Bad credit loans | moneyfacts.co.uk
coin icon

Bad credit loans

Improve your chances of being accepted for a loan

Compare bad credit loans below or use the Moneyfacts pre-approved loans service to discover lenders that will accept you today.

 

Advertisement

Bad credit loans

Bad credit loans

We are searching our databases for your products...

  • 1plus1 Loans Guarantor Loan
    Monthly Repayment
    £122.06
    Cost of Credit
    £929.44
    Total Repayable
    £2,929.44
    Representative APR
    47.80%
    Additional Info
    Available to all credit rating customers. Guarantor required.
    Go To Provider's Site
    Representative Example: Based on a loan of £2,000 at 47.80% per annum fixed. Representative 47.8% APR. Total amount repayable £2,929.44 at £122.06 per month for 24 months.
  • Oplo Homeowners Unsecured Loan
    Monthly Repayment
    £108.92
    Cost of Credit
    £614.08
    Total Repayable
    £2,614.08
    Representative APR
    30.80%
    Additional Info
    Available to customers with a poor credit rating
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 30.80% per annum fixed. Representative 30.8% APR. Total amount repayable £2,614.08 at £108.92 per month for 24 months.
  • Trusttwo Trusttwo (Homeowner Guarantor) Personal Loan
    Monthly Repayment
    £114.49
    Cost of Credit
    £747.76
    Total Repayable
    £2,747.76
    Representative APR
    37.90%
    Additional Info
    Available to all credit rating customers. Guarantor required.
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 37.90% per annum fixed. Representative 37.9% APR. Total amount repayable £2,747.76 at £114.49 per month for 24 months.
  • TFS Loans Homeowner Guarantor Loan
    Monthly Repayment
    £116.04
    Cost of Credit
    £784.96
    Total Repayable
    £2,784.96
    Representative APR
    39.90%
    Additional Info
    Available to all credit rating customers.
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 39.90% per annum fixed. Representative 39.9% APR. Total amount repayable £2,784.96 at £116.04 per month for 24 months.
  • Trusttwo Trusttwo (Tenant/LWP Guarantor) Personal Loan
    Monthly Repayment
    £123.49
    Cost of Credit
    £963.76
    Total Repayable
    £2,963.76
    Representative APR
    49.70%
    Additional Info
    Available to all credit rating customers. Guarantor required.
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 49.70% per annum fixed. Representative 49.7% APR. Total amount repayable £2,963.76 at £123.49 per month for 24 months.
  • Likely Loans Personal Loan
    Monthly Repayment
    £131.03
    Cost of Credit
    £1,144.72
    Total Repayable
    £3,144.72
    Representative APR
    59.90%
    Additional Info
    Available to all credit rating customers.
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 59.90% per annum fixed. Representative 59.9% APR. Total amount repayable £3,144.72 at £131.03 per month for 24 months.
  • Bamboo Guarantor Loan
    Monthly Repayment
    £138.19
    Cost of Credit
    £1,316.56
    Total Repayable
    £3,316.56
    Representative APR
    69.90%
    Additional Info
    Available to all credit rating customers. Guarantor is required.
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 69.90% per annum fixed. Representative 69.9% APR. Total amount repayable £3,316.56 at £138.19 per month for 24 months.
  • 118 118 Money Personal Loan (Poor)
    Monthly Repayment
    £158.50
    Cost of Credit
    £1,804.00
    Total Repayable
    £3,804.00
    Representative APR
    99.90%
    Additional Info
    Available to customers with a poor credit rating
    Speak To A Broker
    Representative Example: Based on a loan of £2,000 at 99.90% per annum fixed. Representative 99.9% APR. Total amount repayable £3,804.00 at £158.50 per month for 24 months.
Note

Moneyfacts.co.uk Limited is an independent credit broker not a lender. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.

Disclaimer

All loans are subject to the applicant’s status. The APR quoted is representative of the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you are offered may be higher, or you may not be offered credit. Fees and rates subject to change without notice. Please check all rates and terms before borrowing.

