- Home
- About Us
- Need A Loan
- No Guarantor Loans
- 12 Month Loans
- Single Parent Loans
- Unsecured Loans
- Installment Loans
- Unemployed Loans
- Bad Credit Loans
- Borrow Money
- Blog
- Apply Now
Apply Now
Submit your loan request now to secure up to £50000 and that will be on low interest rates.
Same day fund disbursem*nt
No broker required
Borrow for any purpose
Competitive interest rate
- Home
- Loans
- Unsecured Loans
Get unsecured loans for bad credit on affordable rates
Are you too much worried about your poor credit ratings? Do you need a quick loan but with no risk at all? If your answer is yes, then unsecured loans for bad credit provide the right solution you require.
These short-term loans demand no collateral to pledge. Since such loans are the specialised product for those with low credit scores, there will be no mark of your past credit performance. It means you receive the approval on your current affordability.
ExtramileFinance brings these loans on a useful platform where one can have an assured sigh of relief. With Christmas approaching, we have brought these loans at the most affordable rates, which match your pocket.
There will be no upfront charges or surprising costs. You pay only the rate that you receive on an initial loan quote. More features and benefits are available on unsecured loans for poor credit, which are mentioned below.
What is an unsecured loan?
An unsecured loan is a short-term borrowing option that offers funds for small and big and instant needs without any collateral demand. Also, it has no demand for a guarantor.
The unsecured loan has the following features -
The short tenure of minimum 3 months to a maximum of 36 months- Small loan amount of minimum £1000 to maximum £25000
- Instant approval decisions and timely fund disbursem*nt
- 'Yes' to bad credit through unsecured loans for bad credit
- Applicants with no credit history can also apply anytime
- Current repaying capacity is the factor of prime importance
ExtramileFinance offers unsecured loans with maximum flexibility on the rates and repayment plans through customisation. Also, we are open 24x7, 365 days, and the personal relationship managers make your borrowing experience smooth. You can apply to us with confidence of competitive rates. If you seek for the rational unsecured instalment loans in the UK, we are the right address.
Types of unsecured loans
Unsecured loans have different types because they serve varied purposes. The basic features remain similar, but the actual purpose changes according to the kind of need. The following are the prime types of loans without collateral.
Personal loans - As you can see is designed to fulfil personal needs that either happens daily or seldom. Wedding expenses, educational expenses, house repair etc.
Short term loans - The type basically reveals its acceptance to not only short-term needs but also to varied financial conditions. You can borrow with bad credit and with no guarantor.
Business Loans - Loans for business purposes without any collateral belong to this category. Any short-term need for commercial reasons such as machine purchase can be satisfied.
Debt consolidation Loans - The unsecured debt consolidation loans merge all obligations in one loan with one instalment at a fixed rate. If you are overburdened with debt, it is your option.
No Guarantor Loans: With us, it is clear that you can seek unsecured loans with bad credit, and no guarantor is needed to back you while signing the loan agreement.
How much can I borrow on debt consolidation unsecured loan?
At ExtramileFinances, you will be assured of getting the most personalised deal on debt consolidation loans for bad credit in an unsecured way. There is no stiff requirement to pledge an asset and put it at risk if you do not repay the loan.
We trust your repayment capacity, as we offer only affordable loans only. You can expect a wide variety of unsecured loans in the UK, depending upon the borrowing amount. It is very unlike other direct lenders.
£1000 loan: It will be a small unsecured loan and is usually preferred during a financial emergency. It requires no guarantor or collateral, as it is available on your monthly income. We provide this loan with no credit check. An example of this amount of loan is CCJ unsecured loan.
Pound 10000 loans: This option also comes under short-term loans, but you can use this to merge your many debts into a single loan. We assure competitive interest rates on this option.
Pound 20000 loans: This will be the long-term unsecured loan where you can consolidate your debts of a higher amount. You get this option on the lower interest rates despite not pledging an asset.
Difference between unsecured & secured loans
Both the loan types are significant with their different features and purposes. You can notice a clear difference between the two while understanding their significance in your financial lives. However, one common thing between the two is that both come with a surety of approval for the applicants with strong repaying capacity. You can easily find guaranteed unsecured loans as well as secured loans.
| Unsecured Loans | Secured Loans |
|---|---|
| Unsecured loans are short-term loans | Secured loans are long-term loans |
| No demand for collateral and guarantor | Collateral is required to qualify for funds |
| No purpose constraint, borrow for any reason | Due to big amount, an explanation is required |
| No risk to the asset if you miss the instalments | The lender can repossess your asset |
How can I get unsecured loans with bad credit
The basic nature of the loans is friendly to the poor credit situation, and anyone who wants to borrow can find instant financial relief. All sorts of complicacies of financial life can be tackled with the affordable offers of loans. We usually interact with several questions common among all the bad credit applicants. You can find your answers here and realise that it is not bad to get unsecured loans for bad credit from direct lenders only without any second thought.
