Is it possible to apply for a loan and get an instant decision honestly this is a yes and a no when applying for cash the majority of lenders these days can give you an accepted imprints wants this means the the details Unsecured loans for people with bad credit you have filled out on your application fit within the guidance for them to supply you with a money this however does not guarantee you finance, each and every lender still reserves the right to look into each every application in greater detail to make sure that the details provided are accurate and correct. If they find the details are accurate and correct your application can go from applied to paid out within two business days.
How Does Having A Bad History Affect This?
A bad past unfortunately will slow down the process as they still can give you an accepted in principle answer but most companies will then look further into application this involves a check and in other finance check this to make sure that you can comfortably afford your monthly instalments or your Bad Unsecured Instant Decision will be an instant decline. If you cant afford to pay the funds back to them should this be tight they will ask you some of the money that they lent you to pay off some your other creditors this something personally I would always suggest as you do not want to me creditors. This will also help improve your score by clearing a lender in full this will normally be updated on your experience credit file within 12 weeks.
As a general rule if you do have bad past or have previously been bankrupt you will find lenders take on average between 3 to 10 working days from application to payout you can also improve this by making sure all the relevant details that they will require are up-to-date and available to send straightaway normal things that they will require our income and expenditure this is a proof of basically all your income and outgoings this will include your monthly salary and any benefits that you do receive and your expenditure i.e. rent dependence, food and living expenses. If this all available to be faxed or scanned over to your company upon application this will improve the time from application to payout on average this takes between 3 to 5 days with this information available.
How Much Would I Be Paying For Finance?
Unfortunately you will be expected to pay a higher interest rate than you would should you have a perfect credit this is only natural on average a bad history finance can be between 20 to 45% APR where should you have good credit and average loan is about 7% APR. One thing to bear in mind by paying your monthly payments your score will improve on a monthly basis so please make sure your payments are made in full and on time hopefully your credit score will go up enough within the first year to allow you to refinance your agreement and get an improved interest rate.
Can I Repay My Agreement Early?
So after paying your payments for a year your credit score improves annual then eligible to refinance if you get new cash with a better interest rate from another company you have the option to pay back your overall amount early on most people are think this will cost them a lot of extra money to settle early this is actually the case because every unsecured finance within the United Kingdom has its interest in carrying on a monthly basis this basically means each monthly payment you make a proportion will go to the interest and proportion will go to the balance of the finance so should you look to settle that money early they will give you what’s called an early settlement figure this will be the amount outstanding with an interest rebate for the term that your finishing early.
Is There A Maximum Or Minimum Age?
Under the guidelines given to each and every lender within the United Kingdom by the FSA financial service authority there are strict guidelines on ages when you can apply for a loan no one under the age of 18 can apply for an unsecured agreement should they apply the application will be instantly declined the current maximum age for all applications is 62 this is in line with the current government retirement guidelines.
What Term Can I Repay My agreement Over?
As previously stated you can actually finish your agreement early but should you want to pay your money over the full term of your agreement you will be given several options most providers will give you three options one year, two year or a three-year agreement this up to 5000 should you look at an alone higher than 5000 you will find that the term will also be extended the maximum term currently on offer for most lenders is 12 years but that is for an agreement of 25,000 this obviously a very rare agreement and only given to people with extremely good credit and the ability to afford the monthly repayments.
Do I Need To Be In Employment?
Unfortunately there is a government guideline on being in employment when applying for a finance this is down to the lender themselves some lenders will state categorically that you must be in employment to receive a loan from them some are a bit more flexible and will take benefits into account to your monthly earnings one thing they must make sure is that you can company repay the loan so for someone who is not employed the likelihood of receiving a big cash sum in a loan is very slim you however may receive a 5 to.