Really quick to apply and got a decision in super quick time. Top marks. Malcolm L - Cornwall
Approved for my loan the same day
Was approved even though my credit is not great. Thanks so much. Beth R - Gloucestershire
Bad Credit Loans
At First Quality Loans we pride ourselves on helping people to find the right loan especially when it comes to helping people that other banks and financial institutions won't. We have an uncomplicated process when it comes to bad credit loans that keeps everything quick and simple. If you have been refused a loan elsewhere including your bank we can help find a loan tailor-made for you.
Once you have decide on the amount you wish to borrow and you have answered our three qualifying questions simply complete our bad credit loan form and out lender will start work on your application straight away.
What is a bad credit loan?
When people talk about bad credit loans or poor credit history it doesn't always mean bad credit. A lot of people base a bad credit history on being rejected by the main high street lenders who have a very strict acceptance rate. So much so that unless your credit is squeaky clean it is unlikely someone will be accepted for any type of substantial loan. So being refused credit doesn't necessarily mean you have poor credit and here at First Quality Loans we believe everyone's credit is simply at different stages.
There are many reasons why you may have poor credit history and need to opt for a bad credit lender. Firstly if you have defaulted on various loan agreements or continuously missed payments on your finance agreements this would certainly fall into the bad credit loan category and it is more than likely that looking at guarantor loans may be more suitable. If however you have have a couple of late payments, a default or even a satisfied CCJ then this would be enough to see you refused credit at a high street lender but probably not with a lender that specialises in bad credit loans.
Life after bad credit
We can all fall behind with loan, HP and credit card repayments often due to a change in circumstances. A job loss, illness or an unexpected bill that needs to be paid. When situations like this cause you to default on repayments it will ultimately be recorded as a late payment and subsequently ends up on your credit file. To many of these and your credit file will start to look less than perfect. Which is when bad credit loans become your only option.
It takes time to rebuild a poor credit history but over time and careful panning it can be done. Once you have been approved for your bad credit loan its very important to make sure you never miss a payment otherwise you may damage your credit profile even more.
Try to clear any outstanding debts that you have and make sure any CCJs you have are satisfied. Once you start to regularly make payments on time your credit profile will start to improve as this will show you are a someone that is a responsible borrower.
After the successful duration of bad credit loan you should be in a better position to apply for a normal personal loan which will give you a much more favourable APR and loan term and possibly a higher borrowing amount. In short it is simply showing lenders that you are able to borrow money and pay it back on time every month. This lowers the risk of the lender not getting their money back.
Types of loans for bad credit
Bad credit loans come in various packages from personal loans for people with bad credit to payday loans for people with bad credit. Some are a shorter solution, some extremely high APR and some are even portrayed as Loans For Bad Credit No Guarantor but they all amount to the same thing which are loans for bad credit. Bad credit loans can be an ideal way to rebuild your credit and in fact some people take out a small loan simply to build or re-build a credit history. There are also peer to peer bad credit lending programs although these are not regulated. When looking at loans for bad credit always make sure your do your due diligence and always make sure the bad credit lender or broker is authorised by the FCA.
First Quality Loans is a trading name of First Quality Finance which is Authorised and regulated by the Financial Conduct Authority - Firm registration number 758281
Authorisation can be checked on the Financial Service Register at www.fca.org.uk. Licenced by the Information Commissioners Office, (ZA200642)