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Personal loans for bad credit
8th September 2022
At Dot Dot loans we understand that life happens. Whether it's an unexpected expense, a missed payment or a financial need beyond your control, it can be tricky to manage your finances. These small mishaps can impact your credit score and make it difficult to be accepted for a personal loan. In this blog post, we look at personal loan options that revolve around more than just your credit score.
How does a credit score work?
When you apply for credit or a loan, your credit score is viewed by lenders to determine your suitability. Lenders will view your credit file and any available data on you to calculate your overall credit score. However, how each lender calculate scores varies. Generally, having a higher credit score would present you as a low-risk candidate.
What is a good credit score?
When applying for a loan, there is no definitive answer to what is considered a good credit score, it's not a 'one size fits all' concept. In general, a higher credit score will mean you are viewed more favourably by lenders. If you're able to maintain a good score, the likelihood of being accepted for a loan or credit is higher. Although a particular credit score may be typically viewed as bad or poor, as a direct lender, Dot Dot Loans looks beyond your credit score to assess your eligibility for a personal loan.
How can I check my credit score?
Checking your credit score is fairly straightforward. You can request a free copy of your credit report from any of the three main established credit reference agencies: Equifax, Experian, and TransUnion. Many people are unaware they are entitled to free credit reports and neglect the opportunity to improve their scores. In a few easy steps, you can learn your credit score and the changes you can make to boost your score.
Bad credit applicants
We know that not all applicants may have a perfect, or even good credit score when reaching out to us about a personal loan. That's why we ask for information to better help make us a decision that’s right for you. As a direct lender we have a responsibility to consider all aspects of your loan application to ensure that we offer an affordable solution that works best for your situation. By looking at factors beyond your credit score, like your ability to make repayments and your employment status, we’re able to guide those who have been negatively impacted by low credit scores in the past.
Apply now for a bad credit loan
If you're worried about applying for a personal loan with bad credit, Dot Dot Loans may be able to offer lending options that work for you. You can find more information on the available types of loans on offer here.
Apply today through our secure application form to be considered for a personal loan.
It’s important to carefully consider your personal circumstances before applying for a personal loan. To help make a decision that’s right for you, you can learn more about our affordability checks here.
