The moment you visit any bank for the loan approval and they reject your application because having a bad credit report. At that moment, you can realise that how important is to maintain the finances. Obviously, everything in today’s time has an alternative and here, it is the direct lenders. They provide loans to the borrowers having a poor credit history with no credit check feature. If borrowers have a good source of income, then they can also seek some relaxation in the flexible interest rates.
Which is the score decide a bad credit report?
The direct lenders itself do not decide the credit ratings. They send the credit report to the ICB (Irish credit bureau). They verify the credit ratings and based on the certain numbers, your credit report is decided. ICB CIRF*- 224-330 is the credit rating to be considered as the bad credit numbers. Therefore, low number is equivalent to high risk.
What is countable bad credit or no credit?
An average credit report shows that a borrower has not maintained the previous dues on time that is the reason why he or she is under this category. If the borrower has no credit, it denotes that a lender will not be sure that the borrower is risk free or not. However, having a low credit can be considered but having no credit is difficult to consider.
What can be the best solution to pay previous debts?
There is a loan option called debt consolidation, which holds the capacity of merging too many debts with single instalments. It will help you swipe the previous dues so that you can apply for any other loan to justify your situation.
Some tips for a bad credit loan
* Search the option which gives you the limit higher than €1000
* Finalise with reasonable APR
* Seek for the relaxation on the interest rates
* Some direct lenders do not charge any upfront fees
* Select the offer only when you are fully convinced
* Responsible direct lender is a test for you because it can provide you options in varied forms
A low credit can put you in struggle to avail the loan but do not worry. You can easily get the approval from the direct lenders. Loans for bad credit, is the gateway for the borrowers to make the best use of it. In this policy, you can also secure a chance to improve the credit ratings into good numbers. Hence, it can be assumed that this loan is doing a great job.