Holding a poor credit score could be very frustrating. It is understood that a poor credit score could be due to some past mistake or an unfortunate situation that was not in your control. This frustration increases if you are denied a loan by the banks when you need extra money.
Millions of people in the UK have poor credit scores but there are lenders to help such people. This is why you get the option of a poor credit direct lender who provides loans to people even with very bad credit scores.
PM Loans is one such direct lender company that does not think you should be penalized for years due to a past bad credit report. They understand and focus on your current situation, rather than on your past. Their application process for gaining funds is very simple and quick.
The high acceptance of short-term loans is a safe option for people with a bad credit score. The repayment plan is based on instalments that make such loans more affordable.
Getting a loan with bad credits?
Many direct lenders in the UK like PM Loans believe that a poor credit score should not be a criterion to prevent a person from getting short-term loans especially in times when they need quick funds.
- Once you provide all the necessary details with the direct loan company, you will be matched up with authorized and reputable lenders
- These lenders will offer you the best deals on loans
- You will be allowed to compare the loans offered to you
- This enables you to understand that your loan application will not be denied despite bad credit loans
- You also need no guarantor for getting your loan sanctioned by a direct lender
Repayment factors
It is important to understand your monthly budget before you select the term for repayment. You need to ensure that you can afford and are comfortable in making the repayments. The amount to be repaid to these lenders depends on several factors:
- The amount you borrow from the direct lender
- The time for which you have borrowed the amount
- Your repayments will be higher if you borrow a large amount for a short period
- If the loan amount is small, and the period is long then you repay less
- However, the more the repayment period, the more interest you will have to pay.
Eligibility criteria
There are some basic things needed for a loan even with a poor credit score:
- You are residing in the UK
- You are over 18 years of age for short-term loans and 21 years for long-term loans
- You are not jobless and have a bank account
- Your income and expenditure are considered to ensure that the loan which you are borrowing is affordable for you.
PM Loans allows you to make the best decision by choosing them as your short-term lender despite you having a poor credit score.
