Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Personal loans for bad credit are for people with lower credit who need to borrow a larger amount of money at relatively low APR. These loans have a higher interest than a typical personal loan and are intended to help people get access to money if they cannot borrow from other lenders like banks.
People with a low credit score are seen by lenders as a riskier person to lend to, which is why direct lenders for bad credit personal loans charge a higher APR. Just like with most other loans, the lenders we work with are flexible: you can choose when to make your loan repayments, depending on your pay-date.
My Financial Broker works with over 50 bad credit personal lenders who can offer loans with funds available on the same day of applying. Start by clicking on the apply now button below and you will be taken to our straightforward loan application page where you can get started.
With My Financial Broker, you will receive an instant decision on the screen with an offer from one of our partnered personal lenders, and then you have the option to proceed and if successful you could receive your money within 24 hours.
How quick you can get your money will depend on the type of bad credit loan you apply for. If you apply for a loan with a guarantor, you would have to take the time to find someone you know with a good credit score to sign your loan, and they would also have to be assessed by the lender. No guarantor loans on the other hand, won't have this delay!
There are several options for people with a bad credit history, however the product will depend on your situation. Personal loans for people with bad credit could be a good option if you have a large expense that you need to repay over a longer period of time without high interest rates from something like a payday loan.
Lenders can offer simple cash loans that can help if you’ve been turned away elsewhere for having bad credit. These can usually be repaid in one repayment or over several instalments.
This means borrowing money against an expensive asset like a house. You must consider that if you fail to repay a secured loan your home would be at risk of being repossessed.
Some credit card companies do offer cards to those with a poor credit history. These accounts can help you also increase your credit score.
You would have to find someone to be responsible for paying off your guarantor loan if you miss any repayments.
Unsecured personal loans for bad credit can be used for a variety of circumstances. Sometimes this will be an urgent situation like a broken home appliance, and you’ll need the money to cover the cost of an emergency call out. Other times you may need to finance a large expense like a new vehicle if you’ve been turned down for other financing options.
At My Financial Broker, we understand that not everyone can maintain a consistently good credit rating and circumstances can arise that lead to the occasional default or missed payment. We can help you cover the cost of your emergency by looking through our panel of reputable lenders to find the best option.
If you are looking to take out a personal loan, there are a few questions to ask yourself before you apply, to make sure borrowing is the most appropriate solution.
Even if you have a very low credit score, you may still be eligible for a bad credit loan. We understand that nobody has a perfect credit history, and we will find the most suitable lender to match your situation.
Lenders cannot guarantee that you will be approved for a bad credit loan until you’ve completed an application. All lenders must conduct the proper affordability and credit checks when you apply for a loan, to ensure they are lending responsibly. You shouldn’t trust any companies that have enticing offers like “no credit check loans” as they are unlikely to be regulated by the FCA.
To take out a loan if you have bad credit, you must be aged 18 or over, and in part time or full time employment. As with other direct lenders online, you’ll need a UK bank account to deposit your cash into and also a valid email address. You must also have an active mobile phone.
Borrowing to pay back other forms of credit is not a good idea, as you’ll most likely end up borrowing more and more, entering into a spiral of debt. If you wish to speak to someone about your debts, there are a number of services that can offer free impartial advice. Step Change should be able to help if you feel you have money problems. Once you have made sure that short-term borrowing is the best option, you can complete our short application form.
Even if you have bad credit, My Financial Broker may be able to put you in touch with a lender, so that you can borrow up to £5000 depending on your credit limit. As a broker, not a direct lender, we’ll try our best to match you with the perfect lender. By using our completely free services, you could save yourself the time and hassle of applying through multiple lenders’ sites.
You can also be certain that we only work with lenders that are authorised and regulated by the Financial Conduct Authority (FCA). If you have a poor credit history, taking out a loan can be more difficult. My Financial Broker aims to help you apply for a loan suitable for those with a less than spotless credit file as well as better your credit rating.
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