Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you'll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%. This is a representative example of what it may cost : a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22
A poor credit loan, otherwise known as bad credit loan, is a special product designed for people who do not have a good credit history. Credit history is an important parameter that is taken into consideration by the lenders to decide whether they want to extend an offer to the borrower or not.
These short-term loans are given for a period of a year or less and the borrower has the flexibility to choose the repayment tenure according to their monthly budget. A poor credit loan is an unsecured credit product that neither requires any collateral nor guarantor. A borrower doesn’t have to invest their time and energy to find a co-signor to avail the loan.
A bad credit score is an indicator of your finance management. The lenders assess your credit profile to know how good you are at managing your finances. And on the basis of that, they decide to extend an offer to you. However, there are lenders who are willing to take the risk and that is why they offer loans for bad credit to the people in the UK basis affordability check.
The financial regulator of the United Kingdom, the Financial Conduct Authority (FCA) has made affordability check mandatory to save the consumers from being exploited against any financial adversity. Therefore, credit checks are essential for a borrower’s own interest. At Oyster Loan, the lenders conduct a soft credit check to assess the loan eligibility and then provide a soft quote. This type of credit check doesn’t leave any footprint on your report that means they do not impact your score. When you borrow a loan from our lenders, you have a chance to save your credit score from any further damage.
Before the final approval, the lenders have to run a hard credit check to ensure the borrower’s creditworthiness.
An unsecured poor credit loan doesn’t require a guarantor. A borrower doesn’t have to find a co-signor to apply for the loan. Many people in the UK opt for these loans, because of their repayment flexibility. However, lenders who are authorised by the FCA and deals with Oyster Loan understand that a bad credit score may be a result of any financial distress. That is why they assess the borrower’s current repayment affordability rather than giving more importance to their past credit score.
A borrower seeking for such loans may avail a poor credit loan without pledging any collateral or any guarantor. It is difficult to find someone to vouch for your financial liabilities. Hence, apply with us for a loan for bad credit that is easy to avail.
While browsing through various credit products you must have come across poor credit payday loans and poor credit personal loans in the UK. These loans are the same as a bad credit loan. A borrower has the freedom to use the loan amount for any purpose they want, it may be for a boiler repair or a car repair that needs urgent monetary attention. The loan borrowed can be used for any financial concerns of the borrower.
Applying with Oyster Loan for a bad credit/poor credit loan is as easy as ABC.
After this, the loan amount will be disbursed to your bank account by the lender. It is necessary to read all the Terms & Conditions of the lenders before entering into an agreement. Raise a flag against the points you feel are inappropriate. Discuss with your lender and find out a solution.
Oyster Loan is an FCA regulated loan broker that operates across all the major cities of the UK. The associated lenders offer an array of short-term loans that a borrower may easily avail to deal with their financial emergencies.
Let’s be real – a bad credit score is not a good indicator of your personal finance management. And often, you do not get the best rates due to it. In order to improve your score, you need to work on it constantly. Repaying your loan on time regularly may improve your credit score gradually. Remember, the higher your credit score is, the more likely it is for you to find loans with a comparatively low-interest rate. Improving your credit history will require time, dedication and patience. Read about how to build your credit score.
We strive to help our borrowers to find the loan for their financial necessities. We are on a mission to reinvent the unsecured lending industry of the UK by promoting fair industry practices and enhancing transparency.
Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.
Contact your lender directly if you have any worries about making your re-payment. If you do not endeavour to do so you will be unable to arrange any payment options and where the situation remains unresolved (where you have not re-paid your loan), the lender can exercise their right to pass your details onto a third party collections agency. This agency will then work to recover your unpaid arrears (plus any interest accrued as a result of your non-payment).
Implications of Non-Payment
By not making your short-term loan re-payment on time, you could be subject to fees and penalties, which will be implemented at the discretion of your individual lender. The details of any charges that can be added to your loan re-payment amount will be detailed within your loan agreement and this will include the reasons why further charges may be added. If you are late in making your payment this could also have a negative impact on your credit score. Therefore, in order to avoid having to re-pay more than your original agreed amount, we suggest that you re-pay your loan on time. If you fear that you will experience difficulty in paying back what you owe, please contact your lender as soon as possible.
Where you feel that you will not be able to meet your re-payment date and will need to make your payment at a later time – you must contact your lender to arrange this. If you do not, it could be assumed that you are unwilling to re-pay your loan and therefore you could incur a higher fee or charge than you would otherwise have done by simply extending your loan term. A late payment fee usually amounts to anywhere between £1 and £100 and this will vary dependent upon your lender. However, we do not advocate the unnecessary extension of short-term loans and as a result we ask that you ensure that you will be able to re-pay any loan that you apply for. For more information, please read and understand the terms and conditions associated with your loan agreement.
We do not advocate the renewal of short-term loans however, in the instance that you wish to do so you must contact your lender immediately. You will often be charged the same rate of interest or fees for an extra month however; this will be charged on the full amount that you owe to the creditor (amount borrowed plus first month's interest). If you are late in making your loan re- payment or you fail to make the re-payment at all, your loan may be automatically rolled over thus automatically incurring further interest and charges. Any amount that you have borrowed you will be liable to re-pay so, please make sure that you only take out a loan if you can afford to pay it back in full.