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Get low credit score loans for urgent funding

You can experience the unpredictability of life when you face a sudden financial expense or an occasion which demands an instant arrangement of a decent amount in a quick time. In this situation, getting a personal loan can be helpful. However, to qualify for this, you must fulfil a particular set of conditions the lender puts. A good credit score is among the prerequisites for a healthy loan application.

Credit score has recently gained significance, but not merely for an excellent or good range. It has gained popularity, particularly for low credit scores. Feel surprising? The best instance is low credit score loans for the UK people.

A large number of individuals have bad or very poor credit scores, and sometimes, they are unaware of this. When they apply for loans from mainstream lenders, they find themselves risky customers, and the lenders show no willingness to fund their needs. Now, if you have a low credit score but still require a loan, you can find Everydayfunding at your side.

We are always ready to give you the money through easy loan options. Do not worry about the interest rates. Ours are more competitive than any other lender.

Why is a credit score important?

Applying for a loan involves certain conditions, and a credit score may be the most crucial. It has a direct influence on your loan application and approval chances. In the UK, the credit score is usually determined in the following ranges.

Credit Ratings Credit Scores
Excellent 961-999
Good 881-960
Fair 721-880
Bad* 561-720
Very Poor* 0-560

*Loans for low credit score people are usually available for the score between 0-720. Under these loans, the features become specific, and affordable lending becomes more critical.

Nevertheless, you build a credit score that further brings these advantages:-

Creditworthiness: We can judge your loan repayment capability through your past credit. We can give you an affordable amount, which is repayable from your monthly income.

Lower interest rates: Your good credit score reduces the overall interest rates on any amount you borrow. In contrast, a lower credit score leads to a higher credit score comparatively.

Quick loan approval: If you have your credit report and if it carries a good score, you become eligible for faster approval. However, we also offer the same to those with low credit.

low credit score
Factors to build a credit score

You should have some sort of credit score, which comprises of the following factors:

  • How is your performance in repaying previous loans?
  • Do you have any loan default or pre-closure of any loan?
  • What sorts of loans you have availed before?
  • How much part of your income has been spent on loan repayment?
Factors that lower your credit score

It is vital to know the factors that lower your credit score so that you can improve it:

  • Credit limit on your credit card and how you use it
  • Availing of several loans in a short duration, which invites hard enquiries
  • Missed loan instalments or late repayments
  • Having multiple errors in the credit reports of which you are unaware of

People with good credit scores are the favourites of every lender. Still, responsible direct lenders in the UK, such as Everydayfunding, have specialised loans for individuals with lower credit scores.

What are the pros of getting low credit score loans with us?

Low credit score loans bring several advantages for people in the UK. Getting loans despite poor credit ratings is itself a significant benefit. However, before coming on to the pros of these loans, you should know that you qualify for only the affordable loans. Availing of money beyond your income capacity will only harm your finances and credit score.

Here are the advantages:

  • Manageable monthly instalments

    Loans for people with low credit scores are usually short-term loans. Therefore, the monthly instalments will be smaller and manageable from your full-time or part-time income. If you follow the schedule sincerely, these monthly installment loans with low credit can improve your score.

  • No guarantor is needed

    Get low credit score loans with no guarantor with us and repay in your own capacity. It saves you a lot of time as you can quickly apply without spending hours or days finding a person to take your loan guarantee. These loans without a guarantor can also enhance your credit record since all instalments will only be done from your end.

  • Your unemployment does not influence

    One of the most significant reasons for your low credit score is unemployment. Other lenders may reject your loan request, but we accept and offer low-credit score loans for the unemployed from direct lender facilities. You can expect approval on your part-time or can opt for our loans on benefits.

  • No hard credit check

    Like payday loans with no credit check, we offer low credit score loans without a hard credit assessment. We do soft evaluations as that will not impact your credit profile. Sometimes, our loans are open with no credit score check but only if your recent financial performance is good.

How to get a loan with a low credit score?

We measure your ability to repay your loan by softly analysing your credit score. We also expect that you prepare well and know your limitations and actual needs.

If you are still confused about how to do that, then here are some suggestions:

  • Show your recent affordability

    You will get the loan amount that is repayable from your monthly income. For this, you must show your affordability and make all bill payments on time to get personal loans with a low credit score. Make sure you do not have any debt to pay, as it will also leave a good impression on the lender.

  • Prove that your earnings can manage instalments

    During the scenario of a low credit score, we consider your application for a personal loan if you recently have a salary increment or are earning an additional income source. Your steady monthly income will increase your chances of a loan despite a poor credit score.

  • Put a lower loan amount in the application

    After finding your credit score on the lower side, you should mention a smaller loan amount in the online application. It creates less risk to the lenders, who believe you will not default on repayment. A lower loan amount is relatively affordable to repay.

  • Apply for a loan with a co-signer or guarantor

    There is another way of getting an easy approval on a personal loan with a low credit score. You can apply with a reliable person with a good credit score who can co-sign or take your loan guarantee. You can even get a large amount on low-interest rates by doing this.

Why low credit score loans online from Everydayfunding?

We follow a unique but useful credit rating approach. It does not involve only the applicant’s credit history to verify the creditworthiness. We have replaced this with your recent income capacity and affordability to repay the loan. It makes the way for an easy acceptance of low credit score loans for the UK people.

Everydayfunding offers these advantages to its customers:

  • You can have the opportunity to borrow the amount from £1000 to £10000
  • Qualifying for the loans can be done in only a few minutes
  • There will be flexible repayment terms ranging from 6 months to 60 months
  • Once approved, you will receive the loan amount on the same day
  • We keep the loans on affordable interest rates on any deal
  • The whole loan process, from application to fund disbursal, will be 100% online
Get a Low Credit Score Loan

FAQs

Can I get a personal loan with a low credit score if I am self-employed?

Yes, self-employed people can avail of a personal loan from Everydayfunding on low credit scores. Since we have put our loans on the criteria of your monthly income, we are okay with you if you are earning full-time, part-time or self-employment income. However, you need to fulfil the following conditions:-

  • Monthly income should be a minimum of £1100
  • You must be receiving income directly at your bank account
  • There should have been no bank default for the last two years
  • Age should be above 21 years of age
Should I apply for a loan with a low credit score on CCJ?

A low credit score loan is available from any restraints related to your credit ratings. Therefore, we can accept your loan application even if your record shows a County Court judgment (CCJ) against your name. Once you receive the loan amount, we know you will utilise it to remove the judgment. And, of course, your sincerity in handling the recent payments will be a plus point.

What can I use a low credit score loan for?

Our every loan is applicable for any financial purpose. We are not interested in asking you for the loan because we believe you will only utilise the funds for genuine purposes. Nevertheless, you can use the loan for many purposes, such as:

  • Managing wedding expenses
  • Debt consolidation
  • Christmas funding
  • Education expenses
  • Building a credit score
  • Buying the latest gadget
Can I get a personal loan with no credit score?

Yes, you can avail of a personal loan without any credit score. You may be a first-time loan applicant. Therefore, we want to give you every chance to build a positive credit history. During this practice, you will have the backup of our flexible repayments. You can choose a weekly or monthly repayment method to pay the entire instalments on time. However, you will get only a small amount to borrow.

Will the interest rates be higher on low credit score loans?

Small loan options usually carry higher rates than loans for longer duration. Similarly, the interest rates on low credit score loans are usually higher. There are many reasons for this. You will not put any asset as the loan collateral, and the lender has no choice but to trust your income. There has been an assumption among the lenders that the people with low credit scores are the risky ones to fund.

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