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Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
† Subject to lender's requirements and approval. Not all loan amounts are eligible for 20 minute payouts. Your bank may increase the time you receive the money considerably.

Desperate Loans in the UK

Key points

  • These loans are typically for those needing fast cash in an emergency situation who don’t have time to go through lengthy applications.
  • They are popular with applicants that have bad credit and have been refused a loan elsewhere.
  • Interest rates can be higher, but loans are typically completed online and paid out quickly.

There are moments in life when we run into some unforeseen expenses, from home repairs to dental work and just about anything else in between. When you need some much-needed funding to get you through until things become financially better, you have the convenient option to take out desperate loans in the UK. Additionally, there is an assortment of desperate loans in the country from a plethora of online lenders who are willing to strike a loan deal with you as long as you meet the basic borrowing requirements and below we will discuss all of them.

Desperate loans for people with bad credit

If you have an extremely low credit score, searching for a loan can prove difficult. Minimum credit score requirements on traditional loans from banks and credit unions mean that your options are pretty much limited. Fortunately, there is a wide array of desperate loans for people with bad credit that you can turn to for your funding needs.

How can I get a desperate loan with bad credit?

Lenders offering the financial products are often more concerned with your ability to repay the loan than with your credit history. Applying for the loans is also pretty straightforward. Simply go online to a lender’s website and complete an application that will require only a few minutes of your time.

Bear in mind these crucial steps before you apply to save yourself precious time and money.

  1. Know your options. There are several options available in the UK so be sure that you know what they are. Once you have found the suitable option, try to compare similar loan offers from different lenders and find out which one suits you best. You’ll want to look at the loan amount, repayment terms and the total cost to determine which one is ideal for your needs and present circumstances.
  2. Check the eligibility requirements. While such lenders do cater applicants with bad credit, they still have their own unique requirements that need to be satisfied. Check the minimum age, income and residency requirements to avoid getting rejected.
  3. Take out only what you can afford. While you can avail for more than what you can afford, the terms can be challenging to meet if the repayment period is short. With that being said, it would be best to determine what you can comfortably manage and find a loan that works with your budget.
  4. Make a sound budget. Once you are approved for a loan, your repayments will normally begin on your next payday so make sure you have properly budgeted for the additional expenses that will come to you every month throughout the duration of your loan.

Desperate Loans from a direct lender

Direct lenders that provide desperate loans have different lending criteria from traditional financing institutions such as mainstream banks. They will take into account your employment situation, how much you earn, and your bank statements when seeing if you’re eligible for a loan. Some of the features that you can expect with desperate loans from a direct lender include:

  • Seamless online application. Direct lenders generally allow you to apply online with an application process that can be completed in a few minutes. After your done, simply click the submit button and you should receive a response instantly.
  • Quick turnaround time. Because desperate loans are designed for emergency situations, it’s not unusual for lenders to offer a one-day turnaround. Normally, however, you can expect your money to be deposited into your account in the next business day.
  • Borrow as much as you need. The lenders can offer a range of loan amounts, from  £100 to as much as  £50,000.
  • No hidden fees and charges. Direct lenders in the UK operate under the strict guidance of the FCA or Financial Conduct Authority and will not charge you with any hidden fees or charges whatsoever that might surprise you once you receive the bill.
  • Easy repayments. Desperate loan lenders can direct debit your repayments from your account automatically, so you don’t have worry about missing any single payment.
  • Repay the loan early. You are normally allowed to repay your loan without penalty allowing you to save money by cutting off future interest rate payments.

How to find the right direct lender for you

With so many direct lenders to choose from online, it might be challenging to know where to look first. It’s vital that you obtain the right loan for your needs and here are some aspects that you should consider before making the final decision.

  • Check the lender’s background carefully. Direct lenders will have the right to access your information including your bank account details to approve your loan application, so you need to ensure that they that are reputable and trustworthy. Check the lender’s website carefully and make sure that its policies and terms are clear to you. There are online lenders who offer “live chat” services so you can discuss any concern that comes to mind. It would also be best to read reviews and testimonials to find out how the lender treats their clients.
  • Find out what the fees and interest rates are. High fees and interest rates are normally what you will get in return for convenience and quick access to funds. However, the FCA puts a cap on how much lenders can charge for their loans depending on the kind of credit product and this is something that you should look into before you apply for a loan.
  • The turnaround time. This will depend on how quickly you need the money. Do you need the funds in the next few hours or can you spare a day or two? Majority of lenders in the UK will deposit the money directly into your account within a time frame anywhere from 1 hour to 24 hours (on business days).

