Bad Credit Loans
A bad credit loan is an unsecured or secured loan that has a higher APR% rate and is available to people with bad or poor credit. Bad credit loans are for people who may not be able to obtain credit through their bank or building society.
One of the biggest barriers to borrowing can often be a bad or poor credit rating. It is perfectly possible to obtain a loan, even if your credit rating is less-than-ideal. If you need cash in a hurry and are looking for loans for bad credit, at BingoLoans, we can help.
Payday Loans Bad Credit
Simply complete our online application form and we will make a fast decision. Borrowers with a low credit score are welcome to apply!
Bad credit short term borrowing should only be considered for emergency situations. Make sure that you can afford the repayments before filling in your loan application – late or missed payments could cost you more! Poor credit isn’t a barrier to borrowing when you use BingoLoans as your lender.
Loans for Bad Credit No Guarantor
It is an absolute nightmare when things go wrong. For instance, the washer breaking down or the boiler suddenly stopping working could push many families over the edge financially.
When there is no money to cover repairs it can be extremely stressful, but if you add a poor credit history on top of that, you can see why it is enough to drive people to despair. In situations like this, people often turn to a payday loan. Many assume, however, that poor credit history will prevent them from securing a loan. This is where BingoLoans can help. We help those with bad credit secure payday loans from direct lenders only.
Bad Credit Loans Direct Lender
Sometimes, a bad credit record can get in the way of you borrowing money when you need it. On these occasions, look no further than our bad credit loans. We understand that sometimes you need a bit of help, regardless of your credit history. When other options for borrowing are no longer available, you may need the help of a short term loan designed for people with bad credit.
Our lenders will carry out a credit check when you apply which will show on your credit report. That doesn’t mean that you will be rejected though, for quick and easy cash, turn to BingoLoans. The FCA new regulations mean that a loan company has to carry out a credit check on all applicants but this doesn’t mean that it’s the only factor in the decision.
Bad Credit Loans UK
There’s actually no such thing as “bad credit”. Credit reference agencies hold records of the borrowing which you’ve undertaken in the past, alongside your history of repaying the borrowed funds.
Your credit record also contains general information such as your name and address. Higher scores are assigned to borrowers who repay promptly, particularly when they borrow larger sums. Factors which can reduce credit scores include:
- Not having borrowed much in the past.
- Falling behind on repayments (this could be something as simple as being late with a catalogue payment).
- Missing a mortgage repayment.
- Defaulting on a loan.
- Being in receipt of a County Court Judgement (CCJ).
The lower the credit score, the less likely you are to be accepted as a borrower. If you are accepted, it’s likely that your borrowing will be limited and that interest rates may be higher than if you were seen as low risk (ie: have a higher credit score).
Loans for People with Bad Credit
We are a direct lender as well as a broker. Because BingoLoans is the company taking the borrowing risk, we have considerable flexibility to accept lenders who may not have the highest credit scores.
We provide short-term borrowing for people who need a fast cash injection due to some sort of financial emergency. The simple, short-term nature of the loan means that risk is fairly limited, allowing us to offer finance to people who may not be accepted by high street banks or lenders.