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Bad Credit Loans: Are they safe and legitimate

Bad Credit Loans

Secured Loans > Bad Credit Loans: Are they safe and legitimate

Bad Credit Loans: Are they safe and legitimate?

At Evolution Money, we understand how frustrating trying to get a loan can be, especially if you have been rejected in the past.  If you’ve previously been refused a loan due to a bad credit score, then you may be considering applying for a bad credit loan to help you reach your financial goals.

However, with all the borrowing options out there, you may have a few concerns regarding bad credit loans, are they too good to be true? Continue reading our guide to bad credit loans to discover how safe and legitimate they are and what sets Evolution Money apart from other lenders.

What is a Bad Credit Loan?

A bad credit loan is a specifically designed loan for people who currently possess a bad credit score. If you’ve previously been refused a loan from lenders elsewhere for having a ‘less-than-perfect’ credit score, then a bad credit loan may be the best borrowing option for you.

At Evolution Money, we don’t rely solely on credit checks when deciding on lending and instead consider the loan applicants individual financial situation. This means that despite a bad credit score, we may still be able to offer you a secured loan ranging from £5,000 up to £50,000.

A bad credit loan can be used for a wide range of purposes such as paying for home improvements like a new kitchen, or loft conversion to add value to your property. Perhaps you’re expecting a new baby and hope to build an extension for your growing family. You could also use your bad credit loan to cover the cost of your wedding day, a family holiday, or a new car.

With lending terms ranging from 1 to 20 years, taking out a bad credit loan and making your monthly payments in-full and on-time can help to improve your credit score. You may even decide to use your bad credit loan to consolidate previous debts. This can help you to gain more control over your finances by paying one affordable monthly repayment to a lender, rather than juggling numerous loans with different rates of interest and due dates. Bear in mind that if you have decided to pay the loan for a longer period of time, the interest will be paid over a longer timeframe too and increasing the total loan amount you pay.

What should you consider when applying for a Bad Credit Loan?

Although a bad credit loan can prove to be a safe and legitimate financial solution for those struggling to get a loan elsewhere, there are some factors you should consider before applying. It’s important to make sure you have a full understanding of the loan terms and conditions and the commitment you are making.

Like any secured loan against your property, there is an element of risk as failure to make the necessary repayments could potentially lead to the repossession of your home. If you’re planning to use your bad credit loan for debt consolidation, then you should be aware that this may result in an extended lending term and an increased rate of interest which may, therefore, increase the total amount to be repaid.

Before applying for any loan, please ensure you are aware of the details of the commitment and that you are able to make the monthly repayments comfortably from your regular income to avoid more severe financial issues in the future.

Legitimate Bad Credit Loans from Evolution Money

At Evolution Money, we strive to provide a high level of customer service across all of our departments. Our expert loan advisors are there to guide and keep you updated throughout the entire process of applying for and receiving a secured bad credit loan.

We look at more than just the figures on our computer screen and like to say ‘yes’ to our customers. Take a look at some of the fantastic feedback we’ve received from our satisfied secured loan customers who’ve chosen Evolution Money.

Our vision is to be the UK’s leading specialist lender for customers, employees and partners and ensure we work towards this vision by living our company values of trust, integrity, honesty, great service, passion, and ownership.

We provide a safe, honest and legitimate loans service with trust at the heart of all we do. So, if you’re considering a bad credit loan and want to rely on a great and open service, then contact Evolution Money. Our friendly, qualified loan experts are available on 0161 814 9158 to receive more information and a free, no-obligation quote (that won’t impact your credit score).

To apply for a bad credit loan from Evolution Money, you must be aged 21 or over, own your home, live in the UK and pass our affordability checks.

We look at much more than your credit score and are there to support you throughout the loans process. So, even if you’ve previously been refused a loan elsewhere, with a bad credit loan from Evolution Money, a new car, conservatory or a holiday may be able to happen sooner than you think.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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