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Having a poor credit is not just a thing to feel dejected about your finances or your credit history, it is more about the frustration and fear of not being able to receive a much-needed loan when you need it desperately. Having a poor credit score is more like a scar on your financial chart. So, it becomes difficult to avail a financial aid in the future as most financial institutions prefer having a stellar credit score or at least, not a blemished credit history. And, so they do not prefer to offer loans for poor credit scores.
Here are a few things to know about credit scores and how they affect your finances.
Credit scores are numbers that are calculated by statistically analyzing the individual’s credit files. It indicates you reliability and your creditworthiness in the financial aspect. The credit scores are usually calculated to fall in the range of 300 – 850. Having a good credit score shows that you are making all your payments on time, while a lower credit score indicates that you have dodged payments. A good score is always welcomed for any financial aid, whereas there are fewer chances with getting approved loans for poor credit scores.
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Although you might have been disciplined in the past and paid your bills and loan payments on time, it could have been missed out due to any genuine reason. The sudden lack of finances or having too many bills and payments to handle could have confused you and so you must have lost track of them and missed out on a payment. This will show up on your financial chart as a dodged payment that will lead to a fall in your credit scores.
With a flawed credit history, most financial institutions like banks will consider you to be a substantial threat that may dodge a payment. They will not even consider the reason for which the payment was missed, but will only decide depending on the credit numbers. With the fear of losing their money, most banks will not approve any loans for poor credit scores.Your credit score decides whether your application for financial aid will get approved or rejected. A good credit score will hardly have any reason for rejection, whereas there are high chances that it may get rejected with a poor credit history.
Even if your bad credit loan is approved, it will still show its effects. The lenders who provide the loans for poor credit will also have set a certain range which they will consider as good, decent, and bad. If your already low credit score falls in the lender’s good range, then it is possible that the APR imposed will be considerably lower when compared to the ones with a much lower credit score as they will have a higher interest rate imposed on them.
At FleetQuid, our financiers will consider all the factors and process your loan application. Most of the applications with us have been approved despite having lower credit scores. Our lenders are also considerate in imposing very reliable and appropriate APR for your loans. Also, we will provide a wide range of loan options and you can choose whichever is suitable for you.
So, if you want to have a great credit history, make your payments on time. If you have availed a loan, then plan and repay within the tenure without skipping any payments. If there are chances that you may not be to make a payment on a certain month, then intimate the lender beforehand to avoid any late payment charges. Timely payments are the best way to enhance your credit scores and future financial needs.
Representative example: £1500 loan taken over a 12-month term will have a total payback amount of £1,764.96, at an APR of 36% with a payable interest of £147.08. The loan amount does not need to be paid as a lump sum and can be repaid in installments.
FleetQuid is not a direct lender but functions as an authorized broker who is thoroughly regulated by the FCA. We provide free services for our customers to use this website. We work by comparing the loan options from more than 40 lenders as per your requirements and will get you the most preferable options with the lowest possible APR. You can apply for a loan amount ranging from £100 - £5000. The lenders will apply considerable APR with the maximum being 36%, depending on the loan amount and other factors.