When an unforeseen event occurs in life and requires you to arrange for finances as early as possible, you want a highly credible source to find the best loan plan. You will be surprised to know that the latest loans offered by credit brokers in the UK take a decision within 2 minutes of application and get the funds transferred to your bank account for use! These are essentially known as 2-minute decision loans, and they fall under the category of payday loans. Let’s find out who is eligible to apply for such a loan and what are the terms and conditions for repayment.
These bad credit loans are provided by online credit brokers, such as CreditPoor. The job of the broker is to provide a platform for private lenders and borrowers to come together and be of service to one another. The lenders are looking for ways to increase their wealth through lending. And the borrowers are looking for lenders who are willing to provide them with instant cash even if they have a less-than-perfect credit score.
People with a poor credit history are left with no choice but to file for bankruptcy when all their options fail to work. Banks and credit unions do not entertain poor credit history because they need some sort of assurance that their loan will be paid back in full. A defaulter most definitely does not make a good candidate for a government funded loan. But these people do have an option. They can turn to online credit brokers to ask for help from direct lenders who are willing to give loans to even those who have no good credit score to show.
A payday loan is also known as a last-minute loan because it is usually made available within an hour. All you need is a working bank account, UK citizenship and a full-time job to be eligible for this type of a loan. These requirements are imposed because there has to be a guarantee of some sort to make sure the applicant would not default on repayment. The funds are being provided by a private lender and therefore the broker would
More information on payday loans and especially 2-minute decision loans can be found at https://www.creditpoor.co.uk/payday-loans-for-bad-credit/.
You can specify your loan amount as well as repayment period when applying for such a loan. The repayment period can be anywhere from 3 months to 12 months. The interest rate is usually higher in this case because the loan duration is less. However, you can still get your hands on a very reasonable interest rate by comparing different plans by different lenders. Brokers are there to assist you on this front as they provide very sound information on all types of payday loans available in the UK.
The most attractive feature of a 2-minute decision loan is its quick nature in taking the decision. The broker provides a simple application process in which an automated system gives a decision within 2 minutes of your request. There are no face-to-face meetings or awkward confrontations. You can have it completed in total privacy without having to go through all the lengthy paperwork and producing proof of your employment and other documents. You might just be required to confirm your date of birth and give the name of your employer. The total amount you’re able to receive as a loan usually depends on your pay scale. At the same time, your salary is not a hindrance in getting the best interest rate or the best payday loan.
It is often difficult to ask for help from family and friends when a shortfall between paydays occur. In some cases, you don’t even want your spouse to know that there is a shortage of funds to pay for family expenses like children’s school fee, vacation expenses, and utility bills. A payday loan seems like the most viable solution in such a scenario. The procedure is completely transparent, and it doesn’t require any credit checks and paperwork to have the application approved. Apply for a 2-minute decision loan today and see just how beneficial it can prove to be in the long run!
