Same day loans for bad credit

The nature of credit history files

Some credit history issues? Don’t give up!

Here's why:

• credit databases contain vast amounts of information. Much of it will be of no interest to same day loan providers;
• in fact, glitches on credit history records are comparatively common. They might not in any way stop you from gaining access to the funds you need through what are called bad credit loans;
• that’s because some same day loan providers will have seen all of these issues before and will not be put off by them. They know that past events don’t necessarily say anything about someone today.

Have you been declined due to poor credit?

True, where you have very poor credit records, some providers might decline your request for funds. However, some won’t — though they might ask you to pay a little more for your borrowing to reflect the higher risk they might be taking in advancing money.

The bottom line here is simple. There are lenders of same day loans for bad credit out there who may be able to help.

The facts

At times you may see advertisements using terms that are confusing. Some examples of those, with an explanation attached, are below:

• same day loans with no credit check. This is simply advertising designed to catch your eye. It refers to something that does not exist. All reputable lenders will try to verify that you can afford to repay the sums you are borrowing. That will inevitably involve a credit check;
• same day loans with no guarantor. In many cases, the loan provider may not ask for any form of guarantor — that is someone who confirms they would repay the loan in the event you defaulted. However, if you do have a very poor credit history, some providers may request the involvement of a guarantor;
• guaranteed same day loans. Although direct lenders often make allowances for bad credit, they must take all reasonable steps to try and ensure borrowers can afford the scheduled repayments. Not everyone will pass those affordability checks, so loans can never be guaranteed;
• same day loans on benefits. Some providers will require evidence that you have employment income. Yet others may be more relaxed and will be willing to take into account income you might receive from regular benefits of one form or another;
• same day loans for unemployed. In spite of some uninformed rumours to the contrary, it may be possible to secure a same day loan if you are unemployed. A lot will depend upon the individual lender’s policies and whether or not you have other sources of income, such as benefits or a pension.