Getting Fast Loans with Bad Credit?
Looking for fast loans?
Bad credit making it difficult to get a great deal?
You’ve come to the right place. While most people with a poor credit rating would struggle to get capital from a typical bank or lender, fast loans for those with bad credit from Boutell are designed to support anyone in need of extra cash.
The right lending option could mean that you can reduce your chances of further issues with your finances in the future and get your cash back on track. You might even find that your instant loan with no credit check boosts your credit rating over time by allowing you to prove to the lending institutions in the UK that you’re a responsible and reputable borrower.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
The Basics on Bad Credit
Before we get into a deeper discussion on bad credit lending and what it means to your financial future, let’s start with the basics:
What is bad credit?
Basically, bad credit is a term that lenders use to describe a person’s situation if they have a recorded history of being unable to pay their debts on time, or in full. If you’ve ever borrowed money and had to default on a loan because you didn’t have the cash to pay it back, then you might have bad credit.
In some cases, bad credit and no credit are terms that are used synonymously. Though having no information in your history of how you use money isn’t as bad as having proof that you’re irresponsible, it can make it just as difficult to get a loan. That’s because most lenders will want evidence that you’re a safe and dependable lender before they hand over any cash. If you have no credit, then your bank or building society has no idea whether it can trust you.
Lending Cash with Bad Credit
So, if you’ve got poor credit, how do you go about getting a loan?
Most traditional lenders will avoid people with a poor credit history like the plague, assuming that they can’t be trusted, even if they made a mistake years in the past and have learned how to manage their money better since then. Unfortunately, that means that even if you can convince a lender to consider your appeal for capital when you’ve got limited credit, you might have to spend weeks or even months jumping through hoops before you get approved.
For people who need to borrow cash quickly, a bad history can make working with a traditional or conventional lender practically impossible. Fortunately, the best payday loans offer an alternative route for anyone who can’t afford to wait. These quick and efficient short-term loans aren’t as dependent on your credit score as standard loans.
Because fast loans are designed to be paid off quickly, your lender takes on less risk, and can therefore offer you a better deal – even if your credit score isn’t perfect.
Why do People Apply for Fast Loans for Bad Credit?
While quick loans for those with limited credit aren’t always the right solution for every situation, there are a lot of benefits to this kind of lending. For instance, when you use a company like Boutell, you don’t have to spend days explaining why you need to borrow money or proving that you have a good reason.
Our loan team understands that people with bad credit sometimes need to access additional finances fast, without a guarantor, and they don’t have time to work with a traditional lender to get the support they need. If you’ve been rejected when attempting to borrow money in the past because of your credit score, then your fast loan can give you:
- Immediate and reassuring help when you need it most.
- The advantages of a relatively un-intrusive application process.
- A quick and easy way to access the money that you need.
- Quick payment that go into your bank account within a matter of hours – not weeks
- Fast repayments so you can get out of debt as quickly as possible
- Very little commitment, because the amount you have to pay back will be relatively small
Unlike with conventional personal loans, you won’t be tied into repayments for months or years at a time. What’s more, because most small and fast loans are unsecured, you won’t be putting your belongings at risk.
Applying for Fast Loans with Bad Credit
Usually, applying for a loan when your credit isn’t ideal can feel like walking a tightrope over a pit of hungry lions. It seems as though most conventional lenders won’t even give you a chance to prove that you can pay back the money that you borrow, which means that some borrowers can end up losing all hope very early on. However, when you apply for a fast loan without great credit through Boutell, you get a friendly and welcoming experience – no matter your background.
Applying for a loan with limited credit is as easy as filling out an application online and waiting for it to be approved. Often, you’ll receive information in your email inbox or get a call within a matter of hours, so you’re not sitting around for days or weeks waiting to see whether you’ve been approved. This can be particularly important when you’re worried about an expense you need to deal with immediately.
Once your loan is approved, you’ll receive an email or a call offering you the cash that you want to borrow and guiding you through the terms of your new loan agreement. If you’re comfortable with everything, then you’ll be able to get the money you need paid into your chosen bank account within a matter of hours in some cases. More importantly, because bad credit loan providers are experienced in working with people who don’t have the best credit history, they can answer any questions you might have too.
If you’re worried about anything when it comes to setting up your loan, all you need to do is discuss your concerns with the team, and you’ll be able to get all the guidance that you need in no time. For instance, a lot of clients are concerned that getting another loan might make their bad credit situation even worse. However, although any application for credit will leave a mark on your file, you won’t have to worry about the potential black marks that come from being constantly rejected for a loan.
Your chances of being approved for a loan that’s specifically designed for people with bad credit is much higher, keeping your risk of reputation damage to a minimum. Additionally, as long as you pay back the money that you borrow from your fast loan as quickly as possible, according to the rules laid out by your provider, then you should see your credit rating begin to improve. After all, your score is based on your ability to pay back the money borrowed from providers at a rate that you agree to.
Do You Need a Bad Credit Loan?
Importantly, though fast loans for bad credit are a great way for people with a bad payment history to get the money they need quickly, they won’t be the right solution for everyone. If you have a good credit rating, then you might want to consider alternative options first to see whether you can get a better deal from a provider who appreciates your commitment to your credit score.
Additionally, some fast loans are designed specifically to offer small amounts of cash to borrowers for a short period of time. If you need to borrow a larger amount of money and pay it back gradually, then you might need to consider other conventional lending options, like a personal loan, or even secured lending.
However, if you need to borrow a small amount of money quickly, and you know you can pay back what you owe fast, then a bad credit loan that’s delivered over a short space of time could be a great way to save you a lot of time and effort. The best way to decide what’s right for you is to speak to a financial expert about your options.
Getting a Fast Loan with Poor Credit
Whatever your background might be when it comes to managing your finances and dealing with loans, it’s important to know that there’s a credit option out there for almost everyone today. The world of lending has changed drastically over the years, as more people throughout the UK have continued to struggle with their finances. Even if you do have bad credit, you don’t have to end up stuck in a situation where you can’t borrow the money you need.
Getting a fast loan with limited credit is simple when you know who to turn to for assistance. Companies with good ratings, committed teams of customer service representatives and specific solutions for those with bad credit like Boutell can help you reach your financial goals quickly and easily, without the added stress.