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Bad Credit Options

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Personal Loans

Unsecured loans for bad credit histories come in two basic flavours:

  • those with no guarantor required
  • those that do require a guarantor

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.

Unsecured Bad Credit Loans:

  • Standard Personal Loans:
    • Up to £25,000
    • Rep. c.50-70%APR
    • No guarantor required
  • Guarantor Loans:
    • Up to £15,000
    • Rep. c.40% APR
    • Guarantor required

All loans subject to affordability

Choosing a Bad Credit Personal Loan

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:

  1. The rise of guarantor loans
    • as the borrower you provide a guarantor for the loan - probably a family member or a close friend who could step in and make the loan repayments should you not be able to. So, from the lender's point of view the risk is significantly reduced. more info
  2. The rise of tailored lending (setting of the APR%)
    • with no guarantor required some lenders have chosen to use clever computer techniques to calculate a specific interest rate for a borrower based on their specific credit history. When you make your application the lender instantly assesses it and provides a quote which can be acted on immediately.
    • Lenders are capable of offering a very wide range of quotes that depend on credit status - from as low as 10% for people with very modest credit problems to over 100% for those with the most serious credit issues.

Which of these Unsecured Loans is Best?

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:

Low to Moderate Credit Problems

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.

Moderate to High Credit Problems

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:

  1. Get loan offers from guarantor loan companies - use our free service
  2. Get quotes from our unsecured loan lenders - use our free service

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:

  • Is entirely free
  • Means you'll get the same great deals as if you were to go direct - but you'll save lots of time
  • Does not oblige you to proceed with any loan offer made to you.

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