UKBadCreditLoans is an online credit broker that instantly connects borrowers and potential lenders, thereby making it easy for people to access a wide variety of loans such as payday loans, same-day loans, quick loans, and bad credit loans.
These lines of credit can often vary, but they generally come in amounts ranging from £100 to £5,000 with APRs that can go as high as 49.7% and repayment periods that vary between 1 and 36 months.
The good news is that their lending network makes it easy to secure funding, even with a history of bad credit, so if you want to know how to get a loan with bad credit from UKBadCreditLoans, make sure to read the rest of this review to find out!
Borrower Profile – UKBadCreditLoans
The first question that you may be curious to know is: what are the exact qualifications needed to apply for a loan via UKBadCreditLoans. You need to keep in mind that UKBadCreditLoans is not a direct lender.
According to Emilia Flores, the co-founder of UKBadCreditLoans, “Our credit service only acts as a loan matchmaker between online borrowers and lenders, with our main aim being that we seek to help simplify the process of securing funding for all consumers, even those with bad credit.”
This also means that the eligibility criteria that are needed to secure approval are usually dependent on the lender you are matched with. However, you will still need to meet a few standard requirements in order to submit a loan request via the platform. This means making sure that you:
- Are at least 18 years old
- Are a UK citizen or a permanent resident
- Have a steady source of income
- Have an active checking account under your name
If you fulfill these basic requirements, then you can feel free to apply for a loan.
Application Process – UKBadCreditLoans
The UKBadCreditLoans application process is fairly simple, convenient, and, most importantly, secure. All it takes to get started is to fill out an online pre-approval form with your personal and financial details, which should only take you a few minutes to complete.
The good news is that the site uses 256-bit SSL encryption, so you can rest assured that your private information will remain secure at all times. Once you complete the form and submit it, your borrower profile will be reviewed, and if approved, you will be matched with several lenders within their network.
Each of these lenders usually has its own specific loan offers for you to consider, so take your time to review the terms and conditions before choosing one. Also, keep in mind that there’s no obligation for you to accept any of the offers that are presented to you, so you can feel free to decline if you find that none of them is in your best interest.
However, if you do find a loan offer that is satisfactory, you can accept it by simply signing an electronic loan agreement. Once that is done, the lender will begin to process your funds, which you can typically expect to receive in your checking account as soon as the next business day.
What Happens After Your Funds Are Deposited? – UKBadCreditLoans
It is important to remember that UKBadCreditLoans’ partner lenders do not impose any restrictions on how you can use the money that you receive. As such, you can feel free to spend it on whatever expense you deem necessary.
However, you will need to start making consistent monthly payments to your lender; otherwise, you risk being charged late payment fees or, worse, being reported to the major credit bureaus. If this happens, your credit score could end up taking a significant hit.
It is for this reason that you are often better off setting up automatic deductions from your account each month. And in the event that you should find yourself unable to make your payments on time, you should contact the lender directly and alert them as soon as possible.
After all, some lenders may be willing to accommodate your situation and provide you with some relief from your payment schedule.
Special Features – UKBadCreditLoans
The benefit of using UKBadCreditLoans is that there are several special features to look forward to. For starters, the lending service provides fast loan processing, which means that your loan request will be reviewed almost instantly, which is significantly faster than applying through a traditional bank.
On top of that, you can rest assured that all your personal information is inaccessible to any unauthorized third parties since the site utilizes advanced encryption technology. Plus, they also carry out daily tests to ensure that the platform remains up-to-date in terms of security.
Furthermore, UKBadCreditLoans’ partner lenders are all FCA-compliant. This means that they are all licensed and government-regulated, so you can rest assured that you will not be scammed or presented with predatory lending rates and terms.
All of these features combined make a good case for UKBadCreditLoans to be used to apply for an online loan today.
Pros & Cons – UKBadCreditLoans
Before you decide to use UKBadCreditLoans, it is important that you take a few moments to properly assess the benefits and drawbacks of the platform so that you can make the best decision for yourself.
- Easy loan requirements: The good thing about UKBadCreditLoans is that the lending service is not picky about what your credit score is. As a result, it is highly accessible to most borrowers and while this does not guarantee approval, at the very least it means that you have a shot.
- Soft credit checks on loan requests: Unlike most traditional lending institutions, the refit of using UKBadCreditLoans is that filling out the online form will not hurt your credit rating. Most lenders will usually conduct a soft credit check but do keep in mind that if you do decide to accept a loan offer, then the lender may carry out a hard credit check before sending you the approved funds.
- Speedy loan processing: When borrowing a loan from the UKBadCreditLoans lending network, you can often expect the money to be deposited into your account by the next business day. And since the entire loan process is handled online, this spares you a significant amount of time in regards to filling out lengthy paperwork and standing in long lines.
- Few Loan Details: The problem with using UKBadCreditLoans is that it can be difficult to know what kind of rates and fees you will be offered until your application is reviewed. As a result, there is a chance that the loan offers may not be to your liking, so you may waste time trying to field offers that you don’t even end up accepting.
- Short Repayment Terms & High APRs: While the interest rates and repayment terms offered will usually vary depending on the lender and your credit situation, the downside is that they will often be fairly short and the APRs very high, especially when compared to traditional loans.
Is UKBadCreditLoans The Best Option For You?
All in all, UKBadCreditLoans is not perfect. However, it does offer borrowers a chance to secure funding, especially when a bad credit score threatens to stand in the way between you and the cash you need.
It is definitely an option worth considering, but you should always remember that failure to repay the loans you borrow can have serious consequences. As such, you should only ever seek to borrow a loan via this lending service if you are confident in your ability to afford the rates and terms offered.