Bad Credit Loans
Get £100 - £5,000 short-term loan online
- Secure UK Site
- No Obligation Quote
- Instant Decision
- Efficient Process
Representative example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
What are Bad Credit Loans?
Banks and independent lenders often ask for your credit file when determining whether you should get a loan. Credit scores can tell lenders about your past debt history and whether you can repay the loan on time.
However, not everyone has a good credit score. Your credit score might fall due to multiple late repayments or extended the period of repayment due to an emergency.
If you find it hard to get a loan with poor credit history, we may be able to help you with our panel of lenders who consider applicants that have a less than perfect credit score.
Without any nuisance procedures, GetPaydayLoan links you with trusted lenders and helps you find one that is suitable for you. With the loans for bad credit, you can get through the end of the month, pay for medical bills, and much more.
Need a Loan For Bad Credit? Apply Online Now!
Are you looking for a loan but have poor credit scores? Apply for a bad credit loan with GetPaydayLoan UK today. Here's how you can get a bad credit loan:
1. Fill the Online
We need some of your details to match you with a suitable bad credit lender. The form includes basic questions to let our lenders know your financial status.
2.Get a Quick Decision
Once we have all the information needed, we will forward your application to our panel of lenders, who will give you a decision in minutes!
3.Accept the Offer
If you are satisfied with the bad credit loan offer, you can get in contact with the lender and accept their terms. Once the application is finalised, you can receive the amount directly in your bank.
How Do I Know If I Have Bad Credit?
"Bad credit" means that your credit history doesn't look too favourable to companies or lenders. Having a bad credit score can lower your chances of getting a loan approved, making it difficult to borrow money on a rainy day.
If you want to check your credit score, contact your bank and ask them for your credit history. You can speak to a bank representative to determine how good or bad your current credit score is.
In case your bank can't tell you about your credit score, you can check for yourself if you have had any negative influences on the report in the past. Things that can ruin your credit report include:
- Late payments on loans
- Too many hard searches
- IVA, DMP, or DRO's
- Court judgments
In some cases, it might be possible that you don't have much of a credit history at all. This is common in young adults who are yet to build a credit record or those who have only recently opened a bank account in the UK.
What Types of Loans Can I Get With Poor Credit?
If you have a poor credit history, you might find it difficult to get loans approved by banks.
Alternatively, you can choose other types of loans that accept bad credit:
1. Secured Loan
The easiest way to get a loan with bad credit is by offering some collateral to your lender. 'Secured'loans are based on the understanding that the borrower offers a valuable possession such as an asset against the loan. In case of defaults, the asset can be taken over by the lender.
2. Guarantor Loans
These types of loans are especially designed for those with poor credit. A close friend or family member acts as a guarantor for the creditor, promising to pay back the amount in case of defaulting. However, guarantor loans can have a high interest rate due to the additional risk involved for the lender.
3. Personal Loans
If you want an unsecured loan and you have bad credit, then you may be eligible for a personal loan. You can apply for a personal loan from a direct lender, or through an online broker, like ourselves, who work with a variety of lenders that can still help even if you have bad credit.
4. Payday Loans
Payday loans are short-term loans in small amounts that are to be repaid once you receive your next pay cheque. Typically, payday loans are paid back in about two to four weeks after taking out the loan.
5. Auto Loans
Like a secured loan, an auto loan uses your vehicle as collateral against the loan. In case you fall behind on repayment or default entirely, the lender has the right to repossess your car.
6. Student Loans
If you are looking for a loan to cover an educational expense, then you can apply for a student loan. Any borrower with bad credit can easily apply for a student loan since lenders don't conduct comprehensive credit checks for these loans. You can also ask for flexible repayment terms if you are a student.
Do I Qualify for a Bad Credit Loan in the UK?
Aged 18 years or older
Having source of income
Valid UK address and bank account
Things to Consider When Applying for Bad Credit Loans
1. Your Financial Situation
The first thing you should consider is where you stand financially. Evaluating your current financial situation can help you determine the loan amount you need to get through an expense.
2. Reason for Loan
Don't take out a bad credit loan just for the sake of it. If you are planning on getting a loan, then you should have a valid reason for it. Consider what you will do with the loan amount, whether that's paying medical bills or getting home renovations.
3. Interest Rates
Remember that the amount you borrow will not be the same amount that you pay back. Once you take out a bad credit loan, you'll be repaying it along with the interest. Consider what interest rates different lenders are offering and whether they are feasible for you.
4. Requirements of a Bad Credit Loan
While anyone in the UK can apply for a bad credit loan, there are a few basic requirements that you must fulfil. These include having a valid UK address with proof, personal email address, contact number, yearly income, and general outgoings.
Why Use A Broker?
Every loan application that is sent to a broker is redirected to lenders who will consider your application based on all of the details you have provided. You can be assured that we are an authorised credit broker that works with a panel of licensed lenders.
Frequently Asked Questions
What's the easiest loan to get with bad credit?
You can easily get a quick loan even if you have a bad credit score with our platform. GetPaydayLoan offers a variety of loans that you can choose from.
Is it possible to get a loan with very bad credit?
Yes, you can get loans through GetPaydayLoan even with very bad credit. We partner with professional lenders who are experienced in dealing with individuals with bad credit, making it possible to get financial assistance even with an unpleasant credit history.
Will applying for a 'bad credit loan' affect my credit rating?
No, the bad credit loan will not reflect on your credit rating whatsoever. This loan is treated just as a regular loan would. If you are able to repay it in time, there are no negative consequences involved.
How to compare loans for bad credit?
You can search online for different lenders and compare the loans manually yourself. Alternatively, we will do the search for you, and introduce you to a lender that will still consider your application despite your bad credit.
How can I improve my acceptance rate with bad credit?
You can improve your loan acceptance rate by paying your bills on time, paying back any debt, and avoiding mistakes on your credit report.