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Applying For 12 Month Loans Direct Lender Bad Credit.
Coping with a bad credit is obviously difficult and frustrating and this comes especially when you’re receiving nothing but a hard “no” from the lenders but there are 12-Month loans direct lender bad credit options out there. What makes it harder is the fact that constant rejection results to humiliation, thus decreasing the confidence one has for himself.
Therefore, before you apply for loans you’ve found online, it’s crucial to take a research first to find out the options you’ll have that will lead you to the best financial decision. Each loan has their own terms, conditions, and fees.
What Is A Loan?
A loan is defined as something you borrowed which is expected to be repaid back within the agreed period and with an interest fee. For example, you are borrowing a cash worth £500 — once it’s time to have it repaid — you will return the same amount plus the interest rate agreed on the loan contract.
It can either be “unsecured” in case it is not backed up by a collateral or a personal property. However, the lender may require you to have a guarantor to co-sign with you on the loan contract or you can have the loan secured with a paycheck. Meanwhile, it can be considered as “secured” of it’s supported with a collateral such as a house or a car.
Can People With Bad Credit Apply?
Basically, people with bad credit are rejected repeatedly by banks and traditional lenders. However, there is a direct lender for bad credit available to those who have poor credit remarks.
These type of lenders agrees to lend money without demanding the borrower to submit any document regarding their credit history. The catch, though, is that it usually comes with a high cost and it usually varies from state to state or the lender company itself. Therefore, although it can be beneficial for many borrowers, it is advised to be used sparingly or for urgent purposes only. This short-term loan typically ranges from £100-£500. For larger amounts, though, the lender may demand better credit scores and a proof of capability to repay the loan. This means submitting documents such as the certificate of employment and sufficient income. Meanwhile, for very high amounts such as £10,000, the lender may require “good credit” and a collateral.
Applying For Direct Lenders
Nowadays, most people are opting for direct lenders rather than brokers. This is because it lessens the hassle of the overall loan procedure. From the application to the compensation of the entire loan, the debtor just needs to deal with the single company alone. In the contrary, the brokers need to deal with several companies.
In addition, direct lenders offer lowers compared to banks and brokers. This is because direct lenders are not required to pay any commission unlike with brokers who charge extra fees. This only means that you can maximize the money you’ve borrowed anymore.
Moreover, direct lenders are the best option for those who are opting for instant cash. Since borrowers only have to communicate with one company alone, their loan application and approval can be processed in the shortest time possible.
See How We Compare to Some of Our Competitors
Representative Example: Amount of credit: £500 for 12 months at £58.74 per month. Total amount repayable of £704.00. Interest: £204.00. Interest rate: 53.58% pa (fixed). 68.7% APR Representative.
5 most recent personal loan reviews
Responsible, Trustworthy and Thorough Boy are they everything I've mentioned in the title. These people have a very thorough process of money lending and repayment from the start to throughout the process on repayment. I'm a guarantor and I'm always told if there are any problems with the repayment. If not, I don't hear from them. They are very professional in the approach of lending money. They will advice a budget plan is completed so you know exactly how much needs repaid. Staff are very friendly and helpful. Things are pretty straight forward with Danske.
Review posted by Justin Browne, Burnley
Ease Of Use
Value For Money
Applying for a loan from Albemarle; the process was very easy, filling a form out online and then phoning Albemarle. A very nice young lady took the call and dealt with the application in a quick and efficient manner, after supplying the relevant information, and having it checked the loan was approved and the money was in the bank within a couple of hours. All in all an excellent company, the staff were very helpful polite and very efficient.
Review posted by Barbara Valkeith, London
Ease Of Use
Value For Money
Amazingly quick, just 24 hours. They check to make sure you can really afford the repayments. My guarantor wasn't a home owner just had a good credit history. Very pleased with every aspect of the service they have provided. Would definitely recommend to anyone.
Review posted by Tracy Egerton, Rushden
Ease Of Use
Value For Money
Representative 305.9% APR.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.