Bad Credit Loans

The benefits of Bad Credit Loans

If you’re considering your borrowing options to reach a financial goal, whether it’s a debt-free future or affording a holiday, and have been previously refused a loan due to a low credit score, then a bad credit loan may be the solution.

Discover the benefits of bad credit loans and how to apply with Evolution Money.

Specifically designed for customers with a poor credit score

Our bad credit loans are specifically designed for customers with a poor credit history and those who may have been previously refused a secured loan. At Evolution Money, we like to say ‘yes’ to our secured loan applicants and look at more than just the figures on our computer screens when making a lending decision.

We understand how frustrating the process of applying for loans can be and have created a bad credit loan to benefit customers who have struggled to receive credit elsewhere. By considering our customer’s unique financial circumstances, we’re able to assess loan applications using a range of criteria, as opposed to just an automated credit check, and strive to provide a suitable bad credit loan to customers with a poor credit history.

Bad Credit Loans can be used for a range of purposes

A major benefit to a Bad Credit Loan from Evolution Money is the flexibility of the loan purposes. The loans can be used for a wide range of purposes. Take a look at what you could achieve:

Debt Consolidation

You could use your bad credit loan to consolidate previous debts. The money borrowed from the loan can be used to pay off other outstanding loans or debt so that you only have 1 manageable monthly repayment to make. This can make handling your finances easier too as you’ll only need to be aware of one rate of interest and payment date.

However, please note that using a bad credit loan to consolidate debts could result in a longer lending term and potentially increase the total amount of money you’re expected to pay due to new terms and conditions.

Home Improvements

A bad credit loan can be an ideal borrowing option for homeowners who are looking to carry out home improvements or add value to their property. The money you receive from the secured loan, ranging from £5,000 to £50,000, could be used to redecorate, pay for your dream kitchen, build a loft conversion or an extension for your growing family.

With lending terms from 12 months to 20 years, you can pay the loan back in manageable monthly repayments over a period that suits you.

Paying for Special Events & Holidays

You could also use a bad credit loan to pay for special events and holidays. Our flexible loans could help you to pay for your wedding day or a holiday abroad.

Large Purchases

Bad credit loans can even be used to pay for life’s larger and more expensive purchases. Whether you’ve got your eye on a second-hand van or a brand new car, a bad credit loan could help you finance your vehicle and get you behind the wheel.

Opportunity to rebuild your Credit History

Customers with a poor credit history can benefit from choosing a bad credit loan and rebuilding their credit history. Work towards improving your credit score by eliminating all previous debts and making regular monthly payments on-time and in-full.

By proving you are able to manage your finances and repay money you owe, lenders may be more obliged to allow you to borrow larger amounts of money in the future. Rebuilding your credit history and improving your credit score can also result in better rates of interest when borrowing.

Choose a Bad Credit Loan from Evolution Money

If a bad credit loan seems like the right borrowing option for you, then the team of experts at Evolution Money are here to guide you throughout the process.

At Evolution Money, even customers with bad credit may be able to successfully borrow anything from £5,000 to £50,000 and choose a flexible lending term to suit them. Whether you’re taking back control of your finances, revamping your home or planning a holiday, you could benefit from a bad credit loan.

To apply for one of our secured loans, you must be aged 21 or over, own your home, live in the UK and prove able to make the monthly repayments from your regular income.

Before making any financial decision, you should first consider all available options and ensure that you have a clear understanding of the necessary terms and conditions. To discuss your requirements and see how a bad credit loan could benefit you, call out qualified loan experts today on 0161 814 9158.