- Urgent Funding
- Guaranteed approval
- Loans on benefits
- Very poor credit accepted
- No guarantor needed
Bespoke loans from a direct lender to build or improve credit score
You can experience the unpredictability of life when you face a sudden financial expense or an occasion which demands an instant arrangement of a decent amount in a quick time. In this situation, getting personal loans with low APR can be helpful. However, to qualify for this, you must fulfil a particular set of conditions the lender puts. A good credit score is among the prerequisites for a healthy loan application.
Credit score has recently gained significance, but not merely for an excellent or good range. It has gained popularity, particularly for low credit scores. Feel surprising? The best instance is low credit score loans for the UK people.
A large number of individuals have bad or very poor credit scores, and sometimes, they are unaware of this. When they apply for loans from mainstream lenders, they find themselves risky customers, and the lenders show no willingness to fund their needs. Now, if you have a low credit score but still want to secure loans for poor credit, you can find Everydayfunding at your side.
We are always ready to give you the money through easy loan options. Do not worry about the interest rates. Ours are more competitive than any other lender.
Applying for a loan involves certain conditions, and a credit score may be the most crucial. It has a direct influence on your loan application and approval chances. In the UK, the credit score is usually determined in the following ranges.
| Credit Ratings | Credit Scores |
|---|---|
| Excellent | 961-999 |
| Good | 881-960 |
| Fair | 721-880 |
| Bad* | 561-720 |
| Very Poor* | 0-560 |
*Loans for low credit score people are usually available for the score between 0-720. Under these unsecured loans for low credit, the features become specific, and affordable lending becomes more critical.
Nevertheless, you build a credit score that further brings these advantages:-
Creditworthiness: We can judge your loan repayment capability through your past credit. We can give you an affordable amount, which is repayable from your monthly income.
Lower interest rates: Your good credit score reduces the overall interest rates on any amount you borrow. In contrast, a lower credit score leads to a higher credit score comparatively.
Quick loan approval: If you have your credit report and if it carries a good score, you become eligible for faster approval. However, we also offer the same to those with low credit.
You should have some sort of credit score, which comprises of the following factors:
It is vital to know the factors that lower your credit score so that you can improve it:
People with good credit scores are the favourites of every lender. Still, responsible direct lenders in the UK, such as Everydayfunding, have specialised loans with low APR for individuals with lower credit scores.
Getting guaranteed loans for bad credit bring several advantages for people in the UK. Getting loans despite poor credit ratings is itself a significant benefit. However, before coming on to the pros of these loans, you should know that you qualify for only the affordable loans. Availing of money beyond your income capacity will only harm your finances and credit score.
Here are the advantages of an unsecured loan for bad credit history:
Manageable monthly instalments
Loans for people with low credit scores are usually short-term loans. Therefore, the monthly instalments will be smaller and manageable from your full-time or part-time income. If you follow the schedule sincerely, these monthly installment loans with low credit can improve your score.
No guarantor is needed
Get low credit score loans with no guarantor with us and repay in your own capacity. It saves you a lot of time as you can quickly apply without spending hours or days finding a person to take your loan guarantee. These loans without a guarantor can also enhance your credit record since all instalments will only be done from your end.
Your unemployment does not influence
One of the most significant reasons for your low credit score is unemployment. Other lenders may reject your loan request, but we accept and offer low-credit score loans for the unemployed from direct lender facilities. You can expect approval on your part-time or can opt for our loans on benefits.
No hard credit check
Like payday loans with no credit check, we offer low credit score loans without a hard credit assessment. We do soft evaluations as that will not impact your credit profile. Sometimes, chances of bad credit loans from a direct lender on guaranteed approval and no credit score check are there but only if your recent financial performance is good.
We measure your ability to repay your loan by softly analysing your credit score. We also expect that you prepare well and know your limitations and actual needs.
If you are still confused about how to do that, then here are some suggestions:
Show your recent affordability
You will get the loan amount that is repayable from your monthly income. For this, you must show your affordability and make all bill payments on time to get personal loans with a low credit score. Make sure you do not have any debt to pay, as it will also leave a good impression on the lender.
Prove that your earnings can manage instalments
During the scenario of a low credit score, we consider your application for a personal loan if you recently have a salary increment or are earning an additional income source. Your steady monthly income will increase your chances of guaranteed loans for bad credit in the UK.
Put a lower loan amount in the application
After finding your credit score on the lower side, you should mention a smaller loan amount in the online application. It creates less risk to the lenders, who believe you will not default on repayment. A lower loan amount is relatively affordable to repay.
Apply for a loan with a co-signer or guarantor
There is another way of getting an easy approval on a personal loan with a low credit score. You can apply with a reliable person with a good credit score who can co-sign or take your loan guarantee. You can even get long-term loans for bad credit by doing this.
We follow a unique but useful credit rating approach. It does not involve only the applicant’s credit history to verify the creditworthiness. We have replaced this with your recent income capacity and affordability to repay the loan. It makes the way for an easy acceptance of low credit score loans for the UK people.
Everydayfunding offers these advantages to its customers: