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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All you need to know about loans for poor credit UK

Are there loans for poor credit in the UK? There certainly are and that’s the straight answer. Before however, having a low credit score was a major hurdle in securing a loan – particularly a credit agreement that works best for your needs and present circumstances and provides comfortable rates and terms. This is because majority of credit providers in the past have relied on conventional credit scoring to determine whether or not an applicant is eligible for their loan products.

If you have bad credit, you will most likely be rejected since you will be considered as a risky borrower who has a strong tendency to miss out on your loan’s repayments as what your credit history suggests. But what’s even worse is that there is no universal credit scoring that all lenders agree on. Simply put, every lender follows its own unique way of scoring an applicant through a distinct system and this means that there is no possible way to tell for sure which company or companies will give you the best chances of approval and offer you a loan given your bad credit.

Loans for poor credit UK from a direct lender

Fortunately, there are credit providers in the UK who understand that people with bad credit still require reliable funding from to time to deal with different unexpected financial problems. These lenders are ready to offer a handful of financing solutions like unsecured loans with bad credit
to borrowers who have poor credit scores.

While these lenders understand that there is still a risk involved in entering a credit agreement with you because of your problematic credit history, they are still willing to strike a deal with you as long as you can afford to pay back the money that you want to borrow based on your present earnings and outgoings and meet the other basic eligibility requirements.

How loans for poor credit UK provide instant funding

Bad credit loans online work just like any other credit products in the market albeit more accessible and quicker to obtain. To apply for the types of borrowing, you will generally just have to complete 3 basic steps:

1. Fill out a short application form online on a lender’s website that will require some basic personal and financial information from you and then submit it once your done.

2. Wait for a decision from your lender regarding your application. You should know whether you are approved or not in a matter of minutes.

3. If you are approved, the money will then be deposited into your account within 1-2 business days. You can also get the money in cash in any of the lender’s local branches in the same day your application becomes accepted.

Loans for poor credit in the UK however, are still subject to affordability. But before you begin, you must first choose the kind of loan option that will best suite your needs and present circumstances: whether its a secured or unsecured loan. You can arrive at the right answer by evaluating the amount that you intend to take out and whether you need a guarantor or not.

Loans for poor credit UK with no guarantor needed

If you are one of the many Britons who’ve been rejected by banks and other conventional lenders and are currently having a difficult time securing extra funding, loans for poor credit without a guarantor like payday loans bad credit might be the ideal option for you.

While there is no assurance that your loan request will be approved if you have bad credit, you will get a fair chance none the less. Some of the things that bad credit loan providers look into when determining whether or not you are eligible for borrowing include:

 Your present earnings and outgoings
 Employment Record
 Age (if you are in the legal borrowing age)
 If you are a citizen or legal resident of the UK

Loans foor poor credit UK and no credit check

To mitigate the risk involved in your application, lenders offering very bad credit loans with no credit check involved will charge you with higher than normal interest rates. For this reason, you should only obtain the type if financial products if you are 100% sure that you can satisfy the necessary repayments based on the agreed terms and conditions. Because in the event that you miss out on any of your repayments, you will be damaging your credit rating even further.

The ideal loans for poor credit UK

There are many types of bad credit loans int he UK and the ideal one for you will depend entirely on your present needs and circumstances. Some of the popular options that you can consider in the UK today include:

 Payday Loans
 Short-term installment loans
 Unsecured Loans for Bad Credit
 Online Loans
 Secured Loans
 Doorstep Loans
 Logbook Loans
 Guarantor Loans

If your looking for small amounts of borrowing, payday loans, installment loans and doorstep loans should work best for you. Installment loans provide longer repayment periods than payday loans while doorstep loans offer optimum convenience.

If your looking for bigger amounts, then guarantor loans and secured loans including logbook loans should be the options better suited for you. Secured options however, will require you to offer an asset like your home or vehicle as collateral to the money that you borrow. When it comes to guarantor loans, you will have to find someone who will co-sign your loan agreement and assure that your debt will be paid back in full.

Final thoughts about loans for poor credit UK

The biggest benefit with loans for poor credit in the UK lies in the fact that you can secure reliable funding even if you have an abysmal credit rating. Furthermore, if you successfully clear off your bad credit loan without missing or being late on a single payment, you will have helped improve your credit rating as a result. With a better credit score, it would be easier for you to take out other loans with better interest rates and payment terms in the future.

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.