WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

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Representative 277.5% APR

Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances

Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.

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£100 - £2,000
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I Desperately Need a Loan but I Have Bad Credit

“I desperately need a loan, but I have bad credit!” This is a common statement among people, and many lenders responded to this need. In the UK, you’ll find many lenders offering loans for people with bad credit, but desperately need money. Desperate loans in the UK come in many forms and sizes, including short-term and long-term loans, secured and unsecured loans, payday loans, emergency loans, and all sorts of bad credit desperate loans.

I Desperately Need a Loan but I Have Bad Credit: Bad Credit Loans

I Desperately Need a Loan but I Have Bad Credit. Bad credit loans will provide you with the money you need for any personal emergency expenses like unexpected bills, urgent repairs, and temporary shortfalls in cash. Bad credit loans are obviously for applicants with very low credit rating. These people may have experienced bankruptcy or have missed loan repayments in the past.

I Desperately Need a Loan but I Have Bad Credit. There are creditors who will check on your overall ability to repay the loan, and not just your credit score. These lenders usually advertise “no credit check” loans. This does not necessarily mean they are not legitimate. Bad credit loan lenders help people get the money they desperately need, regardless of their financial past.

What To Do When I Desperately Need a Loan but I Have Bad Credit

However, bad credit loans come with much higher interest rates than traditional loans because of the risk involved. While having bad credit can makes it more difficult to find cheap loans, there are still options available to you if you desperately need a loan.

I Desperately Need a Loan but I Have Bad Credit. Interest rates for bad credit loans vary from lender to lender, as they each have their own eligibility criteria. The interest rate is usually determined based upon your overall profile, the degree of adverse credit registered against you on your credit report, your address, employment history, and income.

I Desperately Need a Loan but I Have Bad Credit. You’ll typically find bad credit loans from nonbank lenders, and only seldom through banks. Banks are known for their very cheap and low interest loans, but they usually require their applicants and borrowers to have good credit.

I Desperately Need a Loan but I Have Bad Credit

In reality, it will take you some time to recover from bad credit, especially when you have experience bankruptcy and repossession. While it is hard to get a loan approval when you have bad credit, ironically you’ll need to get a loan to put your credit back in shape. As long as you pay back on time, a loan can help you rebuild your credit rating.

I Desperately Need a Loan but I Have Bad Credit. If you desperately need a loan but have bad credit, you can opt for short-term loans, which are quick and easy to obtain. Short-term loans are most suitable for any emergency expenses. An example of this is the payday loan. Bad credit loans are small and are payable either in a one-time payment when your paycheck comes or in an instalment basis for two to six months.

I Desperately Need a Loan but I Have Bad Credit. If you need a larger amount of money, take out a loan with a longer repayment period. You can have it either secured or unsecured. Securing a loan with a personal asset can increase your chances of being approved and get a lower interest rate even with bad credit. Unsecured long-term loans, on the other hand, are much more expensive, and you’ll have a slimmer chance of getting an approval with a bad credit.

I Desperately Need a Loan but I Have Bad Credit. If you desperately need a loan but have bad credit, you can try a guarantor loan. If you need a loan at a certain amount and wish to have it at a lower cost, a loan with a guarantor is your best alternative. A guarantor loan has a much lower interest rate because the loan is guaranteed. You’ll get a quick approval, and money is transferred quickly as well.

I Desperately Need a Loan but I Have Bad Credit. A guarantor loan is an unsecured loan that are a popular option for those with bad credit or have not yet build credit because they are first-time borrowers. These people need someone else to guarantee the loan for them. This makes the guarantor responsible for making the payments on behalf of the borrower in case he or she cannot make the repayments anymore. If payments are consistently delayed or missed, this may affect your credit score and the credit score of the borrower.

I Desperately Need a Loan but I Have Bad Credit. The guarantor must have a good credit history and stable income, but must not be financially linked to you such as your spouse. You must also make sure that the guarantor understand the risk involve. You must be on good terms with your guarantor too if you are desperate. Guarantors must understand the risk and that should anything goes wrong, you won’t sour your relationship.

I Desperately Need a Loan but I Have Bad Credit. Guarantor loans carry a risk for the person agreeing to act as guarantor. This is discussed with the potential guarantor before he or she agrees to the loan. The lender ensures that the loan agreement is clear to all both the borrower and the guarantor. The borrower and the guarantor must fully agree to the terms of the loan before any funds is transferred. Loans with a guarantor can help you rebuild your credit score. So, use this loan wisely and keep up with your payments on time.

I Desperately Need a Loan but I Have Bad Credit. Another option for you when you desperately need a loan but have bad credit is through credit unions. Credit unions are also referred to as cooperatives because the borrowers themselves own the lending company. Credit cooperatives are more lenient when it comes to eligibility requirements in cash comparison with mainstream lenders. Credit unions rely more on your initial cash outlay to become a member than your past credit record.

I Desperately Need a Loan but I Have Bad Credit. You need to be a member to qualify for a loan. Deposit cash in a savings account. This savings entitles the member to take out a loan subject to its limits. If you have a small deposit, then your loan limit will be small too. Credit unions are the closest thing that you can have from getting  bank loan. The interest rate is acceptable and the loan term is flexible. What’s even better is that your cash is earning dividends since you co-own the lending cooperative. However, the disadvantage is that you need some cash first to deposit and become a member before you can take out a loan.

Considering When I Desperately Need a Loan but I Have Bad Credit

5 most recent personal loan reviews

Review of Colonial Second Charge Loans

I love CSC loans I have been with them nearly three years, need a top up as my son is getting married. They where brilliant as usual, no problems, done so quick - they were my life savers when needed most, thank you.

Review posted by Mary Hartnoll, Canterbury

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Together

As guarantor for my daughters, loan the service we got was quick and efficient, did checks, asked questions and all was sorted very quickly, would definitely recommend Together loans to all.

Review posted by Susan Mills, Darlington

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Shawbrook Bank

Brilliant service. The application process was a doddle, the Shawbrook representative who called me was polite, understanding and cheerful. The whole thing (from starting the application process to receiving the money) took around 3 or 4 hours. Very quick and efficient and no long or silly forms to fill out. Just what was necessary. Am very pleased I chose Shawbrook.

Review posted by John Marcus, Surrey

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from the UK Trust Pilot to certify authenticity.

Representative 277.5% APR

Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances

Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.