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People with poor credit ratings or little to no credit history are eligible for bad credit loans. These loans often have higher interest rates and more limitations than ordinary ones, but they may be beneficial if handled correctly. Those seeking a loan in the United Kingdom must have their credit history examined.
Lenders who do not do a credit check violate the Financial Conduct Authority’s standards (FCA). All lenders must demonstrate that they are lending properly, which involves implementing a responsible lending strategy that includes credit checks and affordability tests. Some lenders may run a soft credit check to determine your chances of getting a loan approval before conducting a complete credit check.
On the other hand, a soft credit check does not leave a mark on your credit report. Sometimes ad credit loans are the finest option for a sudden unforeseen bill or emergency. When consumers seek loans for poor credit, they search for a fast solution to get more cash. The application procedure is meant to be as simple as possible, and money is sent into your account as soon as feasible. Let’s have a look at top 10 very bad credit loans direct lenders in UK.
Very bad credit loans direct lenders in UK - Top 10
1. THL Direct
THL Direct provides rapid, short-term loans ranging from £125 to £500 with a daily interest rate of 0.8 per cent on the amount borrowed. There are no upfront fees, late interest, or default costs. However, first-time borrowers may only borrow £125.
THL Direct deposits fund straight into your bank account. You may also choose to repay your loan weekly or monthly.
2. Sunny
Sunny offers quick and flexible loans ranging from £100- £2500, with a high 9.1 Trustpilot rating. If your refund is early, you save interest, and you have 5 days to alter your mind after receiving the money.
They offer a UK-based customer service team that is available Monday through Sunday.
3. Lending Stream
Began in 2008, offering short-term loans with a six-month payback duration. Their consumers come from all around the United Kingdom, and the average age is 32.
However, they do not provide payday loans since they believe that the consumer would be in even more debt if the loan is not paid back on payday. To accept loan applications, they employ a combination of examining individual situations, advanced data analytics, and valuable credit ratings.
4. Creditstar UK
Creditstar is a payday loan firm that promises to process applications in less than 10 minutes and approve them in less than an hour. First-time users may borrow up to £300.
while recurring borrowers can borrow up to £700, repayable over 6 months.
5. Myjar
Myjar is a short-term lending company with a visually engaging website. Since its inception in 2008, they have granted over 2 million loans and loaned over £500 million to satisfied consumers.
It enables users to borrow money based on the kind of repayment plan they have. The loans might vary from £900 over three months to £7200 over two years. According to Trustpilot, they have a 9.1 out of 10 ratings.
6. Cashfloat
Cashfloat is a reputable direct lender of payday loans with over 100,000 satisfied consumers. They concentrate on consumers with a past negative credit score who want to improve and ensure the loan is reasonable for the customer.
The loans might vary from £900 over three months to £7200 over two years. According to Trustpilot, they have a 9.1 out of 10 ratings.
7. Mr Lender
Mr Lender is a competitive short-term lending provider with a Trustpilot rating of 9.6. They were also named ‘Customer Service Champion’ in the 2018 Consumer Credit Awards, confirming their excellence.
There are no upfront costs for taking out a loan with Mr Lender, and there are no late penalties for missed payments. They also have a blog that often publishes money-saving, responsible lending, and other financial topics of interest.
8. Quick Quid
Quick Quid is a Pounds to Pocket partner lending firm specialising in short-term loans. Customers may acquire a preapproved loan in minutes. If consumers need assistance or support, they may utilise their live web chat.
That was previously unavailable on other loan websites. It is accessible Monday through Sunday during office hours. Quick Quid encrypts your sensitive data using a Secure Socket Layer (SSL), ensuring that none of your private information is transferred to other parties.
9. Piggy Bank
Piggy Bank offers short-term loans. Their web page provides a helpful FAQ that answers all typical inquiries and issues. You may pay off your loan early to save money on interest, or if you forget, they provide a helpful payment reminder service.
It is accessible Monday through Sunday during office hours. Quick Quid encrypts your sensitive data using a Secure Socket Layer (SSL), ensuring that none of your private information is transferred to other parties.
10. Peachy Peachy
Peachy Peachy is a direct lender that provides short-term loans ranging from £100 to £1000 to consumers in need of emergency cash. You may apply online using your phone, tablet, or PC, and in many instances, the money will send into your account within an hour.
It is accessible Monday through Sunday during office hours. Quick Quid encrypts your sensitive data using a Secure Socket Layer (SSL), ensuring that none of your private information is transferred to other parties.
Conclusion
Have you ever been in a financial bind? Or as though you’d never be able to pay your credit card or utility bill? Fortunately, assistance is available for individuals who are in need. We’ve developed a list of payday loans that we believe will provide you with the greatest value. Before considering a payday loan:
• Always read the fine print.
• Understand what your interest rate will be on top of repaying the money.
• Figure out how you will refund the money and pay on time.
There are several payday loans and short-term loan providers to choose from. Most of them do not need any upfront fees, and some of them provide early repayment options that enable you to save money on interest. With 7-day customer service and realistic payback terms, it’s easy to understand why they’re popular options for emergency cash when things become rough. Before taking out the loan, we urge that you contact them personally.
