What are Bad Credit Loans?
If you’re struggling to take out a short term loan because you have a poor credit rating, then look no further than LoanPig. We understand that sometimes you need a helping hand when it comes to managing your finances, which is why when other financial institution options are no longer a viable option to borrow from; we can help you out in the form of bad credit loans. Our unique application process means that while we do carry out a credit check when you apply, and your application will leave a footprint on your credit report, you are more likely to be accepted for a loan with us than any other bad credit payday loans lender. For bad credit loans, turn to LoanPig.
What Is Bad Credit?
Bad credit is calculated on your credit report, which is accumulated by looking at every form of credit that you have ever had, including short term loans, payday loans, unsecured & secured loans, credit cards, and finance on your car and much more. If you have ever missed a repayment on any of your previous forms of credit, then you will find that your credit score on your report can be affected in a negative way.
This can reduce your chances of being accepted for a form of loan or credit in the future, which can cause problems if you are looking to buy a house etc. However, with our bad credit personal loans, you may find that you are more likely to be accepted even if you have bad credit, due to the various affordability checks that are carried out. Our checks relate to how much you earn and whether you have any other loan checks. While the FCA’s new regulations mean that a lender has to carry out a credit check on all applicants, this doesn’t mean that it is a deciding factor in the decision to accept your application.
Are Bad Credit Payday Loans Secured?
Perhaps the most significant difference between payday loans and other loan types (for example a bank loan) is that they are unsecured. Our bad credit loans come with a fixed loan amount that is paid over an exact period of time with an interest rate that does not change. The great thing about taking out unsecured loans, such as bad credit payday loans, is the fact that they do not require you to pledge your belongings as a way of paying off the debt in the event that you should find yourself being unable to pay. This means that our unsecured loans are easier to apply for and manage as there is no threat of you loosing something like a house or car etc. if you cannot make your repayments.
How Does APR Affect My Bad Credit Loan At LoanPig?
You can expect higher interest rates when applying for a loan with bad credit. The Annual Percentage Rate (APR) is a particular percentage that is added to loans for bad credit as well as any other financial product that highlights the full amount you will be required to pay back on top of the money you have borrowed. Something that is important to assess before taking out bad credit loans is whether your chosen personal loan provider offers a competitive loan amount of not.
Does Taking Out A Bad Credit Payday Loan Affect My Credit History For The Future?
While there is a great deal of confusion when it comes to whether taking out bad credit loans will negatively impact your current credit history, here at LoanPig we are here to set the record straight! While some bad credit personal loans can leave a negative mark on your credit report, this is only something to be concerned about if you are likely to miss making your repayments. In order to ensure that this does not happen, we always screen our customers to ensure we have the sufficient evidence to prove that they will be able to make regular payments. Furthermore we also allow our customers to pick out their repayment deadline and loan amount which means the risk of you not being able to make repayments is significantly reduced.
Who Can Apply For Bad Credit Loans With LoanPig?
Something that you may have found if you have a poor credit background is the fact that fewer lenders are willing to allow you to borrow their money. Here at LoanPig we believe that your past credit circumstances should not dictate your future lending possibilities which is why we take into consideration more than just your credit rating, although we use some traditional methods like credit reference agencies, with us, we want to ensure that you are able to make your repayments and base our decision on this aspect of your application. We welcome anyone to explore the possibility of taking out bad credit personal loans with us.
What Is The Lending Criteria At LoanPig For A Bad Credit Loan?
When it comes to applying for loans for bad credit, as with any other application process, it is important that the applicant reaches a certain criteria. Here at LoanPig we want to ensure that we follow secure and responsible lending practices which is why we ask you to meet the following criteria before being accepted for our bad credit loans:
- Be at least 18 years of age Have proof that you are a UK resident Be in permanent employment or be receiving some form of income (check our FAQs for more information)
How Do I Apply For Bad Credit Loans?
