TRB Loans For Bad Credit are loans for people in the UK with a bad credit history. Apply today for up to £1000.
Millions of people in the UK have poor credit often through no fault of their own. Financial problems and bad credit can be caused by unemployment being ill and off work for an extended period divorce and various other factors. Unfortunately one of the biggest drawbacks of having a credit score that it can make it extremely difficult to be approved for a loan from a High Street bank or any other traditional lender. Any loan or credit card typically comes with a higher than average interest rate meaning higher monthly payments and often making any financial problems even worse. During the first few months of 2013 the average amount of household debt rose slightly in the UK with the average debt including mortgage at just over 54000 pounds.
One solution is to take advantage of the many loans for bad credit which are widely available. Unlike other loans your credit history or situation is not taken into account when you apply and you will not be turned down for having bad credit. Instead the lender is more concerned with making sure that borrowers have a job or other means of steady income and will be able to pay back the loan without being late with payments or defaulting on it. The application and approval process on these loans is usually quick and easy too making them ideal for anyone who needs the money for an unforeseen emergency or expense.
In addition to the fact that you can be approved for a loan regardless of your credit there are other advantages to these types of loans. Many companies have made it easy to apply with the entire application and approval taking place online meaning there is no need to go into your bank or the lender’s office or fill in lots of paperwork. Although approval time varies depending on the loan company that you use you can assume your application will be processed quickly often that same day and sometimes in just a few minutes. Because many companies wire the money to you or deposit it in your bank account you can access the funds almost immediately.
Once you have the money you can use it for whatever you need it for with no questions asked. Gone are the days of asking your bank manager for a loan and having to try to come up with a good reason why you need the money. These poor credit loans are ideal for a large bill paying off another debt a much needed holiday home improvements or a costly car repair bill. The amount that you can borrow can also vary and a loan allows you to borrow only as much as you need at the time. Many companies have a maximum loan amount of 1000 pounds although higher amounts are available if necessary.
There are some requirements although they are kept to a minimum making the entire process as easy as possible. In order to borrow money you typically have to be a UK citizen and at least 18 years old. You also have to have a job and you may need to verify that you have had the job for at least several months. You will also need to have a bank account in order for the money to be deposited directly into your account by the lender. You may also be required to have had your bank account open in your name for a minimum specified length of time. However you don’t necessarily need to have had a steady job for years nor do you need to own your own home in order to borrow money.
Although these bad credit loans are ideal for those who simply cannot be approved for other types of loans there is one big drawback and that is the typically high interest rate. Because the interest rate is high monthly payments can also be high making it important to only borrow the amount that you can realistically afford to pay back. It’s a good idea to pay more than the minimum payment amount each month and pay back the loan as quickly as possible although it isn’t a requirement. Lenders consider those with poor credit to be more of a risk when it comes to defaulting on the loan and charge a high level of interest in order to make a profit. Most of these loans are unsecured meaning that as a borrower you put up no collateral for the loan.
In short if you have exhausted all your other options for a loan including asking friends and family a bad credit loan can be an ideal solution. If you accept the high interest rate these loans are convenient and easy to apply for with virtually guaranteed approval and the chance to have your money as quickly as possible.