When we speak of bad credit loans, the first thing that comes to our minds is the availability of the loans. Many think that a bad credit loan is not accessible that easily because of the affected credit score.
But that’s partly a wrong idea. While credit score does have something to do with the lending process, it does not dictate whether or not you are going to get the loan. It’s a process often counted as an additional formality. Let’s learn about this factor from this post and find out how you can get bad credit loans without a guarantor easily.
Why Is It Difficult to Get a Loan in Bad Credit (Sometimes)?
The point is it is not very difficult to get these sorts of loans. We have just told you that. However, bad credit is something you need to consider before taking out a loan.
According to Experian standards, you have a bad credit score if your score is somewhere between 560 and 720. You have a very bad or extremely poor credit score if your score is somewhere around 0-560.
This score indicates a number of issues in your financial life. The points mentioned below can shed a brighter light on this matter:
- Poor credit scores might indicate low-income scenarios.
- It suggests you do not or cannot pay bills or make payments at the right time or in the right amount.
- A bad credit score might also suggest that you have been spending money beyond your credit limit.
- With a bad credit score, the person or business is usually deemed unfit to make large financial investments.
- You might be considered susceptible to debt with a bad credit score.
A bad credit score indicates that there is a ‘fault’ or a ‘problem’ not with your credit score but with your finances. This does not work as friendly documentation for lenders or other organisations to lend you money.
It’s because you might not be able to make steady repayments with a low income or an earning that’s struggling at the moment. Not paying the repayments on time or in the amount is also a bad financial record. This is where you risk affecting your credit score even more.
Get a Bad Credit Loan Instead
This is the truth that getting a loan with a bad credit score might be a little difficult for borrowers. This is why you should look for a product that is meant for people or businesses suffering from bad credit. We are a direct lender and we are known in the industry to provide you loans of this kind.
You can get a variety of bad credit loans without a guarantor to choose from. These loans are made or are designed for people who are suffering from a bad credit score. They might face issues in getting the right loan product for them.
This loan is an unsecured loan, which is also known as a personal loan. Neither do you have to get a guarantor for it, nor do you need collateral requirements for it. These two factors are the points anyone would try to avoid while taking out a loan with bad credit.
With us the loan is exactly as you want it when you have a good credit score. We don’t pay attention to your credit score in the way of a hard credit check. Instead, we make a soft credit check.
But how does this loan work, then? Well, it is easy. You send us your income information and we find out how much loan amount you can afford with what you earn. It’s a good alternative to bringing a guarantor or including collateral for a loan, don’t you think?
To make the loan deal easier, we have flexible repayment packages only for you. Do not worry about how much money you are making. With a flexible repayment package, you might as well get your hands on a bad credit loan product without having to worry about expensive outcomes.
How to Use Your Income Flexibly to Get a Bad Credit Loan from Us?
It is indeed important to find out what and where we want to learn, where we stand per our earnings, and how we can get a loan if we are suffering a bad credit score, too.
You will have to use a loan calculator first. These are tools to help you check your loan affordability, and they can be very handy when you find multiple repayment packages. You can use more than one of the rates in the packages to find the most affordable deal for you.
Speaking of your income statement, you can use any sort of earning statement as long as it is a valid one. You need your income statement to be written or stated directly in your documents. That’s enough to have the loan terms in your favour. You can use income statements such as:
- Your present income from a full-time job
- Part-time income
- Freelance income
- Business revenue and profit
- Benefits programs
- Passive income
Using documents from any of these income statements, you can apply for a loan from us effortlessly. Keep the income documents in hand and apply for the money you need on this website. We have made the application process fast and effective by keeping the necessary queries only. It can help you get the right kind of loan faster.
When you are done with the application process, we need you to send your current income details and credit score. Don’t hesitate to send us more than one income policy. It will significantly increase the chances for you to get a loan of a higher amount.
To Conclude
If you found this post useful, then let us say we are grateful to you already. However, you might have unanswered questions. We can help you figure those answers out by a quick conversation. We are 1oneFinance, a direct lender at your service. Ring us or message us anytime. We can promise we are going to be the fastest to respond to you.
Jessica William operates as a Senior Consultant and Chief Content Editor for 10 years at 1Onefinance. She assists the firm in getting a grip on the new lending laws and regulations. She does so by researching the trends, consumer requirements, and new audience preferences. Jessica is responsible for making important financial and administrative decisions.
Apart from helping consumers with the best solutions, Jessica Williams helps them ensure financial stability. She analyse the business data, finances, expenses, and revenue/ income of customers and determines necessary changes. Jessica finished her Doctorate in finance and law and implements her knowledge to the best interest of the firm and customers.