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When you have a disappointing credit score, getting approved for a £10,000 by a traditional lender is just not going to happen. Most of these lenders are likely to just shut the door on you the moment they see that your credit history and borrowing records have not been especially stellar.
How to Get Approved for a £10,000 Loan
Lenders want assurance that they will get back the money they are lending, along with the profits they expect. If they can see that you have not had a good payment history, they’ll be naturally worried and will likely prefer to just turn you down.
Luckily, despite your predicament, there are lenders who will still be willing to work with you. A loan worth £10,000 amount but there are bad credit lenders that will be happy to lend the money to you, provided that you can meet their conditions. Expect that the rates involved will be higher too if you do get approved. Bad credit borrowing will always be more expensive and you should at least prepare for the inevitability when you shop around.
You’ll need to be employed
Lenders who will be willing to let you borrow an amount of this sum would want assurance that you can afford it. One way of ensuring that is when you can show proof that you are regularly employed and you are getting a stable pay every month. This way, they know you’ll at least have an income source when you’ll draw the loan repayments from.
You might be asked to offer security
It is also easier for bad credit lenders to offer you a loan if you can offer a valuable asset to secure it. They’d be even willing to give you a competitive borrowing rate when you do. Just know that your property may be sequestered by these loan providers if you end up not paying them back. But if you’re hoping to get approved for a huge loan like one worth £10,000 and get a good borrowing rate for that, a secured loan is your way to go.
Multiple Application Fast Loans- Is it Possible?
Applying for multiple loans seem like a good idea especially when you have bad credit. You might think of the other lenders as an option in case your first loan application is rejected or, you do this just to compare the terms that each lender has and find out who offers the best deal.
However, most borrowers don’t know this but having multiple loan applications can hurt your credit. These “harmless” credit inquiries can create a negative impact on your credit rating therefore, you need to know a few things first before you hit “apply”.
Applying for more than one loan at the same time is possible; in fact, no one is stopping you. What you may not realize, however, is the effect it will make on your credit.
When you apply for a loan, the lender will conduct a credit check to know whether you are worth lending a loan or not. This process is known as “hard inquiry”.
“Hard inquiries" are when a credit check was made, which happens when you apply for a loan. This kind of inquiries affects your credit rating badly. In fact, it’s 10 percent of your credit rating and it lasts a couple of years on your credit report. That being said, it affects your chances of getting approved.
Aside from reducing your credit remark, a hard inquiry can make it look like you are desperate to have money, which makes lenders assume that you are not good at handling your finances. As a result, some loan companies may reject your application because they might see you as a high risk to their business and that they may not get any repayments from you.
Therefore, before sending an application, contact the lenders first to know whether you are eligible and to know more about their rates. Also, wait for at least six months before you create a new account.