Applying for personal loans for bad credit couldn’t be easier with LoanPig. Our entire application process takes place online which means you will never have to deal with awkward telephone calls. You can also apply easily in the comfort of your own home, where all you will need is an internet connection in order to apply.
How Much Will I Have To Pay Back With A Bad Credit Loan With LoanPig?
Our lending process is always kept manageable and easy. If you are looking to take out a loan with us, here is an example of how much you can expect to pay back (information taken from our loan calculator):
-Borrowing amount: £400.00
-Interest amount (total): £208.69
-Repay by: three months
-Monthly repayable amount: £202.90
-Total amount to be repaid: £608.69
How Do I Pay Back a Bad Credit Loan?
Paying back your bad credit loan is straightforward. Depending on which lender we match you with based on your desired loan amount and repayment period, you could receive notifications to pay back your loan in the form of a text or email. We always try to make the process as transparent as possible, so you can rest assured that you will never be left wondering when your next payment is due.
What Can I Spend My Bad Credit Loan On?
The fantastic thing about taking out bad credit loans is that you can use them in whatever way you see fit. Once you have secured your loan, the money is yours to enjoy. Here are some of the ways in which people who take out bad credit loans choose to use the money:
- To pay off emergency bills To consolidate debts
- To prevent themselves from dealing with expensive overdraft payments
What Happens If I Can’t Make My Repayments On A Bad Credit Loan?
Not being able to make the repayments on bad credit payday loans can affect you in a variety of ways. Should you find yourself falling behind with repayments, we advise you to get in touch with your lender as soon as possible to work out a solution that could provide you with help away from amounting late payment fees.
Why Apply For A Bad Credit Short Term Loan With LoanPig?
When it comes to personal loans for bad credit that you can rely on, you’re in the right place by choosing LoanPig. Our easy and transparent application system can provide you with all of the information that you need regarding any charges and fees, and interest rates so you can see exactly how much you will need to pay back at the end of the month – or alternatively you can set the amount of time that you wish to pay your loan off in. Our bad credit loan application has never been simpler, so use our short term loan calculator online today and find out just how simple taking a loan out with us really us!
Are LoanPig A Responsible Lender?
Something that we at LoanPig are very proud of is our reputation for being a responsible lender of loans for bad credit. We work closely with the FCA (the Financial Conduct Authority) which means that we look after our customers to keep our loans as fair and secure as possible. With LoanPig, you can rest assured that we only offer money to those who we feel will be able to pay it back, keeping your interests as safe as possible at all times.
LoanPig, is authorised and regulated by the Financial Conduct Authority (registration number : 736632).
How Much Can I Expect To Borrow With A Bad Credit Loan At LoanPig?
Here at LoanPig we offer our customers the opportunity to borrow anywhere between £50 and £1500 when looking for personal loans for bad credit. We also allow our customers to tailor their bad credit loan to suit their needs and personal requirements which means that you can pay your desired loan amount back in anywhere between 1 and 12 months. We don’t apply a credit limit when considering the total loan repayable and we believe that our small loan amounts make them ideal for dealing with most debt situations and this also makes them quick and easy to pay back too.
What Are The Benefits Of Using LoanPig?
The benefits of using LoanPig when it comes to bad credit loans is that we also offer a broker service, which means we can offer you the highest standard of flexibility when it comes to finding the ideal bad credit loan for you. Our easy application system allows you to take control of your loan amount and how quickly you wish to pay the loan back before we take over and assist you in finding the perfect lender for you from our extensive panel of reputable companies. Furthermore, we also have a fast approval decision rate on all of our bad credit payday loans, which means with us you could find the money you need in your account the very same day as you apply!
What Is The APR Rate For A Loan With Loan Pig?
LoanPig has a representative APR rate of approx. 1261%. The interest Rate can differ depending on the total repayment and the company you choose to take out a loan with us. Being selective and searching for the best APR rate when searching for a loan is a best practice solution as it could mean you save money on repayments in the long run.
Warning: Late repayment can cause you serious money problems. For help, go to Money Advice Service