Bad Credit Options
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Unsecured loans for bad credit histories come in two basic flavours:
Both are personal loans and do not require any form of security (i.e. asset to back the loan).
So, now you'll be wondering which type of loan would suit you, and which one you'd be more likely to be able to get.
All loans subject to affordability
In recent years the amount of choice has increased dramatically. There have been two important developments that help borrowers if they are suffering from a bad credit history but want an unsecured loan - it's been about lenders trying to find ways to lend even if they think you might be a higher risk:
We can't give advice because we don't know your personal circumstances - the path you should take or the path you can take will depend on numerous factors.
However, based on what we know about the lenders who provide tailored quotes and the spread of interest rates they can offer the answer depends on how bad your credit problem is:
You could well get a quote at a rate lower than the "one size fits all" rate from guarantor lenders and not have to provide a guarantor at all.
You may find that your tailored APR% quote is as high as or higher than that from a guarantor loan lender. In which case you need to ask yourself if you could get a guarantor. If you could then:
Compare the options presented to you and then make the choice that fits your requirements best.
Clearly if you can't get a guarantor (homeowner or non-homeowner) your only option will be to apply for a standard personal loan and see what rate you are offered.
In all cases lenders will want to make sure that any loan offer you are made is affordable given your usual monthly income and expenditure.
Note: Using our enquiry service:
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