With our More Than Your Score loan application, we don’t use your credit score to make our initial lending decision or count bad credit scores when reviewing applications. Instead, we use a unique affordability assessment system that analyses your current affordability using open banking. This allows us to lend to employed individuals who need it, regardless of their credit score.
THIS IS A TEST SITE NO LOANS WILL BE DISBURSED
Bad Credit Loans
Looking for Bad Credit Loans?
- Apply for our bad credit loans, even with a low credit score
- No credit score use in initial lending decision
- Timely application review
- No early settlement/repayment fees
- Transparent and simple application process
- No hidden fees
- Reliable customer support
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What People Say About Us
Are you dealing with a financial emergency or a sudden unexpected expense that you can’t afford? Are you struggling to get a loan from traditional lenders? Rest assured that Salad is here to help.
As a direct UK lender for bad credit loans, we offer you the support you need, regardless of if you have a bad credit history.
If you have a bad credit score and are struggling with an unexpected financial emergency, it may seem like your options are limited. This can lead to immense stress and anxiety. Rest assured, you’re not alone.
At Salad, we assure you that there is always help, such as through our More Than Your Score loans. Helping you bridge financial gaps and get back on your feet, our loans offer you fair loans for bad credit, regardless of your credit score.
Offering a flexible and accessible alternative to traditional lending options, our open banking assessment system accurately evaluates your eligibility, without using your credit score to make an initial lending decision. What’s more, we’re a regulated lender and are committed to lending responsibly and putting our customers first.
Are you ready to overcome the norms of traditional lending with a new way of assessing a loan application and deal with your bad credit financial situation head-on? Then get in touch with us now!
Key Facts
- Only you can choose to share your data (you’ll be taken to your banking provider's site during the application process).
- You can stop sharing your data at any time.
- Open Banking is a secure and safe process.
- Your banking data is protected in the same way as it is when you use your Internet banking.
What are Bad Credit Loans?
Designed for people with low or no credit score at all, bad credit loans are a type of loan that is accessible to almost anyone. However, at Salad, we have some criteria that ensure you’re able to afford your repayments, to protect you. Offered by lenders specialising in personal loans for bad credit, these loans are unsecured and provide support to those struggling with an urgent financial problem.
While these loans are typically offered at a higher interest rate than normal loans, at Salad we are committed to delivering affordable, fair bad credit loans that minimise your risk. Moreover, if repaid fully and on time, they may also be beneficial to your financial health by potentially boosting your credit score.
Finding bad credit loans from direct lenders in the UK, particularly with fair repayment terms, is difficult, but with Salad, you can access loans, regardless of your credit score, regardless of your credit score.
The Pros and Cons of Bad Credit Loans
If you’re struggling to get a loan from a traditional lender, you’re not alone, with thousands of people in the UK struggling with getting a loan due to a bad credit score. Specially designed to help people with a less-than-perfect credit score, bad credit loans offer funding when most other lenders can’t. With our More Than Your Score lending system, even borrowers with bad credit scores can take advantage of our competitive interest rates.
However, even the best loans for bad credit come with their own set of pros and cons. Like every other finance product, these pros and cons are subject to the applicant. That’s why, when looking at bad credit loans, it is essential to understand how they may affect you and if they are the right choice for your situation. Explore the advantages and disadvantages of bad credit loans to help you make an informed decision.
Pros of Bad Credit Loans
Accessibility: Unlike most traditional loans, if you have bad credit, a loan specially designed for you is potentially easier to access. Especially for people struggling to get loans from traditional sources. What’s more, they do not require any collateral, extensive documentation or do credit score checks on our initial lending decision.
Can Improve Credit Score: Bad credit loans can be used to improve your credit score in various ways. By choosing a personal loan for bad credit and repaying it on time, could improve your creditworthiness, however other factors also play a role.
Fast Approval and Funding: Specially designed for people in need of urgent funds, our bad credit loans offer a simple application process. This helps you get a quick response to your application and if approved money into your bank account within 2 hours. This allows you to effectively deal with time-sensitive expenses, without having to worry about your credit score in our initial application process.
Flexibility: Not only do bad credit loans offer flexibility of use, but with Salad they also offer flexibility in terms of the amount borrowed and your repayment terms. Where you can borrow up to £2,000 between 12 and 18 months.
