One of the main questions that people like to ask is what is the best loan especially for people that are struggling with a poor credit history. Unsecured loans for people with bad credit One of the best-known will vary very much dependent on your circumstances your credit score and your monthly affordability. There be no point advising you on a loan that you cannot afford to pay on a monthly basis this would do more harm than good. So the first thing I will do is look at your credit score so we can establish what lenders will not be out of provide you with a loan because they all have different criteria is different credit scores that they work to for example most high street banks will have quite a high credit requirement where Tesco loans for example will require a lower credit score and still lend to should you be able to afford on a monthly basis.
So once I’ve done that obtained your credit score will single out the lenders that suit your needs now is about working through each and every individual lender and finding out which one would offer you the best rate. This can be a pretty slow job but we’re trying to do this and we will always provide you with the best option to suit your needs. A normal approach for most customers is to fill out an income and expenditure to find out exactly what you feel you can comfortably afford on a monthly basis as we do not want you in the hard times.
Once we have decided upon a lender that suits your needs perfectly your party details outer lender advising of your credit score and what you can afford to pay back on a monthly basis the lender will review the package and then contact you directly normally via post or email or sometimes by phone directly to discuss the options are available to yourself at that point you can advise the lender on the exact amount you wish to borrow an exact amount of time you want to pay back that being one month or two months or four years they do have quite a flexible repayment terms.
How Long Does A Loan Take To Be Paid Out?
The time the loan will take to be paid out in full can vary from the date of your application this is all dependent on what checks the lender themselves would like to make if they are happy with the details that we have provided them directly and do not feel the urge to make any more checks your loan can be paid out as quick as three days on occasions lender does reserve the right to check the credit for make any additional checks that they feel is necessary to provide you with the best service this can cause a slight delay on lending terms this can sometimes push it up to 5 to 6 days.
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Please note that all lenders will require you to provide some earnings proof i.e. a bank statement or a wage slip proof identification to be a driving licence or passport and your banking details so they can make sure they bet the right person you don’t go through all this and having them paid to the wrong person.