Borrow up to £995
Rates from 278% to 1576%
3-12 month repayment
From £1,000 to £25,000
Rates from 4.7% to 278%
3-36 month repayment
Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
† Not all loan types and amounts are eligible for 20 minute payouts. Your chosen bank may increase the time you receive the funds.
Enjoying that much needed financial relief through desperate loans
For a person who has a tarnished credit history, nothing can be more difficult than securing conventional financing from a bank or lending institution. Most banks and other lending companies that follow similar financing policies typically shut their doors to people who have had credit issues in recent years.
But sometimes no matter how much we take care of our finances, there are situations in life that compel us to miss out on our payments and this in effect has resulted in a poor credit history. And given how tough the economy has been in recent years, it’s not hard for a person to encounter problems and issues in his or her finances.
Yet there are moments when taking out a loan is the only viable option to escape a financial emergency. It could be an urgent car or home repair or a medical bill that needs to be covered immediately but the money left in our pockets is barely enough to tide us through our next pay check. In these instances, wherein money is tight and an unforeseen expense is knocking on your door, desperate loans could be the life saver you need.
Desperate Loans Online
Going online is your best bet in securing desperate loans that you urgently need. This is because there are plenty of specialist lenders online that offer unique loans that are designed to provide immediate funding to people who had credit issues in the past. They are different from most loans especially those offered by banks and conventional lenders in a way that they can provide security both to the borrower and the lender providing them.
Some of the desperate loans that you can easily access online in the UK lending market today include:
1.) Desperate Loans with a guarantor
Desperate loans with a guarantor are one of the best options that you can consider mainly because it provides plenty of advantages to a person with an adverse credit rating. Some of the features that you can expect to enjoy with the kind of financing include:
Large amounts of borrowing. Most bad credit loan options are offered in small borrowing amounts but desperate loans with a guarantor will allow you to secure extra funding anywhere from £1,000 to as much as £15,000 regardless of your credit rating.
Flexible payment terms. The loans are designed for people with unique financial circumstances which makes its payment terms quite flexible. Normally, the lender will tailor a payment term that is perfectly suited to your present needs and circumstances. Lenders will even allow you to make advance payments so you can settle your debt earlier and save money from lesser interest rate payments.
Competitively low interest rates. It’s hard to believe that that a person with bad credit can enjoy competitively low interest rates in his or her financing agreement but this is exactly what you can expect to enjoy from desperate loans with a guarantor.
2.) Desperate Loans secured on your vehicle
You can also rely on desperate loans that are secured on your vehicle or logbook loans as they are commonly known in the UK to enjoy quick and reliable funding. You will be required to temporarily relive your ownership rights on a car, van or motorcycle to the lender that will serve as collateral to your loan deal.
In exchange for the security that you provide, you will be able to access large amounts of borrowing for as much as £50,000, depending on the market value of your vehicle. Majority of lenders in the UK are willing to offer you credit that is equivalent to 50% or sometimes 70% of your vehicle’s worth.
What’s more, you can expect quick and convenient transactions when you apply for the type of desperate loans in the UK. Fund deposits are normally executed electronically after a few hours your application is verified and approved upon. And since there is collateral that the lenders can take comfort on, the terms and conditions of your loan agreement are generally flexible. You can also keep driving the vehicle so long as you maintain the proper repayments.
3.) Short-term desperate loans online
Short-term desperate loans online are the ideal options for people who need emergency financing for small amounts. With the type of financing, you can borrow as little as £50 or as much as £2,000 with varying payment durations from a month to as long as a year depending on the kind of option that you choose.
Short-term desperate loans online provide quick and seamless transactions with very minimal requirements making them one of the most widely used financial products to different kinds of borrowers in the country. There are even numerous lenders who provide fax-less applications to borrowers with minimal to no credit checks involved to ensure that people who have bad credit will enjoy the same chances of getting approved as those who have good ones.
What is the best desperate loan option?
From desperate loans with a guarantor, secured desperate loans, to short-term desperate loans, which option should you choose? Well, this will depend entirely on your needs and present financial circumstances. If you need a large loan and can afford to pay it back, secured and guarantor options should be the ideal options.
Secured types can provide you with the biggest borrowing amounts and most affordable interest rates but you will have to offer a high value asset like your vehicle or property to secure them. You also risk losing the asset that you offer as collateral as the lender can seize it in the event that you default from your loan. Guarantor loans are less risky but you will need to find a suitable guarantor to become accepted. The guarantor will often have to be someone who has a strong credit rating, stable income source, and a homeowner.
But if your need for funding is only small but extremely urgent, then short-term desperate loans are options that you can look into. They are designed for emergency funding which means getting approved is relatively fast and easy. However, they are more expensive than the other credit products available in the market and this is something that you might want to consider before applying for the type of financing.