The introduction of the internet has revolutionised the finance industry, not only increasing the types of loans available, but making them much more accessible too.
One sector of the finance industry that has been impacted massively by the internet is the unsecured market and more specifically lenders offering loans to those with bad credit. Because of this, it has introduced a question; is there such thing as guaranteed bad credit loans?
Currently, there is no such thing purely on the basis that it would be irresponsible lending should a company lend money to everyone who applies, there is however a number of options available to those looking for unsecured bad credit loans, here’s an overview of each option:click here for more info
A specialist bad credit loan offering amounts ranging from £1000 to £5000 over a term of 1 to 5 years. Guarantor loans require a homeowner guarantor to support the application and guarantee the monthly repayments should the borrower fail to do so. As mentioned the guarantor must a homeowner, they must also be receiving regular income and have good credit. Lenders will carry out a number of checks on the applicant regarding both their credit history and their income and outgoings. Each lender will have different applicant and guarantor criteria however if they do not have sufficient evidence the loan is affordable they will not lend.