If you haven’t had a chance to benefit from a bad credit loan, it’s time you learned a little more about its advantages. Such a loan not only helps you to get out of a difficult financial situation but also allows you to arrange for immediate finances when you need extra cash other than your regular salary. Moreover, it helps you to improve your credit score by making repayments on time. This is one of the biggest advantages of personal loans, also known as payday or short-term loans, designed especially for people with a poor credit score to get out of financial crises when everything else fails to work.
FOCM offers some payday and other short-term loans to their clients who are in need of extra cash instantly to pay for immediate and emergency expenses. The requirements are not very strict; all you need is to have a job, be at least 18 years of age with a valid bank account, and UK citizenship. The broker works by forming partnerships with private lenders that are willing to lend huge amounts to borrowers without having them to go through serious credit checks. Because of this reason, the loan amount is transferred to your bank account almost instantly so that you can withdraw it and use for your expenditures.
Since these loans are so easy to apply for, many people in the UK avail these types of payday loans instead of going for other bank or credit union loans. There are absolutely no hidden charges or extra fees involved with payday loans. However, you might be charged a higher interest rate because of their short-term nature. Their flexible repayment periods make them an attractive choice for a lot of people out there.
Filling out the online application form is very easy and straight forward. You don’t need any additional documents to support your application. Simply provide your details along with the loan amount you wish to take. The total amount you can apply for might depend on your pay scale. In the case of guarantor loans, you can apply for a good amount of loan amount, but at the same time, you will also have to arrange for a guarantee from someone who has a good credit rating. If you don't want to go through this hassle, the best solution is to apply for a payday loan.
Payday loans work best for people who have a decent salary, but they would like some extra cash to supplement their regular pay. This is a good way to get relief from financial difficulties especially when you’re the only one in the family who is earning. People avail these types of personal short-term loans not just to avoid the lengthy and cumbersome paperwork involved with traditional bank loans but also to arrange for finances to pay for their children’s education, to buy a new home or a new car, and to pay for emergency needs like hospital bills.