Request Online for a Payday Loan with Bad Credit
What Is A Bad Credit Score?
Credit scores are a form of measurement that lenders and traditional banks use to evaluate your financial history. Your financial activities influence your credit score. For example, failing to repay credit card debts can result in a lower score. There are a number of factors that may adversely affect your credit score.
The major credit bureaus measure credit scores in a range between 330 and 850. Scores below 580 are typically considered bad.
Things That Impact Credit Score
A few factors can have a negative impact on your credit score. From consistently missing payment deadlines to borrowing excessively, your credit score can take a negative turn and prevent you from applying for other loans in the future. If you currently have a bad credit score, it may be due to one or more of the following reasons:
- Failed to stick to a contractual agreement
- Didn’t make payments on time for previous loans
- Have shallow information on your public record, such as a court judgment
- Have too many hard credit checks in a short time period on your credit report
- Never borrowed money before
Bad credit scores may affect your chances of getting car loans, house mortgages, or any of the traditional financial products.
How Much Would You Like to Borrow?
Loan Types for People with a Bad Credit Score
Secured Personal Loans
Why Choose an Online Payday Loan When You Have Bad Credit?
Convenient Online Request
Flexible Loan Amounts
Will I Need Collateral for a Bad Credit Loan?
What Is Considered a Bad Credit Score?
The major credit bureaus identify people with poor credit scores. Here are the major credit rating systems in the UK with their respective poor credit score limits:
- Experian (on a scale of 0 to 999) – a score lower than 720 is usually considered a bad credit score.
- Equifax (on a scale of 0 to 700) – a score lower than 379 is usually considered a bad credit score.
- TransUnion (on a scale of 0 to 710) – a score lower than 565 is usually considered a bad credit score.