed. The final decision will be based on the size of your net worth and financial obligations.
Apply for unsecured loans with bad credit today. British Lenders provides these loans at lower interest rates than mainstream lenders. Timely payment of the debt can build your credit score.