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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.

Personal Loans For Bad Credit – Can I Get One?

Key points

  • Often referred to as unsecured personal loans, they are used to pay for large expenses in one payment.
  • Typical examples are car loans, debt consolidation and home improvement works though they can be used for any purpose.
  • Repayment durations vary according to the applicant, but most wish to repay the full amount within 5 years of borrowing.

Sometimes, you just need to secure extra cash, and fast, to deal with emergency situations like a broken-down car, a trip to the hospital or a utility bill that will be due in a few days. If you want to borrow money that is enough to cover any urgent expense with a repayment period that is comfortable to your budget, then personal loans are financing options that you can consider. Before you take out a personal loan from any lender, however, take a few minutes to read what we have in store for you below, especially if you have bad credit and are in need of instant funding.

Personal Loans – UK Direct Lenders

Whether you’re looking to take out a personal loan in the UK to cover urgent home repairs or a pressing medical bill, time is of the essence! So when you search for potential lenders that provide the financial products, focus your search on options that provide instant funding. An instant loan can be extremely beneficial to you especially when you are caught up in an emergency situation and need funding right away. All in all, personal loans with instant funding will allow you to pay your bills on time without much stress and anxiety.

There are also several certain advantages that you can enjoy with the unique loan products such as:

  1. Cover urgent expenses right away. Because you can receive the money that you requested for right away, you can deal with those urgent payments and expenses quickly. This helps you avoid incurring arrears and penalties for late payments on bills and other debts.
  2. Consolidate debts. Instant personal loans are often used by numerous people in the UK to consolidate debts. The process works by taking out a big personal loan that is enough to cover all your existing debts so you will be managing only one loan and monthly payment making things a whole lot easier and convenient in your part. And if the interest rate on your personal loan is lesser than the combined interest rates of your existing debts, you can save a lot of money in the process.
  3. Reduce waiting time. Waiting for a response from your lender that can take a week or longer can be frustrating and its additionally infuriating to have to wait for more for your funds after you receive an approval decision. An instant personal loan is designed to eliminate this kind of problem that’s why they have become extremely popular credit options all over the UK.
  4. A credit check is not important. Because the loans are designed to provide quick funding, lenders normally tailor the process to be as seamless and efficient as possible. There are lenders who will forego the time-consuming credit check process so they can grant you the funding that you need right away.
  5. Reduce stress. When you combine all the advantages that have been mentioned above, they all amount to reduced stress on your part. No need to worry about your loan being late to purchase a gift for your son’s birthday or pay off an overdue bill.

Personal Loans for Bad Credit

The question now is, would it even be possible to secure a personal loan if your credit score does not appear in tip-top shape? Fortunately, you can obtain personal loans for bad credit in the UK that will help you enjoy the funding that you are looking for even if your credit score is not that stellar. To secure a personal loan with bad credit, you will need to do some homework and determine who the right lenders are based on your needs and present circumstances.

With that being said, there are plenty of important things that you need to consider before you apply for a personal loan if you have bad credit including how the loans work, the types of options available, and its eligibility requirements. Here are some of the things that you can do to get the financial products:

Credit Score

The first thing that you need to do before you apply for a personal loan is to know what your current credit score is as this will give you an idea on what the lender sees when they pull your credit. It’s important to note that checking your credit score will not have any kind of impact on your credit rating whatsoever as this kind of check is considered as a soft inquiry or a soft pull. Here are some of the things that you ought to know about your credit score and your possible loan deal:

  • You don’t need to possess excellent credit, but your credit score will affect the terms and conditions that you will be eligible for including the amount that you are qualified to borrow and the interest rates involved in paying it back. For instance, bad credit personal loans will likely come with higher interest rates and lower amounts.
  • If you find out that your score is looking a bit unappealing, you can choose to improve it before you apply for any type of bad credit loan. Some of the things that you can do it improve your score include paying down debts, checking your credit report for errors (and disputing them if you discover any) and restricting the number of hard credit inquiries that can be conducted on your credit profile until your score reaches to favorable standings.

With that being said, the most important thing to bear in mind always is that improving your credit score before seeking a loan can help you receive much better rates and deals overall. So if you have bad credit and are considering on taking out a personal loan, it might be best to follow the tips mentioned earlier to keep your score on decent levels.