Desperate Loans with a Guarantor

Through a desperate loan with a guarantor, you can obtain an unsecured loan even if you don’t have enough money in your bank or a stellar credit rating. If your bank or credit union has refused you with the funding that you need, the financial product could be the ideal solution for you. Here are some of the things that you might want to know about the type of loan in the UK:

  • The loans are perfect for people with bad credit histories or no credit history to date and are increasingly becoming widely used in the UK.
  • The financial products are extremely popular among young professionals who are still starting their careers, as they haven’t had the time nor the opportunity to build their own credit history.
  • Desperate loans with a guarantor are relatively easy to obtain since there is a third party who is required to cover the loan’s the payments instead of you, in the event you’re unable to.
  • They normally have better interest rates than most desperate loans for bad credit since they are designed to be paid back over a number of years and provides lesser risk to the lender.

Once you have your money in your hands, you can use it for a variety of reasons from securing your first flat or paying for your wedding. If you have a bad credit history and a low deposit amount, having someone to guarantee your loan can aid in convincing lenders that you are still a sound investment.

Applying for a desperate loan with a guarantor in the UK

Most loan applications are completed online and are typically seamless. However, you will be required to share you and your guarantor’s personal and bank details, credit history, and banks statements. There are times where you will need to pass a credit check to become accepted but there are also instances where a credit check won’t be necessary. After your application becomes approved, you will then be requested to provide the personal information of your guarantor. It’s important to note that the loan process can sometimes be deposited directly to the guarantor for security purposes.

Who can be a suitable guarantor?

Because the guarantor will be accountable for continuing your loans payments if you default on them, this means they need to be someone who possesses a solid credit score. There are also lenders who will require your guarantor to be a homeowner. While homeowners are mostly attractive guarantors, some credit providers do accept those who are tenants.

To become eligible as a guarantor, the person must also be employed and in receipt of steady income, or have plenty of personal capital, as this proves to the lender that he/she is capable of covering the loan’s repayments. While family members, relatives and close friends are often the preferred choices for many people in the UK, it’s important to note that anyone can be a guarantor as long as the person is qualified and understands the responsibility as well as the risk involved with such as title. Your spouse will not be eligible as a guarantor since you are already financially connected to the person.

Desperate Loans with no guarantor

Every desperate loan in the UK can be divided into two kinds: unsecured and secured. Many people are confused about the two, so it’s crucial that you understand what their differences are when you are looking for a quick and reliable loan.  Below, we have outlined the main differences between secured and unsecured desperate loans with no guarantor in the UK.

Secured Loans vs. Unsecured desperate loans

Both loans are similar except for one major distinction. Secured loans are tied against an asset like a property, vehicle, or jewellery which provides security if the borrower does not pay back the money that he owes. With such security in place, you can usually obtain large amounts of credit with lower interest rates and longer payment periods. Often, you can obtain a secured loan anywhere from £1,000 to as much as £50,000 that you can pay back for as long as 25 years with interest rates that hover in the single digits. Some of the examples of the type of loan that you can access in the UK include:

  • Home loans (secured against your home’s equity)
  • Logbook Loans (Secured against your vehicle)
  • Pawnshop loans (Secured against an item of value like pieces of jewellery and gadgets)

An unsecured loan, on the other hand, is any loan that is not secured against an asset, which means that they are often offered in smaller amounts. And because they are not tied to any collateral, the type of loans are often dependent on your credit score with the exception of small unsecured loans for bad credit like payday loans and doorstep loans. Your credit score is a prime indicator of your likelihood to pay back the loan, which means that if you have a better score, then it would be easier for you to become qualified for an unsecured loan.

Some of the popular unsecured loans in the UK that you can consider include:

  • Personal loans
  • Payday Loans
  • Business loans
  • Doorstep loans
  • Instalment loans
  • Student loans

Applying for a desperate loan with no guarantor in the UK

Having someone you trust like a friend or family member who will act as a guarantor in your desperate loan deal means you could borrow with less pressure, Bottom of Form


App and even start to improve your credit score. However, if this doesn’t sound like the borrowing option for you, then you can simply turn to no guarantor options online. You can apply for a desperate loan without any guarantor right on a lender’s website. And if there are any questions and concerns that come to mind, feel free to contact your lender’s customer support service or visit the lender’s no guarantor loans page to find out more about the loan options and how they can help you enjoy the funding that you need.

