Representative 49.9% APR (variable). Borrowing £4000 over 36 months, repaying £195.16 per month, total repayable £7,025.76. Interest rate 49.9% (variable). Repayment terms available between 1 and 5 years. Maximum APR 99.99%
We work with a panel of lenders
Please be aware that by applying you give your consent to have your personal information passed to a third party to process your application. Some lenders may need to conduct a credit search as a result of you application.
Once your details and those of your guarantor are completed online they are then verified just to ensure the lending criteria are met. You’ll then get a call to finalise the terms and ensure you get your money paid out as quickly as possible, usually within 48 hours.
Loans for people with bad credit - Borrow up to £20,000 with an bad credit loan even if you have poor credit and have been refused credit elsewhere.
Improve your credit rating with a bad credit loan. The checks made are usually to ensure you aren't bankrupt or in an IVA.
Get a loan with no credit, the application process is quick with no up front fees.
If you can find a guarantor then you should have no problem getting a loan with a bad credit file.
Remember, a poor credit rating is ok with our loan lenders. What is important is that you get your money quickly by completing the short loan application form which is processed immediately. So if you are wondering where can I get a loan with bad credit then this is certainly an option.
With a bad credit loan your credit history is not as important to our lender. There will a search conducted to ensure you have not been made bankrupt or are in an IVA - so you can gain access to your money within 48 hours by completing the simple application form which will be processed online immediately.
You may need a guarantor to back you and your loan.
There is arguably no such thing as a guaranteed loan but a loan with a guarantor is as close to this as you will find. Unless you are an ex bankrupt or in an IVA you have a high chance of getting a loan with a qualifying guarantor
If you are happy to be fully credit checked or don't have a guarantor then try one of our standard personal loan providers.
Many lenders in the Uk are targeting asset backed finance to give themselves greater comfort and security in the current economic climate. This move away from unsecured lending is exemplified by the range of available property-backed secured loan and home improvement loans providers, and also the increasing number of niche products such as ones that enable a customer to raise money secured against personal valuables like cars, art and antiques or jewellery and gold. A bad credit loan falls into this category of niche loan products which requires a form of security in the form of someone to guarantee the loan in order to gain acceptance.
If you cannot get a loan from your bank it doesn't have to mean you can't get a loan. Other lenders will look to lend you money on the strength of your guarantor for example, known more commonly as a guarantor loan. These are also sometimes referred to as guaranteed loans buy no loan is guaranteed and usually subject to certain criteria being fulfilled.
Customers who have a low or bad credit score, whatever the reason, are perceived to be a higher risk to banks and finance houses many lenders are therefore simply unwilling or unable to take on this type of financial liability. These applicants having been rejected and left with fewer options. This where consideration may be given to a bad credit loan backed by a guarantor.
By applying for a loan backed by a guarantor this effectively guarantees that your loan will be repaid to the lender. This gives the lender additional comfort that they will be paid back if are unable to meet the regular payments yourself.
If you are happy with your credit or don't have a guarantor then try one of our standard personal loan providers.
Your guarantor will need to be confident that you will be able to make the payments as they most likely won't want to have to make them themselves! Even though they are after all the lenders ultimate security.
If you think you will struggle to find such a person then perhaps consider one of our standard personal loan products though the APR could be higher in some cases.
Guarantors generally tend to be very close to the applicant IE someone related, a close friend or perhaps in some cases an employer or landlord. They also need to be in receipt of a regular income and a homeowner.
To prevent fraud the bad credit loan lender will send the proceeds of the loan to the guarantor to pass on to the applicant. This final stage in the process ensures that they are fully aware of their commitment and also verifies their relationship with the applicant.
The applicant has not been rigorously credit checked so the guarantor will need to meet fairly basic criteria to qualify, the key one being that they must be a homeowner. Home ownership is considered a key factor when assessing the credit worthiness of the guarantor and the application as a whole.
The guarantor on a loan must also have a stable credit history and steady income from employment or perhaps pensions.
The most common people to act as guarantors for our customers tend to be parents, family members, close friends or work friends. You may also consider an employers or even a landlord.
Put simply if they trust you then our lenders trust you and thus your personal credit rating is not so important when applying.
Anyone considering whether to be a loan guarantor should obtain a copy of the loan contract and should be sure to read and fully understand it before they sign it.
What can I use my loan for?
You can use it for any legal purpose such as a car, holiday or consolidation.
Do I have to apply with my spouse or partner?
No, you can apply for a loan in just your name.
Am I credit checked?
Only a soft search to ensure you are not bankrupt or in an IVA. If you are happy to be fully checked or don't have a guarantor then try one of our standard personal loan providers.
Is a loan with a guarantor just for people with bad credit?
Not necessarily no , you could be in temporary employment or difficult to find on the voters roll. There are many reasons why it's difficult to get credit
Can I pay the loan off early?
Yes and with no extra charge.
How do I manage my loan?
You will have an online login to manage your account, make extra payments and apply for a top up.
Money Solutions Uk have access via a panel of lenders and master brokers to many loan providers who will conduct a credit check before offering personal loans to customers who meet fairly basic criteria. This can mean tolerance for some bad credit and stable income.
We also have some personal loan lenders who offer market leading rates to customers who pass a more rigid credit check.
If you are a homeowner and looking for a larger amount then you may wish to consider homeowner loans.