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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.
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Personal Loans

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  • 60-Second Application Form
  • From £1,000 to £25,000
  • Rates from 5.7% APR to 278% APR*
  • 3-36 month repayment

Short Term Loans

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  • Apply to borrow up to 3000*
  • Rates from 278% APR - 157% APR*
  • 3-12 month repayment

Getting an unsecured loan despite your bad credit is still possible. Many people look for this option especially if they lack credit history or their credit profile is damaged.

Low credit rating can often mean that your choices for lenders as well as the amount you’re allowed to borrow will generally be limited. Those with good credit ratings, on the other hand, will have a much easier time getting a loan approval for much larger amounts. There are lenders, however, that would be more than happy to look behind your credit score.

How to Find Bad Credit Personal Loans

Look for a loan that will allow you to borrow the amount you need at the term that you’d prefer to pay it back. Find out all the fees and charges attached to the loan. If you want to repay the loan earlier, find out if there are early repayment fees too.

Understand that bad loans tend to be more expensive compared to standard ones due to how more of a risk you’ll be perceived due to your credit score. When lenders cater to borrowers with bad credit score, they are in a much greater risk of not being paid back on time. This is why they try to mitigate the risks by increasing the interest rates.

The terms are likely going to be for a shorter term as well. This is also the reason why you should only borrow an amount that will allow you to get the repayments done on time. Otherwise, you’ll get charged for additional fees like late fees and other penalties and that will only further increase what you owe. 

Where To Find Bad Credit Personal Loans

A number of lenders have specific services that cater to borrowers with credit scores that are on the spotty side. Since there are a number of them, it's advised that you compare different offers from different lenders. Just avoid applying to a number of them though to avoid pulling down your credit score considerably.

It doesn’t hurt to work on improving your credit score first before applying for personal loans. You will get a much better loan offer and a higher chance of approval when you fix your credit score. To do this, work on getting your bills paid on time and your credit agreements paid before they are due. Direct debits for your regular monthly financial obligations help. 

Yes. It isn't common practice to allot loans to individuals who do not have a stable job or other means of repayment. Still, some companies do offer loans that are specifically catered to unemployed individuals. These are often characterized by a lack of credit history checking, fast processing and approval times, and an above-average interest rate.

How to Acquire These Loans

There are three popular methods to avail of a loan even if you are unemployed:

1. Co-maker loans – co-makers loans, also called guarantor loans are loans that include the involvement of someone else. This can be a close friend, a relative, or someone who volunteers to be your co-maker. This individual will vouch for your loan and repay it out-of-pocket in the event that you are unable to.

2. Collateral loans – you can use something of value as collateral for loans.  A personal vehicle, one’s land title, or other items are all viable collaterals for a loan. In the event that you are unable to pay your loan, the item of value serves as the monetary proxy to repay what you owe.

3. Microfinance providers – microfinance loans are also something one may consider. This is ideal for individuals who have certain useful skillsets that a company may find promising or profitable. It is generally geared towards would-be small-time business owners.

No one company has a similar protocol over what they accept, so try to look for one that suits your needs. Collateral and co-maker loans are great for negligible loans. Microfinance loans are a better option if you need a bigger amount of money for a start-up. Whatever you do decide on, remember that prompt payments are always a must!

Getting an unsecured loan despite your bad credit is still possible. Many people look for this option especially if they lack credit history or their credit profile is damaged.

Low credit rating can often mean that your choices for lenders as well as the amount you’re allowed to borrow will generally be limited. Those with good credit ratings, on the other hand, will have a much easier time getting a loan approval for much larger amounts. There are lenders, however, that would be more than happy to look behind your credit score.

How to Find Bad Credit Business Loans

Look for a loan that will allow you to borrow the amount you need at the term that you’d prefer to pay it back. Find out all the fees and charges attached to the loan. If you want to repay the loan earlier, find out if there are early repayment fees too.

Understand that bad loans tend to be more expensive compared to standard ones due to how more of a risk you’ll be perceived due to your credit score. When lenders cater to borrowers with bad credit score, they are in a much greater risk of not being paid back on time. This is why they try to mitigate the risks by increasing the interest rates.

The terms are likely going to be for a shorter term as well. This is also the reason why you should only borrow an amount that will allow you to get the repayments done on time. Otherwise, you’ll get charged for additional fees like late fees and other penalties and that will only further increase what you owe. 

Where To Find Bad Credit Business Loans

A number of lenders have specific services that cater to borrowers with credit scores that are on the spotty side. Since there are a number of them, it's advised that you compare different offers from different lenders. Just avoid applying to a number of them though to avoid pulling down your credit score considerably.

It doesn’t hurt to work on improving your credit score first before applying for business loans. You will get a much better loan offer and a higher chance of approval when you fix your credit score. To do this, work on getting your bills paid on time and your credit agreements paid before they are due. Direct debits for your regular monthly financial obligations help. 

Yes. It isn't common practice to allot loans to individuals who do not have a stable job or other means of repayment. Still, some companies do offer loans that are specifically catered to unemployed individuals. These are often characterized by a lack of credit history checking, fast processing and approval times, and an above-average interest rate.

How to Acquire These Loans

There are three popular methods to avail of a loan even if you are unemployed:

1. Co-maker loans – co-makers loans, also called guarantor loans are loans that include the involvement of someone else. This can be a close friend, a relative, or someone who volunteers to be your co-maker. This individual will vouch for your loan and repay it out-of-pocket in the event that you are unable to.

2. Collateral loans – you can use something of value as collateral for loans.  A personal vehicle, one’s land title, or other items are all viable collaterals for a loan. In the event that you are unable to pay your loan, the item of value serves as the monetary proxy to repay what you owe.

3. Microfinance providers – microfinance loans are also something one may consider. This is ideal for individuals who have certain useful skillsets that a company may find promising or profitable. It is generally geared towards would-be small-time business owners.

No one company has a similar protocol over what they accept, so try to look for one that suits your needs. Collateral and co-maker loans are great for negligible loans. Microfinance loans are a better option if you need a bigger amount of money for a start-up. Whatever you do decide on, remember that prompt payments are always a must!

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