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Your One Stop for Loans
It doesn’t matter what kind of financial situation you are in, what your credit is like or what your bank told you when you tried to get a loan from them. We have so many lending options available through lenders we broker for that just about everyone is eligible for some of these loans. Our lenders offer both personal and short term loans, ranging from just a few months’ duration up to 36 months. You can choose from small loans you pay back quickly to larger loans that take years to repay.
Your options are immense, when you choose Lendplex, and we make it easy for you to discover the one loan that fits your needs perfectly.
Poor Credit Loans in the UK: Finding the Best Loan Solutions
Poor credit loans, while they are no longer hard to come by these days, are not exactly the easiest to find, either — due to the fact that while there is now a proliferation of these types of loan services, there are not many that provide borrowers with good rates. Because of the continuously increasing demands for loans and other loan products and services, the consequent increase in the number of borrowers with unpaid debts has prompted traditional lending institutions and firms to take measures designed to provide them with simple yet effective solutions. As a result, a credit scoring system was adopted by lending firms and institutions, where lenders were handed the capability to easily classify borrowers according to their individual financial capabilities. Under this credit scoring system, individuals with income levels that the lending firms deem as less than what they consider satisfactory were automatically given poor credit scores. On the other hand, borrowers who either intentionally or unintentionally, frequently or repeatedly missed out on their regular payments had their financial records consequently reflect their bad payment history. With this credit scoring system in place, borrowers with bad payment history and poor credit scores were automatically prevented from securing any type of loan from any of standard lending institutions and firms. And although this credit scoring system greatly helped the lending firms, its aftereffects proved to be very detrimental to the borrowers’ finances.
Due to the fact that borrowers with bad credit were no longer allowed to acquire any kind of loan from any of the legitimate lending institutions, they were often left with very little, often impractical or downright impossible options in times of urgent financial situations. Because selling off personal properties to raise money, as well as borrowing from friends and family may not always be possible nor are they easy, borrowers suffering from poor credit standing were often left to settle with underground loans from illegally lending individuals or firms. And although this loan option does allow borrowers the temporary monetary relief that they urgently need, the long-term effects often associated with these types of loan services often leave borrowers in even worse financial crises. Because underground loans come with overly high interest rates, borrowers who opt to resort to these financial services often find themselves in never-ending cycle of difficult financial circumstances.
Getting Poor Credit Loans for Bad Credit
As more and more borowers with bad payment histories and poor credit scores found themselves in the same never-ending cycle of difficult financial predicaments, an entire new market was eventually created. And with the demands for more affordable, more flexible, and a lot more secure loan services continued to rise in this newly created market for borrowers with bad credit, lending firms and institutions later on came up with innovative financial solutions. Through innovative new loan services such as poor credit loans for bad credit, borrowers now finally have easy access to acceptable, much safer, more affordable, and a lot more flexible financial services, even despite their bad credit. With innovative loan solutions such as poor credit loans for bad credit, borrowers finally have much faster and more convenient alternatives in times of difficult financial circumstances. Unlike the application procedures involved in many of the conventional loans commonly being offered by most traditional lending institutions, applications for poor credit loans for bad credit do not entail waiting in long lines for excessively long hours, nor do they involve even longer waiting when it comes to approvals and release of funds for approved loans.
How to Get Poor Credit Loans and Instant Loans for Bad Credit
With the continuing evolution of the lending industry, borrowers with bad credit now finally have faster and safer loan solutions that they can rely on especially in urgent financial situations. Through innovative new loan services such as poor credit loans and instant loans for bad credit, borrowers now have the convenience of being able to submit their loan applications even without having to leave the comfort of their own homes. Since innovative financial solutions like poor credit loans and instant loans allow borrowers to accomplish their applications entirely online, borrowers now have the option to submit their loan applications from anywhere, anytime. And because everything can now be completed entirely over the internet, borrowers may now expect for their loan applications to be processed within minutes after they were submitted; while application approvals for these loan services can take as little as just minutes after they were processed. The release of funds for approved poor credit loans, on the other hand, may now be completed as early as the very same day that the loan applications were submitted. Because of these very convenient features of poor credit loans and instant loans for bad credit, these loan services are considered one of the best options for borrowers in urgent financial circumstances. But since poor credit loans and instant loans are mostly small loans normally arranged for borrowers to repay over in short payment term conditions, these loan services can not be regarded as good financial alternatives in more complicated financial crises. When in need of loans in bigger amounts and much longer payment terms, borrowers will always be better off taking secured loans — which they can easily pay in more extensive payment terms.
