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

Compare Bad Credit Loans

If you're having problems getting the loan or credit you need then you will have to consider new or different options. Below we summarise the main loan options for people who have a poor credit rating.

You can also find out more about the implications of having a bad credit history.

When you've got a credit rating issue you need to be prepared to:

  • pay a higher APR%
  • or provide some security
  • or provide a guarantor

Types of Bad Credit Loan

I you've been turned down by lenders then you should look at these options. May be there's something here you've not considered. May be you could get a loan after all.

Keep in mind that if your credit score isn't brilliant that you may need to "offer" a lender something to reduce their risk. Often that will be an asset as security, or it could be getting someone to guarantee to make your repayments if you are unable to.

Personal Loans to £25,000 over 1 to 5 Years

If you either can't offer a valuable item as security (e.g. house or car) or simply don't want to then your best option could be a personal loan (also called an unsecured loan because there is no secured asset).

Personal loans are typically quoted based on personal circumstances. So the cost of the loan will reflect your credit rating. Expect the APR% to be higher than you might like, but it will reflect the risk the lender feels exists. It is possible to reduce this risk and get a lower rate APR% if you can offer a guarantor. We work with a wide panel of guarantor loan lenders. However, if you can't or don't want to provide a person to guarantee repayments then we have "no guarantor" lenders too.

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%

Loans Secured by an Asset

If you own the home you live in and have a mortgage then a secured loan (also known as a homeowner loan) is an option worth considering. And a secured loan could also be a sensible alternative to remortgaging.

A vehicle is another asset that lenders will consider using as security. If you own your car (most types of car finance mean you won't) then there are logbook loan lenders who may lend to you.

Rates may be more reasonable than for an unsecured loan with homeowner loans being the most advantageous. These sorts of loans are also often used for debt consolidation purposes.

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%
All about Bad Credit

Short Term Cash Loans

Needing cash to cover a short term "blip" and having a credit problem often go hand-in-hand. But given that these loans are repaid quickly the biggest issue for lenders tends to be ensuring the loan is affordable over the coming weeks or months. They are likely to me more interested in your income and outgoings than is your credit past.

You could consider any of the following loan options. Payday loans should be considered only ever for the truly short term. Doorstep loans and instalment loans are more viable over a number of months. Doorstep loans may sound old fashioned but they do have a number of advantages.

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%

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%

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%
For People with Bad Credit

Specialist Car Finance

People often turn to car finance companies precisely because they have credit rating problems. While 80%+ of new cars are financed this way (often through the dealer) it's also readily possible to buy a used car in the same way. We work with Zuto, the UK's largest car finance broker, to provide credit if you need to replace you car - used or new.

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%

Rebuild Your Credit Rating

The ultimate goal of anyone with a credit file containing arrears, defaults, CCJs or whatever is to gradually clear the decks and get everything on a fresh, firm footing. Rebuilding your credit status takes time.

Successfully repaying any form of loan or finance will contribute to improving your situation. But there are also credit cards specifically designed to help you in the credit rebuild task. The Vanquis credit card is one of these.

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)

Rebuild A Credit Rating

How to improve your credit rating

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