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Here at Sunny, we understand that for many people bad credit can sometimes be unavoidable and so we are here to offer a helping hand when you need it. Our articles cover everything from what you can do to improve your credit score to improve your chances of borrowing money to what type of loan you can apply for with bad credit.
If you have bad credit and want to learn more about how to deal with it or what you can borrow while managing your finances, we have a wide range of helpful guides.
We believe that everyone should be able to access free guidance on bad credit and how to manage their money no matter their circumstances. Our guides cover three key areas, these include: general bad credit information, getting a loan with bad credit and getting by with bad credit.
A bad credit loan is for those who have a low credit score or a poor credit history. When we talk about bad credit loans, we mean loans that are designed for people who have perhaps been turned away for a personal loan by their bank or other high street lenders.
This may be because they’ve missed payments on credit agreements they’ve had in the past and so need to rebuild their credit history, or because they simply don’t have enough credit history for the banks to feel comfortable extending credit to them.
It is possible to have bad credit but good income – you may earn a substantial amount of money, but are held back by your lack of credit history or past difficulties.
Bad credit loans can be a great option for those who and aren’t yet eligible for a personal loan from a mainstream lender but still need to borrow money. If this sounds like you, read on to find out more. In this guide, we take a look at how bad credit loans work, and what you can do to improve your chances of getting a loan.
Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.
Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
This type of loan is for those who have a low credit score or a poor credit history. You can find out your score by signing up to a credit reference agency such as Experian or Equifax.
Limited credit history is when you have no evidence of making credit repayments, this can be just as damaging as a low credit score and may restrict you from even taking on a bad credit loan.
These loan types can save the day with life’s little emergencies and may be the only option for those with a low credit score.
This can be the result of late or missed repayments on a loan, credit card, mortgage or other credit agreement or having high levels of existing credit in your name.
Yes, lenders want to help you make the best financial decisions for you, so when you make a loan application, lenders take care to carry out a credit check as part of their review process. They undertake an affordability assessment to ensure they only lend to those who can demonstrate they will be able to afford to repay their loan on time, and the credit check ensures they avoid lending to those who may find repaying a loan difficult.
Taking on small amounts of credit and proving that you can make repayments on time and in full can help you boost your score. Enrolling on the electoral register can also help.
Yes, once your application is received we confirm whether you have been accepted or not – this will be on the same day. Once you’ve been approved the money could be in your account on the same day#
– ready to cover you when you really need it.
Not necessarily. Bad credit loans don’t usually require a guarantor. You can solely apply and receive your cash without the fuss.
Representative 89% APR