01 Feb Credit Refusals Worsening the COVID Financial Impact? Here’s What You Can Do About It
A survey just revealed what several people already knew and have been warning about.
The financial impact of COVID-19 goes way beyond job losses.
The drastic effect is showing up in unexpected forms and hitting at people who have already been hit hard by the pandemic.
” The survey revealed that almost one-fifth of the applicants were denied access to common financial products in 2020. ”
Source: The Independent
This was a shock to most of them because they have never been denied mainstream lending before.
Personal loans, overdraft, credit cards, and overdraft extensions – all forms of mainstream borrowing remain inaccessible for several types of applicants.
Several types of applicants are finding it difficult to meet the qualifying criteria owing to the hardships posed by the pandemic.
To put it in simpler terms, people need financial help. There is help available but the exact problem making them seek help is also proving to be a blockage on their road to help.
What can people do to access these mainstream financial products? Is there a way out?
The simple answer is YES. What is it then?
Credit brokers like Badger Loans have a mix of unsecured short term loans available for the general public.
With the pandemic still roaring and new variants popping up like whack-a-moles, people need the extra financial cushion provided by financial products like credit cards and loans, overdrafts and rent-to-own.
This keeps money flowing and helps them fulfil their basic needs, whatever those needs may be.
But what if you do not have a good credit rating?
Reputable licensed brokers like Badger Loans offer unsecured personal loans and payday loans for customers with a less than perfect credit score. Missed a couple of phone payments in the last year? It shouldn’t be a problem with our panel of lenders. We do a soft search first to check you’re ok and it won’t show on your credit file.
Badger Loans offers you Personal Loans anywhere between £500-£25,000 for terms over one year and you don’t need a guarantor or a good credit score. But what if you need a loan for a short term?
Like one during the middle of the month so you can pay back a bit when your next payday arrives?
A payday loan would be right for you in that case.
Like personal loans, you don’t need a great credit score or have a guarantor.
The loan term is under one year making it a short term loan. You can borrow anywhere between £100-£1,500.
As for eligibility, all you need to do is be employed full time or part time and have the ability to afford the monthly instalments. That’s it! But please make sure you don’t get into problems with a payday loan as many people have. See our latest podcast on how not to fall into a cycle of debt here.
The maximum term for unsecured personal loans is 7 years. The application process is straightforward.
Just go to the Apply Now button, press it and follow the instructions. Or follow the link below:
Apply for an unsecured loan online.
Whether it is an emergency house repair, a broken boiler or fixing your car, online unsecured loans can be a lifesaver for people who have often returned home empty handed from the High Street
We hope this helps.