An Alternative to Bad Credit Loans in the UK

For those looking for bad credit loans, UK companies may be less than happy to accommodate them. After all, your credit rating could be less than perfect, and you need to be able to prove that any previous bad history is literally a thing of the past. Sadly, for many people struggling go make ends meet, the reality is that it is often impossible to be granted a loan, short of approaching an unofficial source – something you most definitely don’t want to do.

So what are your other options? Well, one option to consider is to avoid taking out bad credit loans in the first place. You could try taking on some small paid work to help cover any extra costs that you are struggling with. For example, do you have a skill that you can fall back on? Many companies offer payment for freelance services such as writing content for websites or undertaking mystery shopping. An additional £20 to £50 may not seem like much, but it may cover some extra costs and bills and even allow you to start saving that little bit extra for a rainy day too.

If your circumstances do not allow for you to do any extra work on top of your full time job, then you could consider taking out a payday loan. A payday loan is a way of getting your wages in advance, but they are provided via a loan provider. These companies are usually more than happy to offer such loans regardless of your previous credit rating, though you will of course need to prove that you are in employment. Once you have been approved your payday loan, the company will credit the amount into your bank account, at which point you can use the funds for whatever purposes you needed them in the first place. Just remember that these loans usually come with a price: a hefty interest rate.

When looking to obtain bad credit loans, UK companies are available, but remember that a loan is seldom a short-term solution; the interest will likely take a considerable amount of time to repay.

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