Fair credit loans

Fair credit loans

Here at Proper Finance, we strongly do not believe people should be penalised for having one or two missed payments on their credit file, and therefore not have access to reasonable rates on loans as a result. Missed payments can occur as a result of number of reasons that you can not necessarily predict in advance, such as an emergency occurring that requires you to spend your money elsewhere, or simply an unexpectedly high bill cropping up. We understand that this happens sometimes, and this is why one of the products we provide to our customers are fair credit loans.

 

What are fair credit loans?

Before explain the details as to the criteria and requirements in order to be able to get a fair credit loan, let’s explain first of all exactly what we mean by a fair credit loan.

The typical customer who gets a fair credit loan is usually someone who has a credit file that wouldn’t necessarily fit into the poor credit loan category, but also wouldn’t fit into the good credit loan category either.

This means you are likely to be looking for a loan that doesn’t have a high APR typically associated with some bad credit loans, but you are also aware that getting low APR unsecured credit could prove difficult, as you probably have a slightly worse credit history than the average borrower.

For example, fair credit loans are aimed at those who may have in the last 6-12 months missed at least three repayments on a credit card, loan or other kinds of credit accounts. You may also have CCJs or defaults on file.

This is where Proper Finance comes to the rescue! We work with a number of leading, reputable lenders who provide fair credit loans.

How do I know if I should look for a fair credit loan?

Not particularly sure as to whether or not you fit into the fair credit loan category? To make sure before applying that this kind of loan would be the best option for you, your best bet is to check out your credit file first.

There are a number of credit file reference agencies who provide this service for free. This will show you your credit history and current score, enabling you to determine whether you should apply for a fair credit loan.

What are the criteria for a fair credit loan?

With the lenders that Proper Finance works with, you may find that eligibility criteria varies.  However, generally speaking, you will need to meet the following eligibility criteria to be able to apply for a fair credit loan.
  • You could need to get a guarantor
  • You must be employed on a full or part-time basis
  • Show that you will be able to keep up with monthly loan repayments
  • To get a secured loan, a lender may require you to be a homeowner or car owner.

How to apply for a fair credit loan with Proper Finance

Want to make an application with Proper Finance today?

To apply for a fair credit loan through our site is easy to do. To do so, you can click apply now on our site, which will take you to our online application form. At this point, we will ask some basic questions first to determine your eligibility, and completing this form will only take you a few minutes at most, receiving an instantaneous decision as to whether the loan application can go ahead.

If the loan process can go ahead, we  can start working together with you and our FCA authorised lenders to help you find the very best deal for you. So, what are you waiting for? Get in contact with us today!

What about if I can’t pay back the loan?

If you miss a number of fair credit loan repayments, you will find this can leave an impact on your credit score, affecting your ability to gain further credit in the future. This is why it is vital that you carefully consider whether you are able to afford taking out a loan in the first place.

Nevertheless, we also do understand that unforeseen circumstances occur, meaning that you could end up making a late payment one or two months. If this is the case, inform the lender directly beforehand so they are aware of any potential problems.