What Should I do to Qualify for Unsecured loans despite bad credit?
With specific terms and conditions, you can get funds with a low credit score. These are –
- Strong current repaying capacity
- Bank statement of the last 12 months
- Same job from last one year
I do not think a credit check is a good idea. Do you have no credit check?
Yes, we facilitate borrowing without any search footprint on your financial records. We offer no credit check, but the actual professional term is soft credit check in which we study only your recent finances.
Do I need to follow the lengthy application process due to poor credit?
No, Never, Not at all. Your bad credit has nothing to do with the speed or length of the procedure. We repeatedly mention that our prime focus is on the current repaying capacity of the applicant. If that is in perfect shape, instant decision and timely funds happen to you.
Advantages & disadvantages of unsecured loans
You should know both sides of a coin to take rational and confident borrowing decisions. Here are the pros and cons of unsecured loans to enhance your knowledge bucket with the correct information. Before you take out a loan, the knowledge of advantages and disadvantages will help you make a logical decision.
| Advantages of unsecured loans | Disadvantages of unsecured loans |
|---|---|
| Instant loans for small, urgent needs | Only for short-term needs and small tenure |
| Apply with a bad and fair credit score | Higher rate of interest for bad credit people |
| No need to mention the purpose of the loan | High monthly instalments due to small tenure |
| Payment holiday irrespective of credit score | It can be insufficient for business purposes |
How do unsecured loans for bad credit work?
You may think that since bad credit is accepted and no asset is required to submit, the procedure to get these loans may be tricky. This is not the reality here. We have kept everything on the comfortable stage. Whether eligibility conditions or application procedures, everything is within your reach.
| Eligibility Criteria | Application Procedure |
|---|---|
| A resident of the UK with proper documents | Select the loan amount and term |
| Registration in the electoral roll with current address | Fill up the small and single-page application form |
| A verified bank account where you receive income | Receive an initial loan quote, and you approve it |
| No bankruptcy or default charges for the last 2 years | Get an instant loan decision |
| May have CCJ, but due to unavoidable circ*mstances | Same-day fund transfer to your active bank account |
Why approach us for unsecured loans with bad credit?
You can leave all your worries behind as soon as you reach here. Yes, we are there to support you, and we will be there to fund your financial needs. Our unsecured personal loans for bad credit are framed as such where rates and repayments suit your pocket.
We have made these loans available on 3 principles:-
Affordability
We offer only affordable loans that you can manage from your monthly income.
Bespoke Terms
We finalise the lending terms based on your current financial situation and capacity.
Customisation
We can customise everything on which you feel comfortable using the loans.
Apply Now
FAQs
Q How to apply for unsecured loans?
Well, as compared to a secured loan, the interest rate will be a bit higher. But, there is still a possibility that you can manage to get better offers if your other financial aspects are good such as:You can apply online through a simple, short application process on the website of a direct lender without any broker help. Also, there is no upfront fee.
Q Is there an adverse effect or harm to credit history if I take unsecured loans?
There is no wrong or bad effect on your credit score. In fact, your credit rating can improve in case you have a poor score. The instalments are small, pay them on time and improve credit score. Isn’t it a two-in-one benefit? Borrow funds and also improve financial goodwill.
Q What happens if you miss a payment?
If you miss a payment, we do not apply the penalty right away. Unlike other lenders, we do not apply any penalty up to 3 payments. However, we suggest you inform us timely, and we can change repayment plans to suit your comfort.
Q What to do if you cannot payback your loan?
If you cannot pay back the loan, contact us, and we can figure out the most relatable solution. In most cases, it is the most suitable solution for any borrower. With the new repayment plan, usually, most people revive from tough times. We make the instalments easy and adjust tenure.
Q How will direct lender help for applying for an unsecured loan?
Direct lenders help you with its simple and predictable application process that is 100% paperless. The instant approval decision, timely fund disbursal is the prime features that help the fund seeker get funds easily.
