Loans for People with Bad Credit
Do you need cash fast for a certain unexpected circumstance? Then getting an emergency loan is the best solution for you. However, getting a loan has a lot of different implications for a lot of people. If you’re one of those who are afraid of getting a loan because of previous experiences of rejection or because they know that they have a credit. Nowadays, there’s no need to worry about this because there are a lot of lenders who now approve for loans even to those who have a bad credit score.
What is a bad credit?
Your credit score is a reflection of how well or how bad you you were able to uphold [revious loan agreements. It’s a bit like report card when it comes to loans and like in school these are also graded by someone who’s an authority in this field. Your credit score would now be available to loaning companies and they may use this as a criteria to knew whether or not they should approve your loan. This also tells them whether or not to trust that you’d be able to uphold a loan agreement with them.
There are several reasons as to why you might get a bad credit score. One reason is missing a payment on a previous loan. Another reason are unpaid debts on credit cards. Finally, your bad credit may be due to being rejected for loans in the past.
How to know if you have a bad credit score?
The truth is there’s no specific score that’s regarded as a bad credit score. However, as a rule of thumb, if you have a credit score that’s in the lower 600s and below you are considered to have a bad credit score. Of course, the easiest way to know if you have a bad credit is by computing for your credit score. However not a lot of people know how to do this so instead you should look for other signs. You should also be aware of your finances and you should know whether or not you’ve missed a loan payment or if you still have unpaid debts. Your bank lowering your credit limit as well as getting higher rates when applying for loans are other signs of having an unimpressive credit score.
Where to get a loan?
One of the best places to get an emergency cash loan is pounda.co.uk. They offer low rates for you to be able to cope with your payments based on your income. If in case you find a place where the rate is lower, Pounda would beat it or match it so you’ll be given an even lower rate.
Aside from low rates, Pounda also has no fees for their loans. This is because, when you apply to them it will be a direct loan so there’s no middle man like brokers who usually take service fees and also have hidden charges that they conceal at first. Getting loans from Pounda would ensure that you won’t get any shocks at the end of the process.
Pounda.co.uk also knows how quick you need your emergency so cash so they actually give approvals and wire the money to your account on the same day. This would save you from the the hassle of waiting and being in limbo while you’re waiting for the decision of your loan.
How to apply for a loan?
Since you need money fast, the requirements for this are limited and not as many as if you would be applying for a normal loan. Usually, I should only take you a couple of minutes to get your application done.
In Pounda, they only require for you to answer a quick online form. The form would only be asking for necessary information that are easy to recall and don’t need much thought. Common questions on the form are about the type of loan you want to get and the length of the payment. They would also be asking things about your job like how much you earn and how long you’ve been working in the company.
Aside from the form, other requirements are your ID card, your bank details, and pay slip. These are required to ensure that you are providing correct information on the forms that you fill out. These also strengthen and increase the chances of you getting approved so you must have them on hand when you’re applying to prevent any delays.
Once you’ve submitted your form, it would immediately be reviewed. This process might take up to 24 hours but it’s usually shorter. You would be then sent the decision. Once everything is in order the money would be directly deposited to your bank account.