I know you may be wondering how this is even possible. But the truth is, you will get the loan even within a minimal time leave alone the issue with bad credit. Now, this may sound too good and I am going to show you how this is possible.
For Example, Loans with Guarantor is giving guarantor loans. You just need to have a guarantor who will stand by you in order to qualify for a loan. Your credit score will not determine whether you get the loan or not but that of your guarantor will. You can also get a secured loan if you have collateral; no need of great credit score.
The motive behind these companies is to offer loans to individuals who are not being accepted by other lenders or any loan product. Some may be seeking these loans in order to rectify their credit history or clear a present debt that may affect their score.
These companies are willing to view individuals in another perspective away from how the credit score have made them be. The lenders are very transparent with their rate and are for everyone because you can get a loan of 500 Euros to 15000 Euros within a day. This makes everyone eligible to get a loan.
Bad credit can affect your eligibility to get a loan from your bank. The loan score may be diminished or more collateral needed in order for you to get a loan. All these demerits are the reason why these companies giving credits even with bad credit comes in. The best thing to do is to utilize the chance given to improve your credit score.
The high rates of up to 20% are due to your low or bad credit and there is no better option to go for. The high rates are also there if you opt to pay the loan within a short period example one month. So, just hold on and improve the credit score and later on you will find that you qualify for higher sums and lower rates.
Realize that not all lenders will accept you if you have a bad score. Some have tighter score marks, so you can conduct some research to see the one that suits you such as www.guarantorlender.com. The companies are offering loans to those with a credit score of between 580 and 700. You can even get the loan the same day after application. They allow you to choose the repayment period from one year to 4 years and they have no prompt charges.
Another reason why you get a loan from these companies even with bad credit is if you have some regular income. They will access your bank account and if you have a regular income, they will definitely lend you some money. All that is required is a proof that you will repay the money.
As a conclusion, these companies are giving individuals a chance to improve their credit score but it may be hard to repay such loans within the minimal time given. Many end up in the vicious circle of loans. Make every effort to boost your credit score and avoid loan unless it’s completely necessary.