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Loan and money options when you have an adverse credit history

Borrowing issues? Discover your options here.

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Bad Credit Loans

  • Loans: £100 to £75k+
  • Tenants & Homeowners
  • Poor Credit Alternatives
  • Unsecured & Secured
  • Options inc. no guarantors
  • Help improve your creditworthiness

Loans for People with Bad Credit

Compare Poor Credit Loans Options - from £100

If high street banks and other lenders have refused to let you borrow you may believe that your financial situation is impossible. But don't panic - your credit rating need not be a problem. 

Since 2005 we've specialised in helping people who have a poor credit record. As a no fee broker our range of "bad credit" loans is wide. They are designed to help when you don't qualify for ordinary financial products.

Numerous reasons for losing your creditworthiness:

  • Declined elsewhere?
  • CCJs? Arrears? Defaults?
  • Self employed? No accounts? No proof of income?
  • Part time employed?
  • No credit history?
  • Poor/adverse history?
  • Bankruptcy/IVA?

Typical bad credit loan options available on our website

The main alternatives available to those with a poor credit rating are:

The difference between credit rating and affordability

When you apply to borrow the provider will want to know two things:

  • how reliably you have repaid borrowings in the past - they'll look at your credit file.
  • whether you can afford the repayments on any new loan made to you - they'll look at your income and outgoings to assess its affordability.

Not being able to afford additional repayments is likely to be a deal breaker, while your credit history is more likely to simply affect the cost of your new loan and whether you'll be required to provide security.

A poor credit score will affect the cost of borrowing

Having a bad credit rating puts a lender on alert. They compensate for the extra perceived risk by charging a higher interest rate. You'll also notice that if you are prepared to offer an asset as security or provide a guarantor that you might be able to reduce that interest rate somewhat. Effectively you are opting to take on some/all of the risk the lender had.

Things you should consider when borrowing

If you are thinking of applying for a poor credit loan because of your adverse credit score you should think about:

  • Interest rates: typically you'll pay a higher interest rate if you have a poor credit rating
  • Unsecured vs secured: to get a better interest rate you could provide security, but are you really prepared to lose your asset if you default on your debt repayments?
  • Your credit score: if you do borrow more and make repayments on time and in full then you can improve your bad credit rating. If you fail to then you will make it worse.
  • Borrowing term: as with any form of debt the longer you borrow for the higher the total interest on that debt will be. This is made even more noticeable by the higher interest rate you will be paying.
  • Loan amount: only borrow what you really need.

Key facts about loans for bad credit that we've noticed

Looking at the applications we get for this type of loan there are some obvious trends:

  • Debt consolidation is the most common purpose - to make monthly repayments on existing debt more manageable
  • People on lower incomes tend to have a poorer credit rating - with a higher proportion of income required for for meeting life's basic expenses and with greater job and income insecurity this is unfortunately the case.
  • It may not surprise you but younger people tend to have a worse credit score perhaps linked to lower incomes and their spending habits.

Poor Credit Loans Explained in 60 Seconds

Compare Types of Loans for Bad Credit

There is a range of financial products that can help people with some form of adverse credit rating. There's no single "bad credit loan". Typically these products have higher costs or need some form of security or a guarantor. Below are summaries of each. You can compare them and click through for more detailed information. Your choice will depend on your personal circumstances and why you need the money. You can find out more about credit scores and how to improve them.

your loan and credit options

Personal Loans (bad credit)

  • Unsecured Loans up to £25,000
  • Repay over 1 to 5 year period
  • Less than perfect credit acceptable
  • Tenant & Homeowners welcome
  • No guarantor required
  • Various lenders available
  • APR varies from 30% to 100% depending on credit score
  • Representative APR c.50%

Guarantor Loans (large/long term)

  • Borrow £500 to £15,000 unsecured
  • Repay over 1 to 5 years
  • Designed for people with a poor financial status
  • Instant in-principle lending decision
  • Multiple loan/lender options available
  • Guarantor can be a homeowner or a tenant
  • Payouts possible within 24 hours
  • Representative APR 39.9%

Instalment Loans

  • Borrow up to £2000
  • Repay in installments over 3 to 24 months
  • Fast payout is possible
  • Responsible lending policy
  • Only use this type of loan in exceptional circumstances
  • Representative APR 1270%

Payday Loans

  • Borrow up to £1000 for up to 30 days
  • Trusted lenders only
  • Get payouts within 24 hours
  • Responsible lending policy
  • Only use this type of cash loan in exceptional circumstances
  • Only use for very short periods of time
  • Representative APR 1270%

Doorstep Loans

  • Small cash sums up to £2,500
  • Repay over 14 to 52 weeks
  • No bank account required
  • Pay weekly in fixed amounts
  • Friendly doorstep service
  • Multiple loan options
  • Representative APR 399.7%

Car Finance

  • PCP & HP plans
  • Borrow from £1,000 to £50,000
  • 80+ products / 15+ lenders
  • Keep payments low by not owning vehicle
  • No deposit options available
  • Poor credit acceptable
  • Representative APR 20.1%

Secured Loans

  • Secured loans up to £250,000
  • Repay over 5 to 25 years (i.e. long term)
  • Access your home's growing value
  • 95% max LTV (higher in special cases)
  • Adverse credit plans available
  • You must own your home & have a mortgage
  • Secured on the value of your property
  • From 3.73% APR (Rep. 9.1% APRC)

Logbook Loans

  • Borrow £500 to £25,000+
  • Typical Loan value £1000
  • Repay typically over 3 months to 2+ years
  • Loan secured on your car - so be careful
  • Adverse status acceptable (financial check done)
  • Trusted direct lenders
  • Representative APR 189.9%

Credit Card (rebuild status)

  • Initial borrowing limit of £150 to £1000
  • Earn right to increased limit over time
  • Rebuild your credit status
  • Option to protect financial status
  • No Annual Fee
  • Consumer protection built in
  • Representative 39.9% APR (vrbl)

Improving Your Credit Score

How to improve your credit rating

Answer 4 quick questions to discover your loan options.

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