Buddy Loans

Buddy Loans are qualified and regulated by the Financial Conduct Authority to satisfy their clients' financial needs as professional lenders.

They understand that it is difficult in these times. That is why they provide individuals who have no credit score or carry a bad credit record, with the best borrowing solutions.

How bad credit loans work

Buddy Loans supply loans that rely on your ability to make repayments. If you have someone to back you up when it comes to the repayments, it will guarantee you a spot.

They offer low-interest rates with no stacks of paperwork. You can now repay your loan each month by making a direct debit order, whereby the loan contract will give you the details of the amount you have to pay.

You can even set a date each month whereby Buddy Loans can collect the money through your debit order. If you miss a payment, they will contact you to make arrangements on how to get your account up to date.

Buddy Loans guarantor roles

If you are a guarantor your job is to help out your friend or family member who nominated you, to get them the credit they require. With each obligation, there are responsibilities which are to help ensure that your friend or family member makes the required payments on due dates. Buddy loans will also inform you throughout the loan if there is anything you should know about, but if there are any problems they will get in touch to discuss the missed payments.

Buddy Loans know that getting accepted for a loan can appear to be difficult whether it’s for a mortgage for a property, signing up on car finance, or just to give your home a renovation.

There are many reasons for financial needs, but when you have a low or non-existing credit score, lenders might not be keen to help. That is where Buddy Loans jumps right in, to save the day.

Boost your credit score

There are 5 constructive ways to get your credit score to look favorable and help show lenders that you are financially responsible. Firstly it is important to build yourself a credit file as young individuals tend to suffer from no credit ratings as they don’t have a long financial history. The next step is to clear your debts, repairing any substantial debts that might ruin your chances of getting personal finance.

Get a repayment schedule

Lenders like to see that you can keep your end of the bargain clean by paying your bills and not missing any payments as well as making sure to do repayments on time. By improving your credit score, you can also lower your credit utilization ratio, which means that you will have to divide your total credit card balance by the available credit limit. Lenders tend to favor individuals with a score less than 30%.

Lastly, you can improve your ratio by not having more than one credit card, which will allow you to save as much as you can, and paying off your credit card balance, will generally lower your credit score.