Only the person in the worst or very bad credit situation can express and explain the pain of financial stress. Ruined credit records, rejected loan applications, denied credit cards, everything is so gloomy and so demoralizing.
If you have ever gone through this hard time, you can very well understand how it feels. Everything as if wants to be the part of the conspiracy to put you down in your finances. An intense struggle to come out of this pathetic situation is natural. Is there any escape from this problem? Considering the severity of the circumstances, the way out should also be strong and reliable.
From your experience of life, perhaps now you know that at least the mainstream finance industry has nothing to offer. It is inclined towards only people with good financial records and gives a little attention to even bad credit people. But in no case, they are ready to even consider the worst credit or very poor credit scorers.
Now what? Do you stay like this only? Certainly not. Despite shattered hopes, it is necessary to try at least for the very bad credit loans with no guarantor in London, UK. These are the specialized loans offered by the new age online lenders that work with a different approach. They provide funds on the basis of current financial status. The credit score is important but as mentioned above, these are the specialized loans; their prime aim is to help people improve credit ratings.
Apply only online
New age or next generation lending exists online. Yes, they do have an office address but they deal online. In case you decide to apply for these loans, search the lenders online. The application procedure is simple and only a few personal and financial details are required.
There are usually only three steps in the application procedure.
1. Submit the online loan application,
2. Get the approval decision (instantly)
3. Once approved, receive funds. The disbursal of funds may not be as instant and approval decision as your credit score situation is a concern for the lenders, but at least delay is also not in practice.
Qualify for loans with good current financial status
Your current financial status, bank statement, salary slips play a life-savior role. Make sure at least this part remains free from flaws, otherwise, approval on very bad credit no guarantor loans may not come. The lender needs a reason to rely on the borrower, and repayment capacity is the biggest thing in the lending industry.
Yes, you did some drastic mistakes in the past and the result is here in the form of very bad credit. But qualifying for a loan depends a lot on the repayment capacity and you may be earning good in the present. Maybe through a business or maybe through a job, your financial situation is satisfactory. In that case, approval is easy to achieve.
No upfront fee if the lender is genuine
Many lenders take money in the name of a very common fee that is ‘upfront fee’. It has become like a tool for fake lenders to grab precious pennies from the borrowers. While you search for the loan choices for very bad credit people, make sure that no lender with upfront fee demand becomes your choice. Even FCA is not in favor of any such kind of fee. Not only this, but the hidden charges also create concern as varied lenders take a varied amount of money for this.
In no case, you need to pick such lenders or loan choices. There may be a trap of the unethical lenders that want to take your hard-earned money. The borrowers with financial flaws like bad credit or very bad credit are easy preys of such loan lenders. But on another side of the coin, it is not impossible to get genuine deals. Just notice that the loan company is not asking for fee and charges that are illegal and unethical.
Repayments should be regular
Credit score flaws make you prone to financial risks and whether you take bad credit loans or very bad credit loans, repay the installments on time. The very bad credit loans are higher in rates and thus the installments can be hefty.
However, the loans are customized and you get personalized pricing according to your financial circumstances. This gives relief and the repayments become a little manageable. Just pay attention to your repayment capacity before finalizing the deal.
It’s not easy to get rid of very bad credit score but continuous and focussed efforts can bring back the balance of life.