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The First Steps Towards Taking Loans For Poor Credit

The First Steps Towards Taking Loans For Poor Credit
The First Steps Towards Taking Loans For Poor Credit

With the increasing lifestyle and the sky-rocketing cost of living, most people in the UK are living in a state of debt. Most people are living paycheck-to-paycheck with not much possibility of saving for better financial future. Well, future is far away! Most people find it difficult to overcome the currently overflowing debts. To add fuel to the fire, there is this tag of a poor credit score hanging on your head because of the debts overcrowding your financial charts. Forget about the banks giving you a loan with those credit numbers that could scare them out worrying about their money. So, the next reliable option for immediate financial aid is getting loans for poor credit from a financier.

Irrespective of the reason for which you may opt to avail the no credit check loans, you should be aware inside out regarding them. In this blog, we will give the basics about the loans for poor credit so that you are aware of their ABC’s and the eligibility criteria before you start taking huge steps towards making financial decisions.

Why Choose Loans For Poor Credit?

As evident from the name, these loans for poor credit are mostly short-term loans that are provided by financiers to people who have a bad credit score. Most of these loans are also called as unsecured bad credit loans as they are available for poor credit scores without requiring any collateral as surety. There are different types of loans which come with different terms for the loan amount, guarantor requirements (secured loans), loan term, etc. The loan amount and tenure depend on the amount you may avail as a loan and vice versa.

Of all the different types, the instant payday loans and the instalment loans are the most commonly availed ones. The payday loans are typical salary loans in which small amounts of money are loaned with the repayment assured on the next payday. The instalment loans are types in which a larger amount can be borrowed and it can be repaid as smaller amounts over a relatively larger time period.

At FleetQuid, we offer many different types of loans which you can avail as per your requirements and preferences. You can check for other details on our website. Our financiers will provide you with the needed loans once they are convinced that you satisfy all the criteria and are eligible to avail the applied loan. Here are a few pointers to check if you are eligible for getting your loan application approved at FleetQuid.

• Age – To get into any legally binding contract, it is mandatory that you be an adult. You should be 21 years of age or more to be able to apply for any type of loan. You might have to submit evidence to prove this with the financier.

• Residency – You should be a permanent resident of the UK to be able to apply for a loan in the UK. You will have to submit legal evidence to prove this also along with your permanent residential address in the UK.

• Active Bank Account – You should have an active bank account that falls in the UK geographical area. Having an active bank account is important as most of the transactions for the loan like transfer of the loan amount and repayments will happen online. So, it is mandatory to have an active bank account preferably with net banking services.

• Employment & Income – In the UK employment criteria comes in different forms like specific terms for the employed, self-employed, and the unemployed. So, irrespective of your employment criteria, you will be provided with the loans along with certain specific terms and conditions. But you will need to have a regular source of income in your active bank account as it is the proof that you are capable of repaying the availed loan.

So, if you need some immediate cash, get in touch with us at FleetQuid and apply for a suitable loan. We will process your application quickly and our financiers will check everything. If approved, the loan amount will be in your account at the earliest. Avail them to use it wisely for genuine purposes and repay them on time for better credit scores.

APR Disclosure

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). Representative 305.9% APR.