Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Credit score is like water flowing in river, it is always dynamic. All happenings in our life is not controlled by us. Ups and down are common in everybody's life. If our earnings are limited then bank overdraft, non payment of credit-card like chances are very high. For every payment default lenders will hit the borrower in two ways. First they charge penalty for non payment and also refer borrower name to credit score agency for negative remark. When this type of adverse entries in credit score added multiple time the final score reaches below a certain number and the person is tagged with bad credit. As our credit score goes down, our financial problem coming up. If we do not take this issue seriously chances of spiral loan trap is the end.
Once you tagged as Bad Credit core person, society will treat you as second class citizen, means scope for rented house, mobile and gas connection and even your employment opportunities will hit hard. Your credibility becomes in question. If you ask any financial help from your friends and relatives, their response will be change.
Now payday loans becomes the only cash option for short cash crunch. As bad credit people can also apply for payday loans in UK, but final decision of loan approval of direct lender will be based on your credit score and current loan affordability check. If your present employment is good enough and you will be in position to save money to repay loan installment, then loan approval chances are still alive. But if you are struggling with your past credits then lenders will not be willing to fund you.
For bad credit applicants, lender may charge higher rates to make provisions for loss in case of loan is not timely repaid. It will be in favor of borrower to keep regular check on his credit score and if it is unhealthy try to improve it with good practices. For read more about How to improve bad credit score.
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.
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