For many people with bad credit, applying for a loan can be a difficult and daunting challenge. This is because the decision of banks and other lenders when evaluating a loan application is often predominantly based on a person’s credit score. If that score is less-than-perfect then the applicant may struggle to gain approval, even if their current financial situation is stable.
A bad credit unsecured loan is designed to allow people with a poor credit history to apply for a personal loan. We hear from so many people who have missed occasional mortgage repayments, credit card or phone bills, all of which have had an adverse effect on their credit score and subsequent loan application.
Once a credit score is lowered, it’s often a very time-consuming process to restore it to the level required by many banks and high-street lenders. We understand the frustration this can cause, which is why we are committed to helping people with a poor credit history to find a loan agreement that works for them.
At Progressive Money, we believe in taking a person’s entire financial situation into account when evaluating any loan application. Even if you have been refused credit elsewhere due to a poor credit score, we may still be able to help.
Our team of loan experts put your individual needs and financial situation first, and never rely solely on automated credit checks when coming to a final decision. This approach sets us apart from other lenders and has already allowed us to help thousands of people get access to the credit they need.
If you’re looking to talk through your options for a bad credit unsecured loan, get in touch with us today – we’re more than happy to help.
To apply for a bad credit unsecured or personal loan through Progressive Money, you must meet the following criteria:
Progressive Money offer bad credit personal and unsecured loans for homeowners from £1,000 up to the value of £15,000.
We offer flexible repayment periods up to 10 years, and our team of expert loan advisers can talk you through all repayment options available to you.
Although opting for a longer repayment schedule may reduce the amount you are due to pay back each month, remember that it also means that you are in debt for a longer period of time.
We believe in being completely transparent about all fees involved in your personal homeowner loan application. Interest rates vary with each application, and is dependent on various factors such as loan amount, repayment term, and credit score.
Progressive Money charge an acceptance fee of 10% of the loan amount and an administration fee of £390.00 for the administration of the loan, which you can pay up front or choose to add into the loan amount. For example, if you are applying for a £7,500 loan, you may expect to pay an acceptance fee of £750 and an administration fee of £390.
A customer’s settlement is calculated in accordance with the early settlement regulations.
Unlike many other loan providers, with a personal homeowner loan through Progressive Money you can pay back a bigger instalment or make a lump sum payment when required. This will also reduce the amount of total interest repaid on the loan.
We will not turn you away if you have negative equity in your property. Please be aware that we cannot guarantee your personal homeowner loan until we have reviewed your current circumstances and what repayments you can afford.
At Progressive Money, we listen to you. Your application will be individually assessed by your personal account manager, not by a computer. They will also be there for you from your first discussion, right through until the money is in your account. If you have any questions during your loan term, your personal account manager is always just a quick call away.