Adverse Credit Loans

Adverse Credit Loans

If you’ve heard of the term “adverse credit history”, this just means someone has a poor or bad credit history. Having bad credit may restrict you from accessing traditional forms of lending. As many of the loans and credit cards available from big-name banks, credit unions, and building societies today are reserved for those with good credit or at least a reasonable rating. When you drop below a certain number with your credit score, it becomes much harder to find a loan that you’re eligible for, hence the need for adverse credit loans.

Adverse Credit Loan Lenders

Adverse credit loans can be an alternative lending option for people who would struggle to get short-term finance elsewhere. There are plenty of adverse credit loan lenders out there who will be willing to help you, they just might be difficult to find. These loans cater to those people with a poorer credit score, but it doesn’t automatically make you eligible.

As having bad credit usually means that you’ve done something in the past that would cause lenders to consider you as a “risk” in the future.

Whether that includes missing or being late on loan, credit card or bills repayments. Or it could even be missing your monthly mobile phone contract payments. So, every time you are late with a payment or pay less than you should, your lenders will let the credit reference agencies know and it could be held against you.

Unsecured Adverse Credit Loan

Getting a unsecured adverse credit is a great way to prove to other lenders that you are a trustworthy borrower. This links hand in hand with improving your credit score. By borrowing and repaying the loan on time, your credit score will increase meaning it is easier and cheaper for you to get a loan in the future. Although, if you have a problem with credit and you’re concerned about how you’ll apply for other loans aside from adverse credit loans in the future, then there are ways you can improve your credit history. For instance, making sure you’ve repaid all your debts.

How Can I Improve My Credit Score?

A good tip to keep in mind is to make sure that you’re always paying your bills on time by setting up direct debits for important expenses. This will make sure that you always send the money owed for things like gas and electricity, broadband, and other utilities on the right day, without having to think about it.

Most financial experts will also recommend spacing out any applications you make that would require a lender to check your credit history. Every time someone taps into your credit file to see how well you’ve been able to handle money in the past, they leave a mark on your documents that other people can see. Too many marks can make you less attractive to lenders.

Adverse Credit Loan Direct Lenders

Most people will be suitable for adverse credit loans because there are no restrictions on how good your credit history has to be for a direct lender to offer you the money you need. Although some loans have had something of a bad reputation in the past, they actually have a lot of great benefits to bring people today. For instance, taking on a bad credit loan can help you to improve your credit rating by showing that you’re a trustworthy borrower who can pay the money back on time.

Additionally, when you take out a bad credit loan, you might be able to avoid other financial issues that can further damage your financial reputation. For instance, your payday loan could ensure that you can pay for bills on time and avoid going into your bank account overdraft.

Adverse Credit Loans No Guarantor

Thankfully, we can help you find a lender who offers adverse credit loans with no guarantor. This means that you do not have to get someone to co-sign or guarantee your repayments. This can be difficult and stressful as not many people will be willing to guarantee it for you. So, luckily, there are direct lenders out there who can help you.

How Do I Apply?

Applying for an adverse credit loan through Simple Personal Loans is just the same as applying for any other type. Visit our homepage and click ‘Apply Now’ or click here, this will direct you to the application form which you must complete and submit. Following this, we will send your application to numerous lenders to increase your chances of being accepted.