Quick Links

Quick links are where we have an arrangement with a provider so you can move directly from our site to theirs to view more information and apply for a product. We also use quick links where we have an arrangement with a preferred broker to move you directly to their site. Depending on the arrangement we may receive a modest commission either when you press a 'Go to Provider' or 'Speak to a Broker' button, when you call an advertised number or when you complete an application.

What are bad credit loans?

Bad credit loans are for people with low credit scores, or who have little to no credit history. These loans typically have higher interest rates and greater restrictions than other loans however, they can be useful if managed responsibly.

Can I get a loan on bad credit?

There are lenders that specialise in helping those with a bad or very bad credit history, even if you have been turned down for a loan by a mainstream lender. You will need to show that you can afford the loan, are earning a good level of income and have overcome your previous difficulties with debt. Bad credit loans usually have higher interest rates than those available from high street banks and mainstream lenders.
Our pre-approved loans service will show you those lenders with that are most likely to accept your loan application.

Looking to improve your credit score?

Read our guide about how to improve your credit score or check it today for free through Totally Money.

What loans can I get with poor credit?

If you have had issues with your credit history or a have a bad credit score, then you will need to speak to a loans broker or look for a non-mainstream lender. It’s less likely for high street banks to offer bad credit loans. Instead we’ve listed in the chart above those specialist lenders that accept applications from those with bad and very bad credit. You could consider a personal loan, guarantor loan or a secured loan if you are a homeowner.

Personal loans for bad credit

A personal loan is an unsecured loan that uses your credit history to decide if a lender will give you a loan. This also affects the interest rate and amount of loan you are offered. You can get a personal loan with a previous bad credit history but may find you are offered a guarantor loan instead.

Guarantor loans

A guarantor loan is a type of loan where someone must act as your guarantor for the loan, this means they commit to paying your loan should you default and not pay it. Guarantor loans are designed for smaller loans ranging from a few hundred to a few thousand pounds. Our pre-approved loans service includes guarantor lenders and you could receive a decision in minutes.
Read our guide to guarantor loans.

Secured loans

If you are looking to borrow more than £10,000 then a secured loan is an alternative. This is where you have an existing mortgage and use your home as security for the loan. You should remember that your home is at risk if you do not pay your secured loan. Read more about secured loans.

Moneyfacts tip

Moneyfacts tip Michelle Monck

Payday loans are one of the most expensive ways to borrow money. If you need to borrow money and cannot get accepted for an alternative loan then you should talk with your local credit union. 

Car loans

If you need to buy a car on finance, then there are a range of options including personal contract hire, loans and leasing. Read more in our guide to car finance. You can also use your car as security for a loan, although this does come with risks and can be an expensive way to borrow money.

Pros and cons of bad credit loans

Fast cash – some lenders will be able to send you your money in under 24 hours.
Improve your credit score – as long as you make your payments on time you will be able to improve your credit score for the future. This means you can then get finance at better interest rates.

You could lose your home or car – if you get a secured loan, you may find this is repossessed if you fail to keep your repayments.
More expensive interest rates – bad credit loans have higher interest rates, this means you will pay more for the money that you borrow compared to mainstream loans.

Compare Bad Credit Loans

How Moneyfacts works

  • blue money scales

    BALANCED. Moneyfacts.co.uk is entirely independent and authorised by the Financial Conduct Authority for mortgage, credit and insurance products.

  • free label

    FREE. There is no cost to you. Our service is entirely free and you don't need to share any personal data to access our comparison tables.

  • drawing of pound sign and arrow

    TRANSPARENT. We only receive payment from product providers and intermediaries for quick/direct links and adverts through to their websites.

  • blue binoculars

    COMPREHENSIVE. We research the whole market and scour the small print so you can find the best products for your needs.

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Loans guides

guides icon
Is your credit rating good enough for a mortgage?

Not sure if lenders are going to give you a mortgage? Have you got a non-standard financial history? Find out what to do here.

Read More
guides icon
12 steps to get debt free

Our guide to helping break free from debt.

Read More
guides icon
Guide to payday loans

This guide provides all you need to know about payday loans.

Read More
guides icon
Are you in the dark about your partner’s finances?

Are you in the dark about your partner’s finances.

Read More

Ask us anything

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy