Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Bad Credit Personal Loans - A useful Guide

If you have been turned down for a loan in the past, it is possible that this was due to a bad credit record, defaults, late payments or County Court Judgements. As a broker, we understand that everyone needs to be able to borrow money from time to time. This is why we have partnered with a variety of lenders which are able to offer bad credit personal loans.

Who is eligible for bad credit personal loans?

If you have been turned down by traditional lenders in the past due to a poor credit score, we may be able to help. Every day we process 1000’s of loans and we are proud of securing 8 out of 10 of our customers the loan they need.

We have developed a quick and simple application process, which includes our unique FastCheck tool. The tool is designed to assess your eligibility for a loan before you apply, which means there is no impact on your credit file. If you already struggle with obtaining credit due to a low credit score, applying to multiple lenders is likely to have a negative impact on your credit file.

Instead, our 60 second tool will ask you a few key details to find out whether you are likely to be accepted. If the tool shows that you are likely to be eligible for a loan, we will ask you a few key details such as the amount you are looking to borrow, the ideal repayment periods, your income and your outgoings. The lender will then perform a soft search of your credit file, which will help us match you to the ideal provider of bad credit personal loans.

As with all lenders which are fully regulated by the FCA, once your loan passes through to the final stages of processing you will be subject to a full credit check. If you see a lender which is advertising no credit check loans, you should be very wary of making an application, as these do not exist in the regulated loan market.

If you are successful in your application, your loan will be issued to your chosen bank account. In many situations the money can be paid in just 10 minutes*, although the final processing times will be dependent on your bank.

How do bad credit personal loans work?

Our panel of lenders can offer bad credit personal loans ranging from £100 up to £5000, with repayment terms of 3, 6, 12 or even 36 months. It is our aim to find you the cheapest most affordable bad credit personal loans which suit your specific financial situation. As with all loans, the APR will vary and the interest charge is likely to be decided based on your credit rating, among other factors.

If you have a poor credit rating and are struggling financially, it is important to consider how taking out bad credit personal loans will impact you. If you are worried about mounting debts and financial commitments, The Money Advice Service and Step Change are organisations which can offer free financial advice.

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Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. We’re a fully regulated and authorised credit broker and not a lender