When it comes to bad credit loans UK residents are well served, both by high street and online lenders. So, if you’re in need of a financial fix and your credit isn’t perfect, how do you go about obtaining one?
Keep it real and be honest with yourself – and others
The best approach when seeking out bad credit loans, UK or otherwise, is to be realistic about your current and past credit situation. The first step towards this is to ask for a copy of your credit file from each of the two main credit reference agencies in the UK, Experian and Equifax. These organisations are obliged by law to provide you with a copy of the information that they hold about you in exchange for a nominal sum of £2 to cover administration and postage.
Customer Support Centre
P.O. Box 9000
Credit File Advice Centre
P.O. Box 1140
Both of the above mentioned credit reference agencies will also let you set up a free 30 day trial account so you could see your records on the screen for no cost and print them out if you wish. Please remember to cancel the account at the end of the test period or you will find that it will transfer into a paid account without further warning.
When you have your credit rating report to hand and can see what your credit score is, then you can start to take action to find the loan or other financial product that you want.
You may have come across the term “no credit check loans” – despite what the phrase might imply, unfortunately, there’s no escaping a full creditworthiness and affordability assessment, and the majority of lenders will use the services of a credit reference agency as part of the process. Those that don’t, will still use an alternative form of credit scoring.
“Bad credit loans UK” is the starting point for many Internet based searches and will bring you a screen full of useful websites from which to select a shortlist of potential loan providers. It is important to include the “UK” in the string as this will prevent you from being shown results from overseas which would not be useful for you. You might also want to consider narrowing your search further if you’re looking for a specific type of loan, such as bad credit payday loans.
If you prefer to get the advice of others in a similar position to yourself before searching for bad credit loans and making a decision that you might regret later, you may find it useful to join one of the many forums that are out there and which handle subjects around finance, debt and loans in general. As a starting point you may wish to try Martin Lewis’ www.moneysavingexpert.com as this covers all types of loan, credit card and mortgage and also deals with matters relating to credit scores and debt management.
There’s no comparison for bad credit loans UK – or is there?
Another frequent result that occurs when searching for bad credit loans is that of displaying the web addresses of certain comparison websites. Although there are fewer providers of short term loans for those with bad credit ratings than there are those who will lend to people with somewhat better credit profiles, there are still plenty of contenders for your business.
Comparison websites are there to present you with results from a number of suppliers who are offering suitable products for those searching for bad credit loans in the UK and they are well worth a visit when you are compiling a short list as they often do a lot of the research work for you.
The main contenders in the comparison site stakes include:
The above are all worth a visit when investigation potential suppliers of any financial, insurance and domestic power providers. They handle a wide range of products and services but bad credit loans UK is a subject that they all appear in search engine results for and they all provide visitors to their site with an overview of what is available.
Comparison sites provide the introduction but please be sure to visit the provider’s site as well
It is always advisable to visit the website of the loan provider as well as the comparison site in order to ensure that you feel comfortable in dealing with them. After all, it is not the comparison site that you will ultimately deal with – the loan will still be actually issued by the loan company and you should check them out before signing an agreement.
Another type of website worth seeking out is the specialist arranger of bad credit loans. These sites usually act as agents for a number of lenders and will look at your circumstances before forwarding your application to the lender who they feel is the most appropriate to your particular needs.
It is commonplace now for this type of website to present you with a loan term and repayment calculator which lets you enters the amount you require and the period of time that you require it for. This facility often takes the form of a slider which lets you dynamically compare amounts and repayment dates in order to ensure that you are getting the best deal and that the repayments are going to be affordable for you.
Make sure that all is what it seems and that there are no upfront charges
One thing well worth checking when using the services of these websites is that they do not make any up front charge or impose any kind of up front arrangement fee. It is not usually necessary to pay such charges as the loan arrangement companies usually receive a commission from the lenders so do be careful about what you pay and to whom you pay it.
When it comes to bad credit loans, UK residents are well served
The loans are out there and a bad credit rating isn’t necessarily a barrier to getting one so start your search for bad credit loans UK right now.