UKBadCreditLoans is an online lending service that represents a wide network of online lenders, many of whom are open to providing borrowers with funding, even if they have a history of bad credit. In other words, they are not to be confused with a direct lender, as the service only matches you with suitable loan providers.
This also means that while you can get loans with poor credit from UKBadCreditLoans, each direct lender will usually end up offering you different rates and terms. As a result, you will end up having to carefully review and compare each one to secure yourself the best deal possible.
Luckily, the online process is usually fairly quick and easy to navigate. So, if you want to know more about the service, keep reading to see if you qualify and what borrowing a loan from UKBadCreditLoans’ lending network typically involves.
What Loan Rates and Terms Can You Expect via UKBadCreditLoans?
UKBadCreditLoans offers borrowers access to a wide range of loan products, such as payday loans, same-day loans, bad credit loans, quick loans, and more. In most cases, you can borrow up to £5,000 with APRs that can go as high as 49.7%, depending on your credit score.
You can also typically expect the repayment periods to range between 1 and 36 months. Aside from that, the lending process via UKBadCreditLoans tends to be fast and convenient, as you can usually expect your loan request to be reviewed within minutes.
On top of that, all approved loans are often processed as soon as the next business day. This means that you can get payday loans from this page and deal with any unexpected financial emergencies with minimal delay. In addition, the loans provided by their partner lenders are usually unsecured, which means that you are not obligated to put up collateral to get approval.
Plus, the lenders in its network don’t carry out hard credit checks on your loan requests. This means that you can explore the loan offers available to you without worrying about them affecting your credit rating.
How Much Does UKBadCreditLoans Cost?
The good news about using UKBadCreditLoans is that it’s completely free to submit a loan request through the platform. This means that you can get access to dozens of online lenders without ever having to pay anything.
However, keep in mind that when it comes to the actual loan, some lenders may charge extra fees on top of the interest rates, such as origination fees, prepayment penalties, etc. Since UKBadCreditLoans is not a direct lender, it has no direct influence over these rates and fees, so they will be solely determined by the third-party lender that you are matched with.
How Can You Use A Loan From UKBadCreditLoans?
UKBadCreditLoans’ partner lenders do not impose any restrictions on how you can use the funds that you receive, which means that you can use the loan for pretty much anything you want. Some of the most common reasons that most people would borrow a loan from such an online lending service are:
- Consolidate debt
- Medical bills
- Home improvement projects
- Pay for vacation
- Car repairs
- Utility bills
However, in order for you to be able to successfully apply for a loan via UKBadCreditLoans you need to meet a few basic eligibility requirements. To submit a loan request, you must:
- Be at least 18 years
- Be a UK citizen or permanent resident
- Have an active checking account
- Have a steady income stream
How Does UKBadCreditLoans Lending Process Work?
Step 1: Apply Online
You need to visit UKBadCreditLoans.com and fill out the online pre-approval form with some basic information like your name, address, bank account details, credit score, income level, etc. Keep in mind that this will usually trigger a soft credit inquiry, as the lenders will want to confirm the details that you shared.
Step 2: Compare Loan Offers
Once the form is submitted, your application will be reviewed, and if approved, you will be presented with suitable loan offers. You will need to review and compare them to find the one that best fits your current budget and needs. It is important that you take into consideration not just the APRs but also the extra fees and costs that may be imposed before you decide to sign the loan agreement.
Step 3: Await Your Funds
If you decide to accept a loan offer, you can e-sign the loan agreement, and the lender will begin to process your funds. In most cases, you can expect to see the funds reflect in your checking account by the next business day. However, this can sometimes vary depending on your bank’s processing times, as well as the day of the week that you applied for the loan.
What Happens Next After Securing A Loan via UKBadCreditLoans?
Once you accept a loan from UKBadCreditLoans’ partner lenders, it’s important that you make sure to keep up with all the monthly payments. This is because missing a payment can significantly damage your credit score, which can prevent you from accessing credit in the future.
On top of that, most online lenders tend to charge late payment fees that can be extremely high and end up putting you even further into debt. It is for this reason that it is often best to set up automatic payments, which will ensure that your monthly dues are electronically taken out of your account and that you never end up missing a due date.
In the event that you predict you will be unable to make a payment on time, then it is crucial that you reach out to the lender as soon as possible. After all, some of them may be open to providing you with a grace period, which can help to make the repayment process easier for you.
Why Use UKBadCreditLoans?
UKBadCreditLoans’ main selling points are that the platform offers a simple online loan application process that is both fast and completely free to use. However, there are also a few other aspects of the service that stand out.
#1. Flexible Lending Terms
The benefit of using UKBadCreditLoans is that their lending network offers borrowers a huge amount of flexibility when it comes to loan terms and rates. While most online lenders tend to limit the lending options available to borrowers, there is an extensive range of loan types that one can access via UKBadCreditLoans.
From payday loans to same-day loans to bad credit loans, there is a loan that can fit anyone’s budget and needs. On top of that, borrowers can access loans that range from as low as £100 to £5,000, which provides them with ample room to accommodate a wide array of expenses.
#2. Positive Online Reputation
UKBadCreditLoans has been in the lending industry for quite a few years, and in that period, it has successfully managed to build a stellar reputation among past users. This means that, unlike most other online lending services, you can rely on the platform to deliver what is expected of it based on past testimonials.
Also, given that most of the lenders are FCA-compliant, you don’t have to worry about dealing with any unscrupulous or predatory lending practices.
UKBadCreditLoans can be a great way for you to find a loan provider, even if you happen to have a history of bad credit. On top of that, there are multiple loan options available to you, and the service is free, so you have very little to lose and a lot to gain. Overall, the platform is worth exploring, especially if you are unable to get a loan from a bank or credit union.