A new comparison website, BadCredit.co.uk, has recently been introduced in the UK to address the needs of the 1.8 million individuals who search for bad credit-related terms on Google each month. This innovative platform connects people with bad credit to lenders offering competitive rates, starting from as low as 12.9% APR, utilising advanced technology for quick and efficient matchmaking.
The functionality of BadCredit.co.uk is straightforward: users submit their details, and the platform evaluates this information to identify the lender on their panel with the lowest APR who is willing to extend credit to the applicant. Unlike some other comparison sites that are affiliated with product providers, BadCredit.co.uk is entirely independent and impartial.
By utilising the matching service on BadCredit.co.uk, applicants not only save time and potentially money but also safeguard their credit scores, as the platform performs only a soft credit check when providing a quote. This feature is vital for individuals seeking loans, credit cards or car finance but facing limitations due to their low credit scores, which prevent them from accessing mainstream lenders.
Paul Gillooly, Company Director at BadCredit.co.uk, commented on the launch: “Google data shows that every month, 1.8 million people in the UK are searching for terms like ‘bad credit loans’ or ‘bad credit car finance’ and overall these numbers are increasing. This segment of the credit market tends to be neglected and underserved. People with low credit ratings still encounter emergency financial needs but tend to be excluded by traditional lenders and the big comparison sites.”
BadCredit.co.uk-approved lenders conduct a soft credit inquiry to assess a user’s credit history and use the provided information to pinpoint the most cost-effective lender within their network likely to approve the application. Users receive a no-obligation quote from the matched lender, and if they decide to proceed, a hard credit inquiry is performed to finalise the application.
Paul emphasised, “Although we identify as a comparison site, due to the fact that many of our users are having problems getting a loan, the emphasis is more on finding a lender that will accept the applicant based on their credit history. Unlike other comparison sites, it’s not necessarily about presenting the cheapest whole-of-market loan but more about finding a willing lender for our customers.”
For further information, please visit the official website at www.badcredit.co.uk.
