There’s no escaping the fact that having a bad credit rating can have a huge impact on a person’s life. In the first instance, of course, you’ll find it hard to persuade anyone to lend you money, and many other arrangements – such as those for renting property or even taking out a mobile phone contract – are only offered on the basis of a credit check. Here at PCCU, we treat our account holders as individuals and as part of the wider community, and that’s why we’re happy to give the best loans for bad credit to those account holders who we genuinely feel will be able to pay back the money we lend them.
We can make this kind of offer because we run on a not for profit basis. Many people with a poor credit rating find that they can only borrow money, if at all, from lenders who charge very high interest rates, almost as a means of ‘punishing’ them. We don’t approach the business of lending money with that kind of mindset because we don’t have to generate the money to pay shareholders or fund lavish bonuses for our directors. Our loans for bad credit are the best loans for people who struggle to borrow elsewhere because we keep our interest rates as low as possible.
As well as being low, our interest rates are transparent and consistent. Every single account holder will be charged the same rate, no matter what kind of credit rating they have, and the amount we advertise will be the exact amount you pay, with no hidden charges or small-print fees. We work to benefit our local community by lending in an ethical manner, and to us, that means allowing our account holders to enjoy the ability to spend money without the stress of worrying how they’ll pay it back.
We also design our services to offer the complete ethical package. Every repayment from a borrower includes a small amount which is used to bolster their savings, and the money we make is utilised to offer services such as free life insurance and to pay out an annual dividend to all of our account holders from any surplus profit.
We understand how daunting it can be to apply for a loan, particularly if you have a bad credit rating and a history of being turned down. That’s why we keep the process simple and deal with each applicant on an individual basis, rather than making them feel as if they’re grappling with a faceless bureaucracy. Once you’ve given us all of the information we need we’ll reach a decision within a couple of days at the most, and we promise never to lend you an amount or to set up a payment plan which we don’t think you’ll be able to afford. In circumstances where we do not feel we can approve a loan, our staff always attempt to explain why we have come to that decision.
Our ethical approach, low-interest rates and transparent and accessible way of working makes PCCU by far the first port of call if you’re seeking the best loans for bad credit. You can access the money you need, contribute to an ethical local organisation and even take the first step toward rebuilding your credit rating, all at the same time as knowing you’re a part of a much wider community.