Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

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Bad Credit?

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Short term loans at their finest and easiest.

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Great when you want to change your vehicle.

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A helping hand is always appreciated.

The Nature Of Credit Ratings: What Is It And How To Get A High Credit Remark

Searching online for “bad credit direct lender” can sometimes be misleading as most lenders would claim that they are willing to offer a loan without checking on the credit history. Meaning, they would risk lending money for those who have bad credit.

The question here is, what does that mean exactly? Does it mean that they are willing to provide a loan to anyone without asking for anything in return? Does it mean that they can provide any loan, such as payday loan, without requiring a credit check? Most likely, it’s not what it seems. This is because any lender who loans money only do so to those who are really capable of compensating. Otherwise, it would risk the lender or the entire company. But what does it really mean when loans are offered without restrictions.

What Is A Bad Credit Score?

To fully understand what a bad credit is, let us first know what a credit rating. Basically, a credit rating is a term used to specify the “trustworthy” of a person in terms of financial aspect. A person who has gained “high credit rating” is considered as a person that a lender can count on in fulfilling his financial obligations. On the contrary, a person who has received a “poor credit rating” is a person who fails to fulfill his financial obligations, therefore, more lenders consider such as a risk.

 

How To Get A High Score?

A person usually begins his so-called “economic life” when he reaches the right age. Since he starts with a clean slate with no details about him in local public databases, financial institutions, such as banks would operate their belief on the person through trust. For instance, a bank may allow him to open a bank account, but this doesn’t mean that he will already be provided with a credit card. In case he will be given a credit card, the bank will set a limit to it. This is because the bank would want to see how he handles things first, particularly his financial affairs, prior to giving him more trust. In case the person was able to consistently perform his financial responsibility very well, his credit rating increases. Otherwise, poor performance causes the credit rating to go down. Meanwhile, a person can find a shortcut to “high credit rating” by having a person with good reputation recommend him in banks and other financial institutions.

 

Who Will Lend To Bad Credit Individuals?

Although banks and traditional lending institutions may repeatedly decline your requests, direct lender bad credit may still agree to lend you money in the condition of asking for another requirement instead. However, the lender would add a little more interest rate to get a percentage higher than the usual while still being safe at the same time.

For instance, a payday loan can be acquired despite poor credit rating. However, the borrower needs to write a paycheck payable to the lending company on the agreed repayment period. Meanwhile, aside from the amount borrowed, the debtor needs to compensate for the additional charge needed as well.

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5 most recent personal loan reviews

Review of Danske Bank

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

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Albemarle Bond

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

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of 3 Month Payday Loans U

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

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
For authentic reviews that are entirely unbiased we have sourced all of our above reviews from Trust Pilot.

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)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

 

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.