There is a phrase going around nowadays,
‘Modern problems require modern solutions.’
And indeed they do. If you just talk about money, the world financial market has taken a big leap forward. There was a time when the only option you had for borrowing money was from a bank (besides your family and friends of course).
But today, those options have been multiplied by hundreds. The online lending sector came as a relief for all kinds of borrowers. Instant loans online were a surprising boon for the UK citizens. People with bad credit scores are the ones who received the most benefits from them.
That was not all. Today all classes of people seek help of these loans to come out of their financial struggles. For a better understanding, here are cases of Ryan, Stephanie and George, all three of whom did not have a good credit score and still were able to get help from a direct lender. All of them had earlier applied to a bank for a loan and were rejected for specific reasons.
Name: Ryan
Case: Unemployed
It does not have to be stated why people need money when they are out of a job. Even though the salary stops coming in, the utility bills do not. The same thing happened with Ryan. His company went out of business and he was given a pink slip.
He managed through his savings and investments for two months. The third month became a struggle and he could not find another job either. Part-time jobs were unable to cover his living cost. This is when he turned to a direct lender. His unemployment and credit history were not allowing him to get a bank approval for any type of loan request.
But he was easily approved for cheap short term loans for bad credit holders. He got the money into his savings account and utilised them for his daily expenses. Once the financial stress was off him, he began focusing more towards getting a new job. As a result, he was employed with a decent salary within two weeks.
This helped him readily pay back what he owed. As a cherry on top, this also caused a small bump in his credit score!
Name: Stephanie
Case: No Guarantor Security
Stephanie had a little different case. She had voluntarily quit her job long time back and had been running a small clothing business of her own. Her initial days as an entrepreneur went well. She earned decent profits and even hired two people under her.
But the competition began rising and she soon started to fall behind. She was now giving salaries and buying products out of her own pocket. She realised that she would have to increase her catalogue and customer base in order to make a comeback. However, she needed funds even to do that.
She approached the bank for a loan but in vain. The reasons were her credit rating and guarantor security. No one would sign up as her guarantor due to her declining business. She finally went online and applied for very bad credit loans with no guarantor option. To her surprise, money flew into her bank account much earlier than she had expected.
She took a sigh of relief and as a result, was able to take her business upwards.
Name: George
Case: Too Much Debt
George had a pretty disturbing situation. He had to go through an ugly divorce with his wife. Now, separation of two married people occurs simultaneously with increased financial obligations for the husband.
The divorce meant division of assets and relocation expenses. He had to give up all his savings in the process. In addition, he became liable to pay alimony cheques every month to his wife. While his income remained the same, the initial months trapped him under heavy financial burden. His bank refused to lend him money when they saw that he already had a poor credit score and was barely able to make both ends meet.
And once again, direct lenders saved the day with their small installment loans for bad credit. These enabled him to stand up on his feet and get a hold of his financial situation.
Finally,
Whatever your situation might be, modern financial solutions may be the way out of your problem. Do not give up just yet. Try exploring all your options before you decide that there is no alternative.