With the economy as it is, it’s not surprising that many of us now have a less than perfect credit rating. This may to due to a missed credit card payment, falling short on a few mortgage payments, or simply being unable to keep up with electricity and gas direct debits. Most of us have been there; worrying about how we will manage to pay next months rent or how we can afford decent food for the table. For some of us it is a reality that we do fall short of a few payments and this is how our credit rating is damaged. There are ways to repair this damage but this article is not about that. It is how to get a loan if you are desperate for some cash to either tide you over or if you want to consolidate your existing debts into one easy to pay option.
I have had a good look at what is out there and my first realisation is that when you have bad credit you come up against what is known as ‘credit brokers’. These are not actually lenders but people or companies who will take an application from you, tell you that you have been accepted and then they look for a loan for you. When they have found one they will charge you a ‘brokers fee’, just what you need when you are short of cash in the first place! Problem is, if you have been refused a loan because of a not so perfect credit rating from a mainstream high street bank, this is typically your only option. Bad credit loans are offered by these credit lenders or brokers who will take on applicants who have been refused credit elsewhere – these are essentially loans for people with bad credit.
Bad Credit Loans lenders take on all types of borrowers, including:
people with a poor credit rating
people who have had County Court Judgements (CCJs)
people who have been blacklisted
So who are the best Bad Credit Loan Brokers as you do not actually go to the loan lenders themselves? See our list below:
Wentworth Direct Finance
Wentworth Direct offer loans for applicants even those who have been refused credit elsewhere. Wentworth Direct allow you to borrow between £1,000 to £15,000 – simply fill out the online application form which allows you to choose how much you want to borrow and the length of time you would like to spend repaying the loan. Applicants must be at least 18 years of age and employed or self employed to be eligible. APR 15.2% with a £69 fee. http://www.wentworthdirect.co.uk
The Finance Facility
The Finance Facility provides loans of £1000 to £15000 for lots of different purposes. Their primary objective is to provide you with a service that is second to none. They search all the loans on their database to find the best one suited to you at an APR that you can afford. If you are aged between 18 to 65 years, apply for an unsecured loan online now. For Unsecured Loans (available to Tenants and Home owners) from £500 to £15000. Depending on your individual personal circumstances. Homeowners can also get Secured loans of £3000 to £100,000. Typical APR 19.6% with a fee of £59.95.
First Choice Capital Resources
First Choice Capital Resources is designed to match the right products and services to suit your needs and present them to you on a continuing basis. It is free to apply and you can borrow between £1,000 – £15,000. Complete your online profile and you will receive access to the product and services First Choice Capital Resources provide. They are dedicated to finding the right lender to fit your personal needs. We are an ongoing partner in the pursuit of financial products and services that make your life better and make you more productive. FCCR has created a unique programme that matches the needs of our customers with the right lenders for instalment loans, auto loans, instant cash loans and much much more, even if refused elsewhere! Free service APR varies.
YES Loans claim to be the UK’s Leading Unsecured Loan Specialists helping thousands of people every day to find the right financial solution if you are suffering from a bad credit history. Complete their quick online loan application form and you could have up to £25,000 transferred into your bank account. As the UK’s leading unsecured credit broker, Yes Loans specialises in helping those previously refused by other companies and high street lenders. We arrange loans for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears. APR £48% with a fee of £69.50.
Loanfinder find unsecured loans from a wide range of lenders for people who have had problems getting loans from mainstream banks and lending institutions. Credit Xtra is also currently available for all Loanfinder customers- it gives you full visibility of your credit report and credit score for FREE! We are the only independent loan broker in the UK that works like this. Most other brokers of any size charge an upfront fee, only recommend the 3 or 4 lenders who will pay them commission and if you don’t like what they’ve done they make it extremely difficult for you to get a refund of their fee. APR 53.9% the fees are from £29.78 – £67.87. http://www.loanfinder.co.uk