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Payday Loans Near Me An Explanation Of Loans For People With Bad Credit

direct payday advance lenders near me

Ever since the credit crunch took a hold of the UK economy the lenders have re thought their score cards, and as a result of this more and more people are falling into the category of having an imperfect credit score. This invariably makes it more difficult to arrange direct payday lender no credit check near me or finance of any kind, but not impossible.

What is it that defines bad credit?

There are a number of reasons why you could be deemed as having a bad credit record, with some factors contributing more than others. I have listed them below with the ones that have more of an impact on your credit score at the top of the list;

Can I still get a direct payday advance lenders near me with a bad credit history?

There are still loans available for people that have a low credit score or have a history of bad credit and they can be broken down into two main payday loan no credit check direct lenders near me types and that is secured loans and unsecured loans.

Secured Loans

A secured loan is a loan whereby the lender requires some collateral to be pledged in order for them to approve the loan. There are two main types of secured loans detailed below:

Unsecured Loans

An unsecured loan is a loan that the lender does not require any collateral making this loan ideally suited to tenants and non-homeowners. Because the lender has no security they are less likely to approve the loan and when they do they will charge a higher rate of interest.