Loans for Bad Credit
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Living with a bad credit rating can be challenging in times of financial stability but can cause havoc in the event of a financial emergency and you need to apply for a bad credit loan. Where can you turn when you have a short-term monetary crisis? You need something that can give you a decision in minutes and can send the emergency funds to you when you need it most.
If you have a poor credit record, you should consider Uncle Buck Payday loans for bad credit. Applying is simple, hassle-free and, because we are a direct lender, we won’t be contacting multiple lenders who may each leave a record on your credit file.
While a bad credit history does not mean that you will automatically be declined for an application of credit, it does heavily affect your likelihood of being approved. Lenders will be keen to know your repayment history as this will tell them if you are likely to meet your repayments and successfully pay back what is owed. A bad credit score could be an indication of missed payments or a succession of recent applications for credit, which will leave the lender with some doubt about the stability of your finances and your ability to meet repayments.
While there is no guarantee that an application for a short term bad credit loan will be declined or accepted, it’s key to be as upfront and honest with your application as possible. Let the lender know your outstanding financial commitments and monthly expenditure as accurately as possible; failing to declare expenses and then being approved for a bad credit loan could harm your ability to meet the repayment commitments.
A bad credit history indicates to the lender that your track record of meeting repayments or steadily maintaining credit accounts (not making a large number of credit applications in a small space of time) is uncertain or could be improved. This lack of assurance increases the risk to lenders of a customer missing payments and failing to uphold the terms of the lending agreement. Therefore, a lender can make an offer of credit to people with a low credit score but these will typically be with higher costs when compared with a customer that has a good credit score and has a good history of meeting their repayments.
Not necessarily, while Uncle Buck does use credit scores as part of application checks, they are not the sole indicator for approval. Uncle Buck is committed to responsible lending, so we treat every new customer’s request for credit like a fresh application and will conduct credit and affordability checks to assess your current financial situation. This allows Uncle Buck to offer loans to customers that have been turned down for credit by other lenders based on a bad credit score.
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