Alternative to payday loans: Unlike payday loans that can be extremely expensive, our loans for poor credit offer a fairer, more affordable alternative. With a unique affordability assessment system, we effectively analyse your creditworthiness without considering your credit score in our initial lending decision.
Cons of Bad Credit Loans
Higher Interest Rates: Most bad credit lenders have higher interest rates. This is because of the increased risk on the lender’s end and the nature of the loan. However, Salad offers rates between 59.9% and 79.5% to help make the most out of your situation.
Limited Loan Amounts:Only offering up to £2,000, bad credit loans offer a limited amount of funding. While this can be helpful to avoid further debt, they may not be able to help you if your requirements are greater.
Shorter Repayment Terms: Bad credit loans typically offer shorter repayment terms in comparison to other loans. However, Salad is dedicated to giving you control over your finances. That’s why we offer poor credit loans with payment terms of 12 to 18 months.
Weighing the Pros and Cons of Bad Credit Loans Before Applying
Although bad credit loans are best taken only when necessary, it’s still important to do your research before applying. Be sure to understand all the terms and conditions of your loan and consider whether or not it could harm you more than it can help you.
That’s why it is important that you assess your own financial health accurately and properly weigh the pros and cons of a poor credit loan. Make sure you understand the repayment terms, fees, and interest rates to make an informed decision.
While looking for a personal loan for bad credit, ensure that you also pick a reliable lender. This is essential because there are many predatory and fraudulent lenders out there that may try to exploit your vulnerable situation.
Understanding the Risks of Predatory Lending Practices
At Salad, our application processes mean that you’ll never be offered a loan that isn’t right for you. However, it’s important to be able to spot predatory lenders, as it may not always be obvious. These lenders engage in practices that could end up making your situation worse. Here’s what to look for.
Incredibly high interest rates: Charging interest rates that are far higher in comparison to other lenders is a very evident red flag. While most bad credit loans come with comparatively higher interest rates, it is always a good idea to compare a few direct lenders before committing to one. Getting stuck with high interest rates can not only make it difficult to repay the loan but also lead to a cycle of debt.
Hidden fees: At Salad, we have no hidden or upfront fees. However, predatory lenders often charge very high loan fees along with hidden fees like application fees, early payment fees, etc. These are unfair and could end up costing you far more in the long run.
Short repayment terms: Offering a very short repayment period, some lenders actively make it difficult for you to repay the loan. This increases the possibility of default and financial stress.
To avoid the traps of such predatory lenders, make sure you carefully review the loan’s terms and conditions and consult a professional if you feel stuck.
Frequently Asked Questions
Please check the homepage for our latest interest rates. Whilst interest rates on loans for bad credit vary depending upon the lender and your credit history, we pride ourselves on our affordable, direct lender rates.
Salad offers loans of between £300 and £2,000 when you need it most.
Offering same or next day approval, typically we deposit the loan in your bank within 2 hours. Our speedy service is designed to deliver you the cash you need, when you need it most.
Yes, many people use bad credit personal loans to consolidate their debts.
Why Choose Salad?
While looking for a bad credit loan, the first thing you should think about is finding a trustworthy and reliable lender. Not only is this essential to ease the borrowing process, but also to help you find safe, secure and fair loans.
As a highly rated and fair, reputable lending company in the UK, we specialise in offering bad credit loans for people looking for financial support when they need it most. At Salad, we’ve made fair and affordable credit available to people, regardless of their credit history.
Our More Than Your Score loans are created to provide essential support without burdening you with additional financial stress. Helping you make the most out of your finances in tough times, we aim to make our loans accessible, even for people with a bad credit history.
What’s more, we understand that your credit score isn’t the best way to judge your ability to repay a loan. We rely on our unique and fair affordability assessment system, which allows us to evaluate your creditworthiness accurately. Our goal is to help you get the loan you need, even with a low credit score.
As a bad credit loan provider for employed people across the UK, we deliver absolute customer satisfaction. Ensuring you get the support you need, our bad credit loans are available for all private and public sector employees looking for urgent cash.
At Salad, we believe in responsible, transparent and easy lending with your best interests at heart throughout the lending process.
To learn more about our services, click here or get in touch with us now!
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