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The credit score plays a huge part in getting your loan approved. A record of having a good and bad credit score states your financial image in front of the banks and the direct lenders. Because you have mentioned about the banks, it is important to share the guidelines of every particular bank that it does not approve any application having the mark of low credit score. If you have a good credit history, it shows that you have maintained the record on a very gracious manner to keep a good track of finances. However, at the same time, there are individuals, who walk on a very different path in order to manage the credit score. They tried various ways to improve the credit history but most of the times they are unable to do that.
What could be the reason behind having poor credit score of the borrowers? If you want to talk about the reasons first, they are plenty rather it would be great if we talk about the solution to maintain a credit score, which is personal loans for bad credit with no guarantor. With the help of the loan policy, the borrowers can stand a good chance to redeem the credit score to its maximum points.
What credit score do I need to avail the policy of personal loans?
To answer your question, if your concern is to apply from the direct lenders, they usually allow every borrower to avail the policy. As you know the importance of the credit scores to avail the loan policy, you should also know that the credit numbers decide the borrower’s credibility that amount will be returned on time or not. To give you much clarity on the credit score, it is divided into three categories:
- ICB-4 (276-581)
- ICB-3 (224-545)
- ICB-2 (330-550)
Note- ICB is not the credit score, it is the IRISH CREDIT BUREAU, which consults CIRF to calculate the credit score and provides you the credit ratings.
How can I check my credit score?
The above-mentioned figures can be your reliable source to check the exact credit score numbers. If your curiosity to learn more on the credit numbers, you can always look for the ICBto clear the fog of doubts. It gives a free access to the borrowers where they can do a full research on the dos and don’ts of the credit score.
What is the difference between good & average credit score?
The difference lies in the numbers of both the terms. In good credit score, you can get guaranteed approval from the direct lenders for any unsecured policy. In this case, they can seek to give some relaxation on the interest rates without giving preference on the income status. On the other hand, the average credit score only sounds (good) because not much attention is needed but if you want some ease on the interest rates, your income status will be preferred.
How can you compare this loan with other options?
It would be a smart move if you compare the policy with other standard loan options. It can give you a transparent understanding on the loan aspects and because of that, you can easily select the borrowing tenure. The understanding, which you will receive, can help you in many ways because it depends on lender to lender to give you features on the policy. For example, Euro Loans Ireland (lending website) is providing personal loans on bad credit with no guarantor. Therefore, the policy can be varied and it is important to compare for picking the right financial solution.
How the feature can ease the loan policy?
The feature of having no guarantor can help you in many ways. In today’s scheduled time, it is difficult to find a person, who can guarantee on the borrower’s behalf for the loan approval. The direct lenders have put off the constraint to bring a guarantor for that matter and availed the feature of ‘no guarantor’. This trait can improve the disorganised behaviour of the borrower to maintain the finances accordingly and alarm him or her for the improvement.
A bad credit score can get an access to it (?)
If a borrower is having a low credit score, then he or she can also apply to the loan policy with same feature. The borrower needs to have a good source of income so that the direct lenders can get assured that the loan amount will be returned on time with no delays. On that note, the borrower will be amazed to know that the lenders do not charge any upfront fee on any step of the application procedure.
What is the repayment procedure?
The direct lenders provide an easy repayment procedure for every borrower. With no biased criterion, they allow both good and bad credit scores to set the date and day according to your own date and time so that you should not feel any hassle in returning the amount. It also help the person having a less- than- perfect score to increase the credit score firmly.
In the nutshell
You must be aware by now that how and why credit score plays an important role. However, the direct lenders have given you the platform to avail the personal loans and to improve the credit score as well.