Short Term Loans for Bad Credit UK

Short Term Loans for Bad Credit UK

When you ask many people about loans, they’ll tell you about long term loan options such as mortgages and vehicle financing. These long term loans are designed to let people borrow larger amounts and repay them with interest over a period of several years. However, other alternatives such as short term loans exist. These are meant for money requirements that don’t extend beyond a few days, and their repayment period is usually less than a year.

I Have Bad Credit, Can I Get a Short Term Loan?

If you have bad credit, you may be wondering whether you’re qualified for short term loaning options. What you need to know is that lots of lending institutions have emerged over the past few years, and there are some lenders who provide short term loans for bad credit. These lenders understand your bad credit may not have been your fault; you may have lacked enough finances to pay for a previous loan. They concentrate on the state of your current job and your income. Whether you want money to pay your bills or fund a vacation, short term loans for bad credit are an excellent solution to solve your needs. Their only downside is that they tend to have a higher interest compared to long term loans.

How Do You Get for a Short Term Loan for Bad Credit?

When it comes to short term loaning options for bad credit, the application process is easy and less time-consuming compared to traditional loans. Everything is done online, which means there isn’t any lengthy process of filling in paperwork. Furthermore, we at Nowloan do all the hard work for you. We are a licensed loan broker with dedicated software that matches people to suitable lenders. When you input your details into this software, it evaluates your needs and links you with the most suitable lender likely to agree to your application.

What are the requirements needed for you to get this loan? To get a short term loan for bad credit, you must be a UK resident who is over the age of 18 years. The other requirements are that you should have a job, a proper address, and a bank account. While requirements may differ among different lenders, these are some of the basic ones you should expect. The best thing about these loans it takes a very short time to get the money. Once you and the lender have agreed on the loan amount, interest, and the repayment date, it takes as less as 15 minutes to get the money in your bank account.

Get a Short Term Loan for Bad Credit Today

With all the benefits of these loans, don’t let financial problems push you to the corner. Apply for a short term loan for bad credit today and get money to solve your financial issues.

How long does it take to get a bank loan?

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Taking out a bank loan can be a difficult and slow process. Traditional banks often have long waiting periods of many days and it can be next to impossible to find a loan if your credit is poor. It can be even more complicated to find the right loan for you when you take into account that each lender has different credit requirements, different interest rates, and will ultimately make different loan decisions. The use of online loan comparison services is likely the speediest option, as it bypasses both of these issues by presenting many instant decision bank loans custom-tailored to your financial needs.

If you desire a bank loan through a tradition, brick-and-mortar bank you may find yourself waiting quite a while. Though some banks will offer instant loan decisions to their customers, these services are usually exclusive to those who already have an account with that bank. In addition, these loans will often depend heavily on the credit score of the customer. Traditional banks are much less likely to offer loans to those with poor credit, known as bad credit loans, and will even turn away their own customers if their credit score does not match the often stringent standards put forth by the bank. If you do not hold an account with the bank in question, even with a good credit score the bank may take days to reach a final credit decision. Even after the decision is made it can still take a few working days for the money to be deposited into your account, thus making the whole process of getting a loan take several days to a week or more.

Another potential factor in the speed of your bank loan is the number of loan options presented by the lender. In traditional establishments, there are likely only a few options. Attempting to apply to one of these loans can take many days, as we have seen above, and rejection means starting the search all over again. This can add days or even weeks to your search for a bank loan. Worse still, the lenders you choose may not have the best rates for your credit score and you may pass up far better options with other institutions. These repeated applications will also require repeated credit checks which can damage your credit and make subsequent applications less likely to succeed.

There are some services, however, which can make all the difference in your search for a reliable, timely lender. Loan comparison services like NowLoan.co can make a loan decision almost instantly (within 3 minutes) and even offer bad credit loans from a wide variety of lenders. Even better, these services allow you to find and apply for loans without hard credit checks that can damage your credit. Instead of trying to choose blindly from lenders one at a time, or simply taking what your own bank offers, the use of online loan comparison services can ensure that you find the right loan and miss no better opportunities.