A personal loan is any money borrowed from a bank, credit union or online lender that you pay back in fixed monthly installments. Personal loans are a favorite for many people in the UK due to their flexibility in payment and the fact that you can use the loan for a wide range of reasons.
Have you been looking to finally go on that vacation you have desired for long? Maybe you are totally convinced this model of the 4K TV is the one you want and want to take advantage of the sale going on. Has your car broken down and requires expensive repairs? Well, there are hundreds of reasons why you could need a personal loan.
Personal loans are usually unsecured loans. This means that you are not required to place any sort of collateral to get the loan. A secured personal loan on the other hand is one that is backed by collateral. If you are completely unable to make the payments on your loan, you lose ownership of the collateral.
You can secure a personal loan direct lender from an online lender like Loansgreen or you could try from your bank if you do not mind the long wait times and the process strewn with redtape. For most people looking to get personal loans, convenience and speed are of utter importance.
Personal loan direct lender for bad credit
Getting a personal loan is easy if you have a good credit score, low debt to income ratio and when you have an appealing credit report. However, it doesn’t mean that you cannot enjoy a personal loan with a bad credit.
Getting a personal loan bad credit direct lender UK is possible but it will cost you more than a person with good credit. Having bad credit affects the interest rate that lenders give you loans for. Having a high credit score means that you have handled credit well in the past and with that information lenders predict that the trend will continue if they offer you a loan.
When you have poor credit, the lender predicts that since you have handled credit in a bad manner before the same is bound to happen if they offer you a loan now. This makes you a high risk client and with high risk lenders charge high interest.
With personal loan direct lender for bad credit you get a loan based only on your current financial situation. You might have defaulted on a loan before because of issues that might have been beyond your control. It doesn’t mean you will go through the same issues now. Your financial conditions may have improved too. Maybe you are earning more or you have started a side gig that brings in more income.
At Loansgreen we believe it is fairer if you are judged on your current ability to repay a loan rather than your past because the conditions are different. If you want to keep your avenues of getting loans open it is recommended that you endeavor to maintain the best credit score possible. With a high credit score you can get a loan from any lender and you will enjoy low interest rates.
Working on your credit score will take time and counter intuitively it requires you to have credit too. This means therefore that you can use personal loan direct lenders to grow your credit score. Take a loan from a direct lender that offers loans to people with bad credit when you have an emergency, sort out your emergency and repay the loan as required to build your credit score.
This will require that you get your loan from an FCA approved lender that reports your repayments to a credit bureau to help you build your credit score and also have a credit history if you did not have one. Most online lenders like Loansgreen will not limit the amount of money you can receive with on your personal loan direct lenders.
The principal amount given is also calculated based on your ability to repay. If you want more and you show the ability to be able to pay for it then the lender can gladly give it to you. Not all online lenders are the same and therefore you should consider all your options before you settle on the one to use.
First of all ensure that they are giving you affordable APR. The lower the APR the cheaper the personal loan direct lender will be. This is regardless of the duration of repayment therefore always aim at getting the lowest APR. Do not forget to ensure that you are dealing with a legit business that is regulated by the FCA.
Giving your personal information online to just anyone can be risky. This is why you should ensure you are dealing with a legitimate and trusted business right off the bat. Loansgreen is your go to online lender in the UK.
Personal loan direct lender no credit check
If you have bad credit, chances are you are looking to get a personal loan direct lender without credit check. There are many businesses advertising “no credit check” loans online but they are not being entirely truthful with you on the meaning of that statement.
No credit check means that the lender doesn’t perform any credit check on you before issuing the loan. On the other hand, the FCA requires that all lenders who are registered and approved by them perform mandatory credit checks to determine the ability of the borrower to afford the loan.
A “no credit check” personal loan is not possible when you are dealing with an approved lender. If the lender promises you that they do not offer any credit checks then it should be proof to you that they are not approved and do not follow the industry’s best practices.
However, what most lenders mean by the no credit check loans is that the results of the credit check are not what determine the outcome of your loan acceptance or denial. It also means that the personal loan direct lender UK uses only a soft credit search that doesn’t leave footprints on your credit history. Being denied loans often can impact negatively on your credit history especially when it happens in a short while.
Personal loans direct lender only
Getting a loan online can be very tricky if you do not know what you are doing. There are two types of businesses that you will find advertising loans online. There are the direct lenders like Loansgreen who can offer you loans directly since they are registered and allowed to offer that service.
The other websites you will find are broker websites. A broker website advertises personal loans bad credit direct lender but doesn’t offer these loans themselves. So they allow you to submit your application by providing your details to them.
Your details are then delivered to multiple direct lenders and the broker finally settles on one lender that they connect you to. The broker gets a commission if you get into business with the lender they have connected you with. This can be a great way of getting lenders online but it might also work against you.
First of all this system doesn’t allow you to work with the lender that you personally prefer. The lender is somehow bulldozed on you. it might not be the lender that you wanted but since the others are not exposed to you then you might never know which lender would have really been the best for you.
There are also some brokers that collect your personal information and sell it to the highest bidder. You should avoid dealing with websites that do not explain outright what it is they do. They should indicate whether they are direct lenders or brokers. That is a regulation given by the FCA.
Apply for unsecured personal loan bad credit direct lender
Loansgreen is the direct lender that you should be talking with today for personal loans. We offer customized solutions with our highly flexible loans allowing you to choose how you repay. You can repay weekly, fortnightly or monthly depending on how you get your income.
We also offer a wide range of loans to meet the needs of different people. If you receive benefits we have an unsecured personal loan for you too. We ensure that all our applicants get a fair share of been approved for a loan. All our processes are carried out with a human touch and we care for our customers like we would want to be cared for.
Our dealings are transparent and we never charge any hidden fees. We allow our customers to repay their loans early without penalizing them in any way because we believe you are better off without any debts hanging over your shoulders. We keep things simple and all our processes are evident to this.
Handling your finances can be daunting and you might find yourself requiring extra additional money to cater for extra costs and expenses. A personal loan direct lender is a good way of getting the extra money that you need for emergency expenses. You can enjoy great flexibility with personal loans at Loansgreen.