Desperate loans with instant funding in the UK

When you take out a desperate loan with instant funding in the UK, you will normally be treated with a five-minute loan application that is safe, simple and secure. And after you have completed your application, you will know instantly if you are approved. The terms and conditions of the loans are clearly stated on the lender’s website without any hidden fees and charges whatsoever. Here are some of the features of the unique loans that you ought to know:

  1. Oftentimes, having a perfect credit is not a requirement to apply for a desperate loan that offers instant funding.
  2. The lender makes the decision without delay and typically won’t request you to fax or scan more paperwork.
  3. If you are approved, the money that you availed for can be transferred within one business day.

Lenders providing the loans are also different from traditional sources as they cater borrowers with unique circumstances while at the same time maintain socially responsible lending practices. The products are designed to help customers use credit responsibly so they can get out of their financial woes quicker.

Effective in dealing with emergencies

Sometimes, life throws us financially off balance, whether it’s a medical emergency or an unexpected car repair that can wreak havoc on our monthly budget. To prevent incurring penalties from late bills that could bring even more financial problems to your life, you may consider getting a little help. If banks and your loved ones won’t be able to give you the funding that you need to cover an emergency expense, you can look into desperate loans that provide instant funding in the UK.

The loans are often designed for emergency use which means that you can have your money as fast as possible without ever going through hectic and stringent application steps. And even if you have bad credit, lender’s will still cater your need for funding as long as they see that you can pay back your loan in the agreed terms and conditions. It’s simply a financial product that you can rely on in your most desperate times.

Fast loan application with an instant loan decision

It’s easy to wonder if such a quick and efficient loan might be reliable but rest assured such financial products are legit and safe. As a matter of fact, you will enjoy certain advantages that you won’t find with other credit options such as:

  • Online applications that can be completed with relative ease and speed. No matter where you are in the UK, you can take out a desperate loan and enjoy instant funding in just a single day through your computer or mobile device.
  • Because the lenders offering the loan operate online, you can easily access their offers and compared each one side by side to get the best deal possible.
  • To ensure that every information that you share in your online application is safe and secure, lenders often utilize the most advanced software and technology.

Desperate Loan FAQ’s

What exactly are Desperate Loans?

In most cases, a desperate loan refers to the applicants that need to borrow money instead of the type of loan they require.

Consumers who have bad credit ratings with regular banks or lending institutions often find themselves in situations where they need to obtain a lump sum of cash in a hurry. These days, the applications can be completed online as well, meaning that you won’t even have to leave the comfort of your home to obtain the funds you need.

Does everyone qualify that applies in the UK?

Most people who apply for desperate loans UK will usually qualify to borrow the funds they need in an emergency – provided that they supply all of the required information at the time of application. Information you need to supply will include your full name and UK-based physical address, information regarding your current employment and monthly expenses will be needed. This will then be used to determine how much you will be able to comfortably repay each week or month.

If you do not qualify for a desperate loan, you may sometimes be able to reapply if you can locate a suitable loan guarantor.

How does the application process work?

When filling in our easy online application form, our agents will check your information and then match you to the most suitable lender that we work with. We work with many different accredited lenders, meaning that you will always get the best deal possible.

Is there a limit regarding what I can use the money for?

Not at all. Once you have the funds in your bank account, you may use them in any way you choose. You can perform home improvement projects, pay for school supplies, repair your vehicle or even fill your fridge and freezer if you have run short of grocery money.

How do I know that my information is safe when applying for a loan?

Loanovao only works with lenders who are fully accredited and registered with the appropriate financial institutions. This not only means that your personal information will always remain safe; you will also not have any nasty surprises in the form of hidden fees or expenses when applying for desperate loans UK through this site.

See What Other Kinds of Loans We Do

Though we specialise in Doorstep or Home Collection loans, we also offer a wide variety of other forms of finance to help you find the perfect plan to suit your needs.



It doesn’t matter how much you are looking for or what your credit history is like, we will be able to find you the best rates possible.

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