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The bad credit situation arrives when people can’t repay or make late repayments of their loan amounts. It is indeed a very bad financial situation because they are restricted to borrow money from their banks or otherwise, they have to keep collateral, which may be their home or car, to secure the loan amount. However, there is no need to visit your bank again and again for borrowing money; rather you can apply for bad credit loans provided by a number of loan companies in the UK marketplace and that too on affordable rates of interest and flexi repayment schedules.

Simple and Straightforward Application Procedure:

To avail the best monetary benefits of these loans, the borrowers don’t have to go through a cumbersome application procedure. Most of the loan companies have a simple and straightforward application procedure that people can easily follow by sitting online from their home or office or the place of their comfort. Once the bad credit borrowers sit online, they have to go to the lender’s website and fill an online application form with mandatory details regarding their age and address proofs along with bank account details and income proofs. During the application procedure, no documentation is required from the borrowers.

Instant Disbursal of Cash:

The bad credit loans also facilitate borrowers with an instant disbursal of cash from the borrowers. As quickly the borrowers send their online request for these loans, the lenders will able to transfer the cash to their authorised bank accounts. After the submission of their loan application, the lender doesn’t take much time in examining their application details and then provide the sufficient monetary help through fast disbursal of money. By getting a quick transfer of money from the lenders, the borrowers can easily as well as quickly come out from the days of financial urgency.

Poor Credit Loans Improve Your Credit Score:

Unlike long term loans, the poor credit loans allow only small amount of money to be borrowed. But, in fact, it is an advantage for the borrowers where they not only get instant flow of cash from the lenders but also improve their credit scores by following easy repayment schedule. These loans usually don’t have hefty loan repayments because the money is not huge enough. By making timely repayments, the bad credit borrowers can bring their credit scores back on track, which further help them to increase their credibility among the various lenders.

Interest Rate May be on a Higher Side:

The loans for bad credit have several advantages for the borrowers but they have a disadvantage of a higher interest rate. When the borrowers apply for long term loans, they often provide security and a guarantor against the loan amount. But in these types of loans, where the amount is not big enough, the borrowers are not required to keep collateral as loan security or provide a guarantor to co-sign the loan agreement. Therefore, their interest rates are usually on a higher side that the borrowers have to pay.

A strong reason for that is because most states in the U.S. Require car owners to purchase insurance. It is a mandatory requirement to meet so those owners can be legal drivers. Auto insurance is a form of financial responsibility for owning and driving the vehicle on the road. In the attempt to prepare for potential liability issues and car damages due to an accident, insurers are offering a broad range of coverage to provide financial assistance. There is no doubt that major insurance companies are expanding their businesses to more areas in more states. For those insurers, the caveat is that they need to find new offices, hire new buildings, and work with new representatives. Business expansion means new investment, and this does not seem to be an irritating expense for companies like Loya Insurance Company.

Starting as a humble insurer in 1974 with a single storefront office in El Paso, Texas, Loya Insurance has become a fast-growing company and undergone a significant expansion. Now its subsidiaries are standing in over a dozen of states including Nevada, California, Colorado, New Mexico, Indiana, Alabama, Missouri, Illinois, Arizona, Georgia, and Ohio. The company’s headquarter remains in Texas, yet it now has more than 700 branch offices as of 2016. It does not appear to be surprising for the big insurer to spread coverage area, but the insurer prides itself as part of a local community in every state it exists.

Regional Offices

In El Paso, the company has recently opened hundreds of job Opportunities for the community for the sake of growing in its origin areas. However, its reputation as local auto insurance started long before that. Unlike most insurers with significant office buildings, Loya Insurance goes for the more subtle understated marketing approach by choosing public locations for branch offices. Despite the fact that the company is now operating in numerous states, its reputation as a local company has not changed. Some of the most common public locations where Loya Insurance Company works are grocery stores, commercial/office buildings, department stores, street corners, and shopping centers. By making its presence in places where the public visit on day to day basis, the company develops the sense of familiarity in the eyes of both existing and potential customers. There are three benefits for policyholders from that:

1. Easy access: Public areas are ideal Places for policyholders to find branch offices where they can consult the agents about policy, price, and claims. With more than 700 agencies in about a dozen of states, the auto insurer makes an average of 58 branch offices in one state. There is good chance that every policyholder is within short driving distance to the agencies. Ease of access to direct communication is something uncommon in today’s insurance market, and Loya Insurance Company fills that gap well.

2. A better understanding of local risk: Assuming That policyholder also works with independent agents, discussions about local risk is becoming easier. Because the company’s agents are working in the same community as customers, there is a better understanding of local risks. A different neighborhood has distinctive demographic and social interactions, but local offices make sure that everything is part of the discussion during the underwriting process.

3. Present for claim processing: An appraiser should present to start calculating estimates. Any insurance company tries to convince everyone that an appraiser is present only a few moments after the accident happens. In reality, the appraiser has to travel to the crash site; depending on the distance; it can take hours. When a local branch office is available in the same community, policyholder does not have to wait for long until the company’s representative arrives. There is no need for lengthy conversation over phone calls. Loya also offers drive-in estimates at local offices. If the vehicle is driveable following an accident, policyholders can go to the local branch office and get estimates in no time.

Direct Repair Program

The attempt to blend in with the local community does not end with the widespread of branches. Loya Insurance Company offers Direct Repair Program for policyholders with which they can go to a select repair shop in their area. Repair shops that enroll in this program can provide Rental Reimbursement service even when the policyholder does not have that coverage in their policy. All repairs can start once an appraiser gives authorization after inspecting the damage and determine the total cost.

Another good thing is that direct repair facility bills the company, not the policyholder. The cost for repair or parts replacement is the company’s responsibility without requiring any action on subscriber’s part. However, deductibles apply for collision and comprehensive coverage, so customers are responsible for paying a small amount of the total repair. The deductibles are flexible and negotiable before the underwriting process.