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Subscribe to this list via RSS Blog posts tagged in Unsecured Loans

The worst thing that you can do when dealing with debt is hiding it from everyone including your family, friends and other closed ones. The more you will ignore your debt, the worse will get the situation. Thus, it is better that you take control in your hands before making the situation worse and come up with a plan to clear all your debts. The reason why most people keep their debt news hidden from others is because whether they are embarrassed or they fear that people will judge them with a bad perception. 

Taking all the burden of the debt and not telling about it to anyone can increase the emotional burden on you and you might also get into a depression. Thus, it is important that you share this news with your people and then look for ways to get rid of all your debt. Fortunately, there are other places where going can head to get help, which we will be discussing in this blog. So, let us see them one by one.

Where to go when you are buried under a mountain of debt

Have a word with your Creditors

The first thing that you can do is have a word with your creditors whose money you owe and ask them for any help. If you can explain your current condition to the creditors properly, they might agree to help you with something. They can either pause or reduce the interest for the time being until you are back on the game. By knowing about your financial condition, they might even reduce the minimum amount of the monthly instalment that can help manage the payment of the debt that you have to make at the end of every month. Well, chances will be there that not all creditors might be willing to do that, but if you are can convince even a few of them, then it will worth asking for.

Online Lender

Most of the traditional lenders won’t approve your loan request if you are already struggling with your past debts. The reason behind this is that delaying the payment of your debt can affect your credit score drastically which acts as a tool to determine the creditworthiness of the borrower. So, if you are struggling in managing your finance, then you can take the help of the online lender who can approve your request even you have a bad credit score. There are also some direct lenders in the market who even provide loans for bad credit with no guarantor, which means that you won’t have to provide a guarantor to get the loan. However, the lender might check your income status before approving the loan to evaluate your repayment capacity and then decide the amount that you are suitable to receive.

Debt consolidation can work  

Keeping up the repayment of multiple debts can be really tiring and difficult, especially when your income is not that great. Missing the repayments can have an adverse effect on your financial status and you could even face bankruptcy if you keep delaying the payment of your debt. Before the situation gets worse, you could go for the option of debt consolidation where all your multiple debts will be merged into one big debt and you will have to only worry about a single payment. Consolidating the debt is very popular among people and they go for this option when they don’t have any option to get out of the debt.

Taking help from a financial advisor 

The reason why most people struggle in paying their debt is that they don’t have a clear idea of how a good budget works. Thus, if you are struggling in fitting your debt repayment plan into your budget because of your lower-income, then you should take help from a financial advisor. Talking with the advisor can be helpful as he/she will help you in creating the right budget and might also let you know about any lender who can offer you unsecured Loans or any other funding that can help you to deal with your financial crunches.

So, these were the places that you should visit if you really want to clear all your debt quickly. Also, make sure that you inform about your debt issue to your family as well, so that they can assist you in handling the problem that you are facing right now.

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The financial crisis or shortage of funds may be because of different reasons; long-term unemployment, low business season, delay in salary delay, emergency expenses are more in common situations that we all face. Irrespective to reason, each failure in repaying the pending dues at scheduled time dents at credit score. The low credit score serves long-term impacts on your credibility increasing the chances of loan application rejection, rejection at interviews especially for the jobs in the financial sector, high insurance premium, difficulties in major purchasing on instalment etc. The numbers of FCA regulated direct lenders in the UK with online presence offer bad credit no fee instant decision unsecured loan but at a different interest rate and terms and conditions. The unsecured loans suit the bad credit history holders seeking quick cash help without asking anyone to be a guarantor. 

Related: How Quickly Can I Get Guaranteed Loans?

Unsecured Loans for Bad Credit Score Holders:

The numbers of direct lenders with short-term business interest use the ‘bad credit score’ term to lower the borrowers’ confidence to negotiate. To avoid this trap, you can use several online free to use credit score calculators. Even if your credit score is around 500 or below, you have good chances to get an unsecured loan at a reasonable cost; 961-999 is the ‘excellent’ credit score range. The majority of British people have credit score rating in 300 – 850 range. While holding a bad credit rank, finding someone as a guarantor is a challenging task. In addition, you disclose your financial woes to others. Mortgaging some valuable asset for a small amount loan is also not a good decision because the uncertainties in income are always there. In such conditions, short-term unsecured loan even at a higher price comes up as the preferable choice.    


The in-depth knowledge of lending secrets, possibilities and processes help you get the better deal but the ultimate cost depends upon how you use the availed funds and pay back the debt. Always try to pay earlier than the committed period; it converts the better ‘no fee unsecured loan deal’ into the best cost-effective deal.

Related: How to Get a Short-Term Loans for Bad Credit?


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