Representative 49.7% APR (variable)
Representative Example: If you borrow £2,600.00 over 36 months at a Representative rate of 49.7% APR (variable) and an annual interest rate of 41.00% (variable), you would pay 36 monthly instalments of £126.61. The total charge for credit will be £1,957.89 and the total amount payable will be £4,557.89.
I want to borrow
Over how long?
{{ }} - Personal loan
  • Representative {{ lender.apr.toFixed(2) }}% APR
  • Monthly repayments £{{ monthlyPayment(lender) }}
  • Cost of Credit £{{ costOfCredit(lender) }}
  • Total repayable £{{ repayableAmount(lender) }}
Go To Site Elegibility Representative example: If you borrow £{{ amount ? parseInt(amount).toLocaleString('en') : lender.min_amount.toLocaleString('en') }}, you would make {{ selectedTerm ? selectedTerm * 12 : lender.max_years * 12 }} monthly repayments of £{{ monthlyPayment(lender) }}. The total amount repayable is £{{ repayableAmount(lender) }}. Representative {{ lender.apr.toFixed(2) }}% APR

At some point in our lives, we all need extra money to either get us out of a sticky situation or to boost our finances. Most of us approach money lenders during such situations. Any employed resident in the UK is eligible for a loan provided they have a proper address. However, this is not always the case since different lenders demand that applicants meet certain specific conditions before they can get a loan. Some people may have defaulted on previous loans thus negatively affecting their credit rating. It, therefore, becomes very difficult for lenders to offer them loans for bad credit records. Every money lender must consider your credit history and rating before determining your loan eligibility.

How to Apply for a Loan with Bad Credit

Having a poor credit record may not necessarily prevent you from getting short term cheap bad credit loans. There are organizations that have partnered with lenders to provide quick and simple loan application processes. Look for one of these organizations and provide them with your information. They will, in turn, share the details with the lenders they have partnered with. The information is used by a panel of direct lenders to come to an instant decision regarding your application. These lenders specialize in giving out poor credit loans.

They enable you to speedily contrast the loans at your disposal and also get rid of the insecurity of having a bad credit score. This has simplified the process of applying for bad credit loans in the UK, especially with the rise in the number of direct lenders offering these type of loans. These lenders know about your poor credit rating and are okay with it. A credit check must be conducted before loan approval. Therefore, it is advisable to give correct information on previous loans to increase the chances of getting a loan.

Soft Credit Search

Hard searches carried about by lenders can be viewed by other lenders. Similar multiple searches will negatively impact your credit score. On the other hand, a soft search is not viewed by other lenders. It works more like a background check and will not affect your credit score. The good news is that most direct lenders use soft credit searches.

How to Improve your Credit Score

Having a good credit rating guarantees you smooth loan applications. It also increases the chances of your application being approved. You must first ensure that the information available with the three main credit reference agencies is factual. Also, ensure that all your credit commitments are paid timely. By doing this, your credit score will gradually but surely improve.

How Fast can you Get a Loan with a Poor Credit Record?

Factors such as the amount of money you are borrowing and the period of time you want to repay it will determine how fast you will get your loan. Small amounts generally have a short repayment period of three months and can, therefore, be approved instantly. If you need a larger amount, you might have to wait a little longer as lenders work to determine the right repayment plan that you can handle. In the UK, applications are processed much quicker since there is no form filling. Bad credit loans are usually offered online.

Looking for impartial advice on your finances? The Money Advice Service offers free advice, set up by government.
Learn more

Looking for impartial debt advice? Step change are the UK’s leading debt charity providing expert debt advice.
Learn more