A recently launched comparison website in the UK, BadCredit.co.uk, is specifically designed to cater to individuals with bad credit, addressing the needs of the 1.8 million people who search for bad credit-related terms on Google each month.
With lenders offering rates as low as 12.9% APR, BadCredit.co.uk employs cutting-edge technology to efficiently match customers with suitable lenders.
The innovative platform operates by evaluating user-submitted details and identifying the lender with the lowest APR on their network that is willing to approve the applicant.
What sets BadCredit.co.uk apart from other comparison websites is its complete independence and impartiality. Unlike platforms owned by product providers that often prioritise their own products, BadCredit.co.uk maintains a neutral stance.
Using BadCredit.co.uk‘s matching service not only saves applicants time and money but can also safeguard their credit scores. This is achieved through the use of a soft credit check when obtaining a quote.
BadCredit.co.uk offers access to over 70 providers, delivering a price comparison service tailored to individuals seeking loans, credit cards or car finance but facing obstacles due to their low credit scores, preventing them from accessing traditional lenders.
Paul Gillooly, Company Director at BadCredit.co.uk, highlighted the significance of this initiative: “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.”
He further explained the rationale behind the platform: “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 history check on users and utilise the provided information to identify the most cost-effective lender on the network likely to approve the application. Users receive a no-obligation quote from their matching lender, and if they choose to proceed, a hard credit check is conducted to finalise the application.
Paul emphasised the platform’s unique approach: “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 details, please visit www.badcredit.co.uk.