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Finding loan providers for bad credit

It's rare to find loan providers for bad credit ratings, especially unsecured loans. You can find secured loans for bad credit profiles, but these loans will be secured on your home or another asset which might not be the smartest financial move if you have a record of previous loan defaults.

In all cases you should avoid broker loan providers for bad credit; they don't offer a loan of any form and instead pass your information on to various companies. A broker can never guarantee you will receive a loan, especially if you have a poor credit rating, and will often redirect you to a list of well-known providers you could have found yourself.

Guarantor Loans

Loan providers for bad credit ratings will normally offer you a guarantor application alternative. The most well-established guarantor loan lender is FML Loans, which offer short term payday loans or long term loans to any applicant as long as they can find a homeowner to co-sign the agreement. However, the APR rate for guarantor loan providers tend to be higher than other financial products.

Government Loans

You need to meet strict criteria before receiving a government loan, but you don't have to be receiving benefits to apply. They will not credit check you for loans and the loan is interest free. The most common government loan is a crisis loan, and often the best form of finance in emergency situations.

Doorstep Loans

Doorstep loan providers for people with bad credit may not credit check your application, but again their rates are much higher than other loan companies. They will deliver your loan in cash to your home and collect repayments from your doorstep on dates that aren't normally flexible for the applicant. The leading providers of doorstep loans are currently Provident Finance and Greenwood Finance.

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