First Choice Finance UK

Inhale the breath of relief with very bad credit loans

Blog post   •   May 23, 2019 08:21 BST

Only bad circumstances interact with you when very bad credit situation intrudes in your life. Stress, depression, relationship breakdown, chocked financial and personal growth; every depressive thing seems to knock your door. This suffocating situation should soon come to an end as this is not the way you live the life of a human. What is the use of being tagged as the cleverest creature of the earth if situations find it easy to drive you? Certainly, the worst credit rating is a terrible situation, especially if it is accompanied by CCJ or bankruptcy issues. But why to feel hopeless?

A solution is available in the form of very bad credit loans with no guarantor and no broker. These are the specialised loans that are available online. Obviously, your mind is asking countless questions with one major focus – how a loan is possible for a very bad credit person? The answer is in the new trend of finance industry inspired by the new age online lending. It exists not only to play the traditional role of providing funds but also to give complete financial assistance to help people come out of the mess on money matters. The applicants have issues like bad credit situation, very bad credit situation etc. Every adverse condition in finances leaves a direct impact on the credit rating. The online/direct lenders offer certain loan products to facilitate an improvement in the credit score performance of the applicant.

Very bad credit loans solve 2 major purposes

Two vital aspects are served by these loans –

  • 1.Get funds despite very bad credit and fight the money crisis. &
  • 2.Improve credit rating.

The SECOND one is quite significant as once the credit score improves, financial life comes back on the track. But how does the credit rating improves? Well, the lenders intentionally provide funds on personalised pricing according to your situation. They design very poor credit loans to specifically deal with such issues. This is why the lender is always in an effort to make the loan deal affordable as much as possible. Once you qualify for the loan and get the funds on time, the lender expects the instalments on time. Timely repayment helps in gradual but promising improvement of credit rating.

What do you need to apply for the loan?

The eligibility criterion is simple and uncomplicated. A bunch of very basic conditions are required to fulfil. They are common in every type of loan irrespective of credit score status.

  • Age limit is 21 minimum (obviously, you cannot expect an eighteen year old kid to be the victim of very bad credit, CCJ or bankruptcy issues)
  • A bank account
  • Mobile number

Terms and conditions apply

Applying for loan needs very few things but to qualify for an approval, certain efforts are necessary. To get the loan application approved, you need –

Repayment capacity – This is the main strength when you apply for a loan with worst credit rating. The lenders are ready to take the risk but in exchange, they need a reason to bear that risk. Your repayment capacity gives them the reason to give funds, as nothing else is more important for a lender than the timely instalments. They may have no concern on how the applicant manages the instalments; the prime interest is to get the repayment on time.

CCJ and bankruptcy, the impact of these issues remains for at least 6 years on the financial records. Obviously, the lender deserves to expect a commitment of a responsible attitude towards the loan. Whatever genuine way can prove the repayment capacity, just present it to the lender and get a smooth approval.

Loyalty – Stick to the guidelines of the lender. No lender likes the applicant that does not cooperate. You need to understand that the lender is working on the loan application for your own good. Provide every required information; do not hide anything because nothing can remain unrevealed. Don’t forget credit reference agencies have every information on your finances. From history to current, they can tell everything about your financial behaviour towards the obligations and responsibilities on money matters. If the lender discovers later something that you were trying to hide, rejection is the expected thing to happen.

Unemployed can also apply

This can be amazing but as the next generation online lending aims to remove the financial complications, it is a possible thing. Besides, unemployment relates to worst bad credit situation quite easily. Search for the very bad credit loans for unemployed and pick the one that is most affordable.

In money driven world, nothing can be more peaceful than a stable financial life. Do not surrender in front of difficulties. Impossibility survives only when you stop investing in positive efforts. Walk in the right direction and the destiny is sure to show the destination.