Time and time again, it’s not uncommon to find ourselves in the middle of a financial crisis with very few options available to us. It could be that you need to pay for an unexpected medical bill or to fix a broken down vehicle or even finance an important business purchase.
Either way, it can be tricky to secure a loan quickly from traditional lenders, especially if you have a bad credit score. Luckily, you can always get a loan for bad credit online, but with so many loan providers to choose from, it can often be difficult to identify the legitimate from the fraudulent.
It is for this reason that we decided to do a quick review of what we consider to be the best online loan broker in the current market, UK Bad Credit Loans. The company instantly connects borrowers to the affiliate lenders within their network, thereby making it easier for potential loan applicants to find and secure funding online.
This also means that you will be able to save yourself a huge amount of time and effort that would have been wasted going from lender to lender and filling out several applications. Plus, their partner lenders have very minimal credit requirements, which means that your chances of being approved for a loan are high, even with a poor credit score.
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What Types of Loans, APRs, and Terms Do UK Bad Credit Loans Provide?
It is important to remember that UK Bad Credit Loans is a credit broker, not a direct lender. This means that they do not provide loans or have any influence over the loan rates and terms that you will be offered.
According to Emilia Flores, co-founder of UK Bad Credit Loans, “We do not give out loans directly, but rather we provide potential borrowers with a means to connect with a lender that is best suited to helping them overcome their current financial predicament.”
However, you can typically expect to be able to borrow up to a maximum of £5,000 from their lending network, with their APRs ranging around 49.7%. In terms of repayments, this can often vary from 1 month up to 36 months, but all of this often depends on the type of loan that you apply for.
In this respect, some of the most common types of loans that you can apply for via UK Bad Credit Loans include:
- Bad Credit Loans: These loans are a specialty of the company and are primarily designed to cater to borrowers with poor credit scores. They are also quick to be processed, with the funds often being dispersed in as little as 24 hours.
This makes them useful for dealing with unexpected emergencies or expenses. However, the downside is that they come with high-interest rates and short repayment periods, due to the increased amount of risk to the lender.
- Payday Loans: These loans are essentially small cash advances that usually range between £100-£5000 and are typically due in full as soon as your next paycheck arrives. They are usually useful for quickly dealing with small but unavoidable expenses like utility bills.
They are also quick to be processed within a few hours and have very minimal credit requirements, with the main downside being that they often carry the most exorbitant interest rates.
- Short-term Loans: These loans allow you to borrow money and make repayment between a week and a year. This type of loan is the best option for those people who suddenly need a sizable amount of money for a short period of time.
What Are The Benefits of Borrowing via UK Bad Credit Loans?
UK Bad Credit Loans does have a few features and benefits that help it to stand above the rest as the top credit service in the market.
#1. High Loan Approval Rate
For starters, their lending network offers a high approval rate to borrowers of all credit types since they consider other factors aside from just your credit score when evaluating your loan application. In most cases, they will also look at your income level, and if it looks like you can make your repayments on time, then there is a high chance of securing the funds you need.
#2. Easy & Fast Application Process
The entire application process for UK Bad Credit Loans is so simple that even inexperienced borrowers should have no problem navigating their way to a loan. It also only takes a few minutes to fill out the online pre-approval form, as you won’t need an excess amount of documentation to send out a loan request.
#3. Speedy Loan Processing Times
All the lenders at UK Bad Credit Loans are fully aware that a fair number of borrowers are usually in need of fast cash to deal with urgent expenses. And while traditional lending institutions like banks can take days to process a loan application, their lending network ensures that all approved loans are processed by the next business day at the latest.
#4. Trusted Lending Network
One of the biggest challenges with borrowing loans online is that finding a trustworthy lender can be difficult, especially with so many scammers out there. However, UK Bad Credit Loans only partners with FCA-compliant loan providers, which means that you won’t ever need to worry about falling victim to any unscrupulous lending practices.
#5. 24/7 Customer Support
UK Bad Credit Loans has a responsive and reliable customer support team that is always available to answer any questions you may have about the borrowing process. You can send out an email, and a customer service agent will promptly respond in a timely manner with full disclosure on anything you need help with.
However, you should remember that anything regarding an already approved loan will always need to be discussed directly with the lender.
#6. Full Data Privacy and Confidentiality
While most people will naturally be concerned about sharing their personal and financial details online, the benefit of UK Bad Credit Loans’ site is that it utilizes bank-level encryption software. This effectively protects their users’ data from unauthorized access, so you can rest assured that only their partner lenders will be able to review your loan application details.
UK Bad Credit Loans has been in the online industry for a few years now, and within that time, it seems to have continued to perform exactly as advertised.
After all, the service is free, all its lenders are fully vetted, it caters to bad credit borrowers, it offers multiple loan options, it provides fast loan processing, and the site is 100% secure.
Taking all this into account, it would not be inaccurate to say that the company should be your first choice if you need help securing funding online within the UK.