If you are struggling to get a loan due to a bad credit score, there is no need to worry. Proper Finance can help you get loans for poor credit, very poor credit, adverse credit histories, history of CCJs and IVAs. We work with a variety of reputable and respectable lenders, some of which deal specifically in loans for those with poor credit. Wondering how this is possible? Take a look at our guide below where we explain everything you need to know about borrowing money with us, and how you can get access to cash even if you have poor credit or no credit history.
How Can You Get a Loan For Poor Credit?
Proper Finance can help you borrow money through one of our lenders in a variety of ways. The lenders we are partnered with all provide different financial products, and there isn’t just one option for those looking for a poor credit loan. Here are the following options that you have, some of which may be more or less suited to you, depending on your financial circumstances.
- Get a secured loan: one potential option you could look at is getting a secured loan. This means that a high-value possession of yours, such as your home or a vehicle, is used as security against the loan you are taking out. This can be particularly useful to you if you are looking to borrow a high amount of money. Nevertheless, you should be sure that you will definitely be able to keep up with loan repayments. This is because if you fail to keep up with them, the lender has the right to repossess these possessions, so always consider this option carefully.
- Add a guarantor: you could also decide to add a guarantor to your loan. Guarantor loans mean you need to find a friend or family member with a good credit score who will be able to act as a guarantee for your loan. That means that in the event you are unable to keep up with loan repayments, the creditor can take payment from your guarantor instead.
- Credit builder credit cards: if you want to find ways of improving your current credit score to make accessing loans in the future easier, you could look at opting for a credit builder credit card. This clearly shows to creditors that you are trying to take control of your finances, but make sure that you can actually afford to make repayments or it will be counterproductive to get one.
- Improving your credit score: you can get access to loans at better rates if you do not have bad credit. Therefore, take a look at other ways of improving your score. This includes things like closing any credit or store cards you do not use, as well as making payments on time and joining the electoral roll. All of which can help to make your score better.
- Consolidating debts: have you thought about taking out a debt consolidation loan? This could end up being a less expensive way of paying off numerous debts, and help to improve your bad credit score. It also can help to provide peace of mind, as you only need to take care of one monthly loan repayment as opposed to several.
What are the Criteria For Poor Credit Loans?
In terms of the exact criteria required by our lenders that work with Proper Finance, it can vary from firm to firm, as well as the type of financial product that you have decided to choose. However, as a general rule of thumb, you will need to meet the following eligibility criteria to get a poor credit loan.
- You will need to be in employment, on either full or part-time basis.
- Evidence that you will be able to keep up with monthly loan repayments
- You may need a guarantor
- You may need to be a homeowner or car owner in order to obtain a secured loan
How To Apply With Proper Finance
Want to make an application with Proper Finance today? Great! Applying for a poor credit loan through our site is easy, and secure to do. All we require from you is to click apply now on our site, which will take you to our online application form. We ask some basic questions first to determine your eligibility, and completing this form will only take you a few minutes at most. You will receive an instantaneous decision as to whether the loan application can go ahead to the next stage. Once this has happened, we can start working together with you and our reputable, FCA authorised lenders to help you find the very best deal for you, based on your individual circumstances. So, what are you waiting for? Get in contact with us today.