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Bad Credit Loans at FlexCredit

What are bad credit loans?

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About Bad Credit Loans

You might have heard the term ‘bad credit loans’ and be wondering exactly what that means. Essentially, it’s the way that the finance industry describes loans for borrowers who might be a higher risk to lend money to. There could be many reasons for being viewed in this way and they don’t always relate to having made a few mistakes with your financial management in the past. However, the best news is that, even if you do fall into this category, there are still loans available for those with bad credit.

What does Bad Credit Mean?

Essentially, if you fall into this definition then you have a bad credit score, which could be the result of missing repayments on loans in the past or something like having too much debt. You may have a bad history when it comes to borrowing money but that doesn’t necessarily have to stand against you with respect to borrowing now – while many lenders will not offer loans for those with bad credit because of the risk they think this history represents, there are still options. You may also have bad credit because you have no credit i.e. you don’t have any kind of borrowing history that a lender can assess to decide whether or not to lend. Although this might seem like an impossible ‘chicken and egg’ situation there is a solution and that’s bad credit loans.

FlexCredit Loans

The advantage of a FlexCredit credit loan is that they are available to even those who don’t have any credit history or who have a slightly chequered one. These loans are versatile and flexible, allowing you to borrow up to £5,000 for whatever purposes you need the money for. Unlike shorter term loans, which often come with an immense pressure to start making large repayments straight away, you can spread out the repayments on your loan over up to 12-18 months to take the pressure off. This is designed to make it easier to manage your loan so that, even if you have had some difficulties in the past with making loan repayments, you don’t have to repeat those mistakes – in fact you might even be able to use bad credit loans to demonstrate that you can borrow and repay responsibly.

Applying for loans

Applications for bad credit loans are fast and easy to complete. You just need to be a UK resident with a UK bank account and at least 18 years old. You must also be employed and have a regular salary that is paid into your bank account – FlexCredit is a responsible lender and we want to make sure that all those we lend to are able to repay. The application process is incredibly fast and simple and you will be able to receive the money almost straight away after you have been approved, often within hours. We transfer the money for loans for those with bad credit by bank transfer so they are fast and efficient with no hold ups.

Responsible borrowing

Bad credit loans are unsecured so you don’t need to have a house or a car to be able to apply for one. Interest is charged on a monthly basis on the amount that you borrow and you pay this at the same time as the monthly loan repayments. Before you make an application for a bad credit loan make sure you can afford the repayments, alongside other monthly expenses and outgoings such as rent and food bills. If you miss the repayments on your loans then this could further affect your credit record and result in serious money problems so only borrow what you can afford to repay.

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Fill in our application form to apply today for a flexible loan up to £5000