Borrow from £100 to £25,000
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- Bad Credit
Whole of Market panel
Trusted panel of lenders
From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
Borrow up to £3,000
Rates from 278% to 1576%
3-12 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable). Representative 481.6% APR.
Even the Worse Credit Still Qualifies You for Loans
Anyone who knows much about finances and credit and how the two connect will tell you that your credit will affect your chances of being approved for a loan. Most people understand that if your credit is poor then your opportunities for loans decrease. You might think that there is a point where you will no longer be eligible for loans of any kind, if your credit is bad enough. However, that’s not actually the case.
No matter what your credit rating is, there is always a loan that is going to be available to you at an instant. It may not be the loan you want, and it may not have the interest rates you like, but it’s still available and you can still borrow money regardless of your credit rating.
Where to Find These Loans
Very bad credit loans are available through direct lenders. These payday lenders and fast cash lenders often advertise their loans as cheap and as being made for people who have bad credit. What you may not realise is that the majority of them won’t even check your credit. They won’t know how bad your credit is when they approve you for a loan. They don’t even factor in how good or bad your credit is, for the most part. There are a few who will check your credit, but they will still approve you for a loan, just with higher than normal interest rates. However, direct lenders that check for credit are few and far between.
The vast majority of them don’t care at all about your credit. It could be as low as possible and they would still approve you for a loan, if you meet the rest of the eligibility requirements. Generally, that simply means having enough income to cover the cost of repaying the loan in a timely manner. They will look at your income and determine if it is the kind of loan you are requesting. If not, then they may suggest a different loan or they may reject you based on your income, but your credit won’t be a determining factor.
How to Use Very Poor Credit Loans
You do have to be careful with loans that are meant to be used by people with bad credit. These loans come with high interest rates, and if you don’t pay them back on time, then you can end up paying a lot of money in interest. You can use the loan however you want, but you need to approach it with a solid plan for how to pay it back.
Failing to pay back the loan in time can hurt your credit even more, but if you manage to make your payments when you are supposed to or even pay back the loan in full before it is due, it can give your credit a boost. Showing that you are able to handle very bad credit loans wisely will demonstrate to lenders that you are smart with your finances. This is why some people with very poor credit actually apply for these very bad credit loans in the first place- to improve their credit when no other credit options are available to them. Just be careful about taking out too many loans over a short period of time, because that can hurt your credit, if you aren’t careful.
What can I do if I wish to complain?
Information about complaints can be found in our complaints policy.
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.