Getting loan with bad credit might seem like an impossible task, you may assume that finance companies will look down on you and that nobody would be willing to loan you money, but luckily this simply isn’t true.
There are still plenty of options available to you even if you have bad credit, you will not need to turn to a loan shark just yet.
Although you may not be the most attractive client for many financial institutions you still have a place in the sector, and a way to improve your standing. Getting loan with bad credit is definitely possible, it may be more difficult to get long term or high value loans, but getting instant loans with bad credit is pretty straight forward.
There are many payday loan companies willing to lend money to people with bad credit histories from between 1-30 days and some even offer longer term loans.
Having bad credit makes you a high risk customer and therefore the interest rates charged will be higher on instant loans for bad credit, usually around the 1000% APR mark, but as long as you manage them well they can be a easy way to improve your credit rating.
Every time you are accepted for getting instant loans and you pay it back on time, it will be reflected in your credit score and eventually instant loans for bad credit will not be the only thing available to you.
If the interest rates scare you, put it into perspective, on one of the best known payday loan sites the APR is 1506% what this means in real terms is that if you borrow £100 for 7 days you will pay back £105.60.
With many banks charging in excess of £5 per day if you go over your overdraft instant loans can sometimes be the sensible option.