Getting Poor Credit Loans from Direct Lenders
Due to a common misbelief among borrowers that borrowing from the lenders directly provide them with more savings because they do not entail having to pay for loan brokers’ fees, a lot miss out on the long term opportunities that can only be availed of through loan brokers’ services. Many borrowers fail to recognise that because loan brokers have extensive access to different lenders in different areas, they consequently have unrestricted access to all the many different discounts being offered by lenders across their various services. Because of this, borrowers availing of loans through their services actually enjoy a lot more savings and much more benefits in the long term.
Representative APR is 1325%, if you borrow £200 over 6 months at 292.0% p.a. (fixed) your first repayment will be £33.60 followed by £96.00, £75.84, £66.88, £62.40 and £48.96 the following months. You will repay £383.68 in total, there are no additional fees.
A loan of £7,500 over 5 years will cost you £157.40 per month at a representative 9.9% APR.
The total cost after 5 years is £9,443, which includes £1,763.93 interest at 8.8% fixed and a £180 fee. The total amount of credit is £7,680.
How Much Do You Charge?
Lendplex charges nothing for its services. We have no payment options available on our website, as you may notice, because we never charge you. Additionally, you don’t have to pay the lenders extra just because we are bringing you and them together. Our services are completely free of charge.
How Long Do I Have to Repay the Loan?
The length of the loan depends on two factors- how big the loan is and what the lender’s terms are. Each lender has their own terms, and the larger the loan is, the longer you usually have to repay it. Interest rates may change as well based on loan length and the size of the loan.
Be sure you pay attention to the lending terms, as it is important to pay back the loan on time and in full. If you don’t, then you will have to pay additionally. How much extra you will have to pay will depend on each lender’s own terms.
Is It Easy to Be Approved for a Loan?
This is the biggest hurdle many people have to overcome when they want to get a loan- eligibility. Either they simply aren’t eligible or they fear they aren’t. Many people believe they would not be approved for a loan because they simply don’t have a lot of money to pay for a loan. What they may not realize is that with all the lending options our lenders have available, there is likely a loan or two that will fit just about anybody. You may be able to find one that you can pay very gradually on without a lot of interest and still get the full loan amount you are looking for. You won’t know until you try our loan matching service, though. It’s fast and simple, and you can find out in moments if you are eligible.
5 most recent personal loan reviews
I didn't expect that I would get a loan being that there was so many loan companies with so many requirements. When I tried Genie Lending, the process was swift, as soon as all my documents were sent to them. I am impressed and happy beyond words. It was such an easy process. Rates were quite high but that's expected for a bad credit loan. Thank you team Genie.
Review posted by Emmanuel Forsberg, Stafford
Ease Of Use
Value For Money
Very easy and very honest about what they offer and the rates are very good as well. Also the people I spoke to was very easy to talk to. Definitely would recommend to anyone in need of cash quick long or short term. Ps thanks Joseph
Review posted by Daniela Hyatt, Luton
Ease Of Use
Value For Money
My wife has very poor credit and was in urgent need of a new vehicle to get her too and from work. Luckily Everyday Loans agreed to give her a loan, which should start to build up her credit. The application was quick and easy (she did it on her phone over breakfast), and the money was sorted out within a couple of days. The interest rates seem very fair too considering the credit score.
Review posted by Gary Coombe, Glastonbury
Ease Of Use
Value For Money
We source our reviews from TrustPilot to ensure authentic results.
305.9% APR. £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)
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances