Unsecured personal loans for bad credit are one of the most sought-after financial services to sailing through unexpected situations. For example, you may lose the job, something may get broken, or the medical bills are out of control. Unfortunately, these situations require an emergency fund that most people don’t have because of a tight budget.
At EasyLoansUK, we offer unsecured personal loan for poor credit with a simple and fast process. You can apply for it online to get instant approval within a few hours. It is the ideal solution to get monetary assistance if you are stuck in an emergency.
If not a crisis, you can achieve your long-term goals with the help of a personal loan. You don’t need to rely on the savings to buy the latest gadgets, take a vacation, or get your dream car. The interest rates are kept reasonable to ensure the stress of repayment is not the reason not to fulfil your dreams.
Representative Example: If you borrow £10,000 for 12 months term you will repay £997.64 per month.
|Amount : £10,000 for 12 months||Monthly Repayement Amount -: £997.64||Interest Rate P.A : 34.6% (fixed)|
|Total Interest Repayable : £1971.65||Total Amount Repayable : £11971.65||Representative APR : 34.6%|
Warning : Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
We want to serve a diverse audience with different credit profiles and backgrounds. You don’t need the perfect credit score, a high-paying job, or a guarantor to get the loan. However, we follow the guidelines from FCA for a secure and reliable lending process.
To get unsecured personal loans with no guarantor, you need to be a UK citizen and above the age of 18. We will conduct a soft enquiry on your credit history to find the list of current liabilities. It ensures the loan is not approved for someone who cannot afford the repayment.
For affordability, you need to explain the repayment plan with your current financial condition. You can take a loan even if you are unemployed, living on benefits, or retired from professional life. Therefore, the eligibility depends on your current financial condition and affordability to get approval for unsecured personal loans for bad credit in the UK.
The application and approval process at EasyLoansUK is online for the comfort of the borrowers. You don’t need to stand in the long queues to submit the documents or even get the application form. Moreover, the month-long approval process from the higher authorities in the banks is also cut for unsecured personal loans for bad credit history.
The whole process will take a few hours to complete.
In most cases, the fund disbursement takes place within 24 hours of the loan application. The amount will be transferred to your bank account or your doorstep in cash (based on the loan type and preferences). If the application for an unsecured personal loan for bad credit is rejected, our representative will explain the reason.
Direct lenders and banks are two financial institutions with a different approach towards lending. As a direct lender, we offer solutions to help the customers even if it requires some flexible policies. The following chart will explain the difference between a direct lender and a bank for an unsecured personal loan for poor credit
|Repayment Options||Based on Preference||Account transfer only|
|Fund Disbursement||Within 24 hours||Weeks or months after application|
|Flexible Repayment||Available||Not Available|
|Eligibility||Flexible for the different credit profiles||Strict for every customer|
Bad credit is a result of the inability to repay the debts on time. You are spending more than your income without a plan to repay the lenders. Every missed instalment will negatively impact your credit score.
It can result from some unavoidable financial disaster that left you with no money to repay the loans. People learn from their past mistakes with the management of funds. If you have already learnt your lesson, you can get approval for unsecured personal loans with no guarantor.
Therefore, we conduct a soft inquiry on your credit history to check the affordability of a loan. We will check the list of current liabilities before the loan approval. This ensures the borrowers will get financial help if they can afford to repay the loan.
Also, the loan application will not have any impact on your credit ratings. The hard enquiries leave a trail on the credit history to show your desperation for funds. On the other hand, a soft enquiry will give the required details about your profile to approve the unsecured personal loans with bad credit in the UK.
A personal loan is a multipurpose loan where borrowers can use the loan amount for any expense. Thus, the terms and policies are not designed for specific expense such as payday loans or car finance. You can check the other options if you don’t want long-term unsecured personal loans without a guarantor –
|Bad Credit Loans||For very bad credit history|
|No Guarantor Loans||In the absence of a guarantor|
|Payday Loans||Short-term loans with repayment within a month|
|Unemployed Loans||For people with no regular income|
|Home Improvement Loans||To renovate your home or office|
|Unsecured Loans||Loans without an asset as security|
|Christmas Loans||Loans for managing the festival expenses|
Unemployed people may find it hard to manage the expenses during an uncertain time. In addition, there is no knowing when the status will change to employed. Therefore, it is considered a risk to take an unsecured personal loan for bad credit during the unemployment phase.
On the contrary, it is the only solution if you don’t want to risk your asset. We already have hundreds if not thousands of customers with no regular job. They have successfully survived the difficult phase with the timely repayment of unemployed loan.
Following are the people that can take unsecured personal loans for bad credit with no guarantor –
Business owners can submit their profit forecast for the affordability assessment to get approval.
Professionals with Regular Jobs
Full-time employees are the favourite borrowers with a fixed income to repay the loan.
Part-Time Employees or Interns
Your income to debt ratio will determine the approval chances with the limited income.
People on Pension or Government Benefits
People on benefits or pensions will get a personal loan without much trouble if they can afford the repayment.
As a direct lender, we offer practical solutions to our borrowers. There are many reasons to select EasyLoansUK over the numerous other lenders in the country. Following are the major reasons that make our unsecured personal loan for bad credit easy for the customers -