A report from Mercer Human Resource Consulting revealed that London was the second most expensive place in the world to live. With the cost of living so high, you may need a bad credit instant loan just to make it to month end. In The UK, any defaults will be recorded on your credit report for the next 6 years which normally leads to credit rejection. Instant bad credit loans with no credit checks are available, but the higher default risk means that the cost of borrowing money will be a lot higher.
Bad Credit Instant Loans with No Credit Checks from a London Pawn Shop
If you don’t have a bank account or are currently unemployed, a bad credit loan from a pawn shop could help you to pay your bills. It involves using an item of value, such as gold, jewellery, silver, art work and collectibles, as collateral for a quick cash advance. The collateral will be assessed by an internal expert and they will lend you up to 50% of the item’s value. They’ll also expect you to prove your identity so remember to bring in a driving licence, utility bill or a recent bank statement.
Should the terms of borrowing be acceptable to you, they’ll provide you with your cash and a receipt that documents the transaction. You redeem the collateral by paying back the principal and any interest that has accrued. A bad credit instant cash loan for $100 typically accrues $20 to $25 of interest each month. If you are struggling to find the money, talk to your pawnbroker as they may be prepared to extend the term. Your answer depends heavily upon whether there is any equity available.
An Instant Bad Credit Loan from a London Payday Cash Advance Lender
If you don’t have any collateral, you may be able to receive approval for a bad credit instant loan from a payday lender. In order to get a payday loan in London, you’ll need to be a UK citizen, over-18, have a full-time job, a bank account and be able to provide 2 forms of identification. Provided that you’re able to comply with this basic set of eligibility criteria, you’ll be able to borrow up to £1,000. The lending term will normally be the same as they are for a poor credit pawnbroker loan.
Instant Loans for Bad Credit from a London Doorstep Lender
You may be able to get a bad credit instant cash loan from a doorstep lender for between £50 and £500. Provident personal credit currently charges 272.2% and Greenwood charges 433.4%. Unlike pawn shop and instant payday cash loans, you are able to repay the debt over a period of 52 weeks. If you are an existing customer, you can borrow more and extend the term of your bad credit instant loan. Remember that extending the term of the loan increases the amount of cumulative interest you’ll need to pay.