No matter how hard you try to manage your finances, there may be times in your life when you’re short on cash. Luckily, you can quickly borrow money through Tendo’s panel of lenders if you find yourself needing urgent cash.
Borrowing money through Tendo couldn’t be easier. You can apply entirely online and could get approved for a quote within minutes. We accept applications from people with any type of credit score. Our lenders can quickly transfer funds once your application has been approved and you have accepted the quote. Interest rates will vary depending on the lender and your personal situation.
Here at Tendo, we’re committed to financial transparency. We want you to have the knowledge to make important decisions and borrow money with confidence. In this guide, we’ll look at how to borrow money in the UK through Tendo and its lenders, as well as factors to consider before you apply.
How much money can I borrow?
We work with a panel of over 50 lenders. Based on your unique application, you could borrow between £100 to £5,000 over a 3 to 36 month period. The exact amount and repayment period will depend on your lender.
Once one of our lenders can accept you, you will be given a quote within minutes of submitting your application. This is a no-obligation quote that you don’t have to accept. However, should you accept the quote, the money could be transferred to your account in a matter of hours or days.
How does borrowing money from Tendo Loan work?
The Tendo application process is quick and easy to complete online. However, before you start your application, it’s important you consider the lending eligibility. Tendo’s panel of lenders minimum requirements are that you to live in the UK and be at least 18 years old. You must also have a regular income and a UK bank account.
During your loan application, you can choose how much you want to borrow and the repayment schedule. You will be asked what the loan will be used to pay during your application. Other information you will be asked to provide includes your marital status and if you have dependents. To help calculate if the loan will be affordable, the application will also ask your typically monthly income and expenditure.
Tendo will match your application with a list of lenders that you may be able to borrow money from. You will be given a quote and a repayment schedule.
Can I still borrow money if I have bad credit?
Our panel of lenders often accept applications from individuals who have a poor credit score or history. Having a bad credit score may result in a higher interest rate for your loan.
Tendo itself doesn’t perform credit checks. When you apply for a loan, our lenders will complete a soft credit check to assess whether you meet their eligibility criteria. Once you have accepted the lender’s loan offer, they will perform a hard credit check.
Our lenders will also review your regular monthly income and expenditure to understand whether your loan is affordable.
Are there any disadvantages of borrowing money online?
While it can be tempting to borrow money in the UK, there are several things to consider before you begin your application. Your credit score will be affected if you miss repayments. Borrowing money on a regular basis can also lower your credit score as lenders will conduct hard credit checks which leave marks on your credit history. Depending on the loan, you may have to pay high interest which could end up costing you more than you originally thought.
What types of loans are available for borrowing money?
There are a few different ways of borrowing money. This includes:
- Payday loans: these are designed to tide you over until your next payday. They usually have short repayment terms
- Instalment loans: usually larger loans that are paid out in a lump sum and repaid over a long repayment period (several months to a few years)
- Short term loans: smaller loans that are repaid over a few weeks to several months
- Bad credit loans: designed to help people with bad credit scores. These usually have high interest rates due to the increased risk for lenders
Why choose Tendo for borrowing money if you have a bad credit history?
Tendo is a great option if you’re looking to borrow money but have bad credit. We have a panel of over 50 lenders, many of which lend to applicants with poor credit scores. You can borrow between £100 to £5,000 over a flexible repayment schedule of 3 to 36 months. It’s important to remember that missing repayments will affect your credit score and could make it more difficult to apply for loans in the future.
What to do if you’re struggling with debt
It’s a big financial responsibility when you borrow money in the UK. It’s important to consider all your options before borrowing money. There are services and resources who can offer you financial help if you need it. This includes the following services:
If you feel you are struggling, or may struggle with your loan repayments, we would recommend you always speak with your lender at the earliest opportunity
Borrow Money FAQs
You can also borrow money from friends and family. Whoever lends you money can’t act illegally when they collect the money. This includes harassment or threats. You should contact the police if your lender threatens you or is violent.
