How To Buy A Car With Bad Credit
Credit scoring is used by lenders to decide whether to lend to you or not. However, there is no universal credit score or rating and every lender scores you differently using their criteria. As part of their credit scoring process, also known as credit checking, a lender may source information about you from credit reference agencies. Experian , Equifax and Call Credit are the three main credit reference agencies in the UK who may hold information about you. Their data ranges from your basic personal details, to whether you’re on the electoral roll, your previous financial history and your repayment behaviour.
Simple Payday is not a lender and does not make credit decisions. matches customer applications with lenders in our network based on the information provided, in exchange for a commission paid by the lender for advertising services provided. There is no guarantee that you will be accepted by a lender or that you will be offered terms suitable for your financial needs. Not all lenders will be able to provide amounts up to £2500. The time required to process and transfer the loan varies by the lender. This website does not directly endorse any particular product or service. Any information on this site should serve as opinion only. As a condition of extending credit, some lenders you may be matched with may run a credit check from a credit reference agency. Late or missed payments may be subject to increased fees and/or interest rates.
We have our own team of financial advisers who are ready to assist you once you decide to apply. These experts have years of managing finances under their collective belts. Our entire application process is conducted online. This removes any obstructions to providing lightning speed sending your payment directly to your bank account. Our service is superior to competitors who instead defer to other people in hopes of generating a commission.
If you take on a loan, you’re accepting the responsibility of repaying that loan in a timely manner. Effectively you’re making a pact with the lender that you’ll make payments on the agreed upon dates for the agreed upon amounts. Breaking this contract – like allowing your credit card balance to go unpaid or declaring bankruptcy – makes it clear to creditors that you’re a risky proposition.
Loans can be vital. They can be used to consolidate higher cost debt, or make emergency purchases. As long as the loan is affordable you can usually use it for any reason you deem necessary. People often borrow poor credit unsecured loans to buy a new car , home improvements, weddings, holidays or even for business purposes. Some lenders do restrict the loan purpose – luckily we can discuss your needs and find you a loan provider that can help.