Posted by Poor credit score has been a nightmare for many individuals, especially after the Coronavirus pandemic.
Most companies went down, and employees had to walk home without their jobs.
The job losses brought terrible news to those who had loans.
However, there are some lending sites where you can get poor credit loans in the UK.
In the current world, it’s easy to access poor credit loans even in the comfort of your home using online sites or even doorstep loan applications.
Bad credit is not the end of your financial prosperity.
So don’t panic if you have a poor credit score. Keep reading.
What is Poor Credit?
We all know that nothing poor comes out good.
What about poor credit? No one has ever wished to have poor credit.
However, due to Coronavirus, poor credit can knock on everyone’s door.
There is a scale that determines the credit score.
It’s called the FICO score scale, which runs from 300 to 850. It will explain better the meaning of poor credit.
- 300- 579 Poor
- 580- 669 Fair
- 670- 739 Good
- 740- 799 Very good
- 800- 850 Excellent
Now, you can see the poor credit range in the FICO score.
So if your credit score ranges between 300 and 579, it might be tough to get a loan in most financial institutions.
What are Poor Credit Loans in the UK?
Poor credit loans in the UK imply the loans you get if you are a UK resident with a credit score of less than 580.
Most lenders will need to do a thorough credit search before giving you a loan.
As a result, you find that most people cannot access short-term or long-term financial solutions.
But a small percentage of lenders and loan brokers would consider helping you get poor credit loans in the UK.
For instance, with 786 loan brokers, you can access several types of loans even with a bad credit history.
786 Poor Credit Loans in the UK
786 loan brokers do not consider your credit score the only determinant of your creditworthiness.
Instead, they use other means like income stability to assess the amount of loan you can afford to repay.
The loan broker helps you get the following types of loans regardless of your poor credit history.
The Annual representative for the loans on the site is 49.7%*, which is cheaper than some other loan lenders.
Short-term Loans
Starting from £100 to £1000*, you can access short-term poor credit loans from this loan broker.
As the name portrays, short-term loans do not take long before the repayment term elapses.
For instance, in 786 loans, the repayment term of short-term loans doesn’t exceed 12 months.
Instalment Loans
Still, with 786 loan brokers, you can access instalment loans ranging between £100 and £35000*.
That’s quite a vast range to help you with long-term financial plans.
With instalment loans in the 786 loans platform, you can enjoy a repayment period from 12 months to 84 months.
The long and flexible repayment term is rare with most loan brokers today.
For instance, some lenders’ repayment terms for instalment loans do not exceed 60 months.
Therefore, the 786 loans site is good if you need a more extended period to repay your loan.
Quick Loans
Sometimes, an emergency need is something that most people cannot overcome, especially during these difficult economic moments.
And that’s why it becomes essential to get a quick loan.
With 786 loans, you can access poor credit loans as fast as possible(primarily within 24 hours).
That allows you to comfortably sort out your needs before it gets to worse conditions.
Mainly, the quick loans on this loan broker start from £100 to £1000*.
However, the loan repayment period ranges from one month to 12 months, but that’s enough for such an amount though.
Can You Rebuild Your Credit with 786 Poor Credit Loans?
Like payday loan lenders, some lenders do not help their borrowers rebuild their credit scores.
That’s contrary to this particular loan broker’s lenders.
They will report your repayment behaviour to one or two credit bureau boards in the UK.
Therefore, if you focus on repaying your loan at the required time, you will stand a chance to rebuild your credit.
And as a result, you will manage to get better credit rates in the future.
Bottom Line
As you’ve seen, it’s simple to acquire a loan even with a bad credit history.
However, it will be a good idea to consider the amount you take.
Always ensure you can repay the loan comfortably, and you’ll be out of the poor credit side.
Finally, 786 loans broker is an excellent option to help you acquire poor credit loans in the UK.
The good thing with this broker is that they don’t charge brokerage fees once you apply on their site.
That sounds good. Right? Then go and get the best loan options.
* as per the information available online/on the lender’s website as on 05/04/2022.
