Getting approved for a loan is difficult, and what makes it more difficult, especially emotionally, is if you apply during a time when it is truly crucial, and you need it the most. If you have a bad credit rating because of certain reasons, it even places you in a more challenging position. All banks and most financial institutions heavily rely on a person’s credit rating to determine whether he or she could be approved for a loan. These institutions look into a person’s credit rating upon the receipt of a loan application because this is their basis of determining whether the person could pay back the loan without problems. That is why loans for people with bad credit are hard to come by. Some people with bad credit ratings are sometimes driven to get loans from suspicious providers or loan sharks with really sketchy payment terms and huge interest rates through the likes of payday loans and others. If you are someone who is in need of quick cash but has a bad credit rating, it does not have to be the case. You could get approved for a loan without the sketchy terms and interest rates.
Getting a Loan with TFS Loans
Since 2003, TFS Loans has been helping a lot of people who do not have access to high street banks, especially those with bad credit rating, to get loans from as little as £1,000 to even as much as £15,000. They believe that a person should be able to get approved for borrowing money not based on their current credit rating but based on the relationships that they have. This is a better alternative because there are people with a bad credit rating because of certain factors that they have no control or holdover, similar with people who are self-employed and are not able to build a credit rating. With banks and financial institutions, no credit rating is just as bad or maybe even much worse than a bad credit rating. At TFS Loans, you could easily get approved for a bad credit loan through a guarantor.
Guarantor Loans for Fast Approval
TFS Loans could easily approve loans for people with bad credit because they make the use of a guarantor loan structure for each application. It does not matter if you came from a place where you struggled to stick to your financial commitments due to reasons and circumstances you have been placed in. The important thing that TFS Loans would look at and factor in is that you are already able to afford any loan repayments you might have, should you get approved for one, now together with your other financial commitments. As long as your situation has improved and you are able to pay your way out of bad credit, you could apply for a guarantor loan without problems.
A Trusted Guarantor
Your guarantor should be someone that you really know and trust, and the trust between the both of you should be equal and mutual. It is not an easy process to look for a guarantor, but once you do, the whole application process for the loan is just really quick and easy. Basically, anyone could be your guarantor as long as he or she is between 18-75 years of age. There are just a few requirements that need to be met, such as the person you choose should have a good credit rating. The reason for this is because your guarantor should step in to make your loan repayments with TFS Loans should you find yourself in a circumstance where you would be unable to. Because of this design, in essence, you would come out with an improved, if not already good, credit rating after your loan period because technically, you would not miss any of your loan repayments. When this happens, it would be a private discussion between the two of you regarding how you would pay your guarantor back. Lastly, your guarantor should own a home in the United Kingdom, even if it is a mortgaged property and not owned outright; it would already suffice for him to be your guarantor.
Flexible Payment Terms
The best part about getting a loan with TFS Loans is that even though you are not charged a ludicrous amount of interest rates like with payday loans, there is still a great level of flexibility in terms of paying off your loan. If you want to pay it off quicker, you could choose from 12 to 48 months of a minimum loan duration, depending on the value of your loan. If you, however, want to have a more affordable payment scheme, you could opt for a longer loan period, but of course, this would mean that you would have a higher amount to pay back. You pay from as short as 36 to 60 months, with the higher-valued loans having longer loan periods allowed.