Credit Report

Next, you might want to consider looking at your credit report from all three credit bureaus to ensure there are no errors and all the information recorded are 100% accurate. If you find something wrong, you should report it immediately and dispute it.

  • All three credit bureaus – Equifax, Experian, and Transunion- have their own report that you can check and there are times when information between the three may differ a little. That’s why it would be a good idea to review and monitor every single report on a daily basis to keep up with any updates or detect any irregularities.
  • Reviewing your credit report will also give you a clear understanding of where you would stand when you apply for a bad credit loan with a particular lender. It can also help you determine whether or not you will need to repair your credit rating first before you apply for a personal loan.

Now if you have decided to go ahead and proceed with applying for a personal loan, below are two of the top options that you can consider in the UK today to satisfy your need for funding even if you have bad credit.

Personal Loans with a Guarantor

The first, option that you can consider if you have bad credit are personal loans with a guarantor. It’s important to bear in mind that you will need to convince lenders that you can repay your personal loan before they approve your application and the amount they are willing to lend is typically based on your ability to make the proper repayments. With that being said, one of the best ways to prove to lenders that you can repay them is by offering proof of income or having a guarantor in your loan deal.

Here are some of the features of guarantor personal loans that will give you a better perspective of how they work:

  • You will need to find someone, normally a family member, relative or close friend, who will co-sign your loan deal and guarantee that the money you owe will be paid back. If you fail to make the repayments or default from your loan, then the lender will turn to your guarantor to collect the money that is owed on the account.
  • The guarantor will need to possess a good credit score and history. Some lenders will also require your guarantor to be a homeowner. The person should also not be financially linked to you which means your spouse won’t be qualified as a guarantor.
  • And if you attach a guarantor in your loan application to get approved of the funding that you are looking for, the lender will evaluate the guarantor’s income level and earnings to determine if it’s enough to cover your loan’s repayments in case you default from them.

The best thing about having a qualified guarantor in your personal loan deal however, is that it can allow you to access large amounts of credit for lower interest rates and flexible payment terms that would otherwise be unavailable to you if you have bad credit. Normally, you can take out a guarantor personal loan anywhere from £1,000 to as much as £15,000 with APR’s around 40% and payment terms tailored to your needs and present circumstances.

Personal Loans with no Guarantor

But if you don’t have a guarantor, you can still secure a personal loan even if you have bad credit. While banks and other traditional lenders will quickly shy away the moment they see the blemishes on your credit report, some lenders wont. If you’ve been rejected for a personal loan or don’t want to get stuck paying high, subprime interest rates, here are 3 alternatives to consider:

1.) Secure it with an asset

If you have assets at your disposal, you could enjoy a personal loan for large amounts and low interest rates if you use them as security against your loan deal. You can offer any high value asset like a property, vehicle, stocks, and jewellery as collateral to your loan deal significantly lowering the risk involved in your bad credit and giving lenders a form of guarantee that the loan will be paid back. This is because the lender has the legal right to seize the asset that you provide as collateral to recoup the money that you still owe them if you default from your loan. While it is indeed risky in your part, it’s an inexpensive option to consider, regardless of your credit score, so long as you are disciplined with your repayments.

2.) Online Lenders

Before, banks and credit unions where the primary places that people in the UK would turn to when they want to obtain a personal loan. The problem with such financing institutions however, is that they are quite allergic to borrowers with bad credit ratings leaving plenty of potential borrowers searching for other means to secure the funding that they are looking for. The void left by banks and other traditional lenders served as an opportunity for alternative online lenders to do business in the loan industry. Today, you can take out a personal loan online with great ease and convenience even if you have bad credit. And the best thing is, you don’t have to wait long for your application to get approved and your money to be available for use unlike traditional bank loans that can take forever to complete. Normally, you can enjoy an instant personal loan funding online from specialist lenders within 48 hours.

3.) Apply for a short-term personal loan

Normally, lenders tend are more willing to cater your loan request when you have bad credit if the amount you are asking for is small. After all, they won’t lose much if a borrower defaults from a short-term personal loan worth 100 pounds. There are also short-term options that are especially designed for borrowers with bad credit such as:

The beauty about these financial products is that your credit rating won’t matter a lot in getting approved. As long as the lender sees that your income is enough to cover the loan and its repayments, they will not hesitate to grant you the funding that you are looking for even if you don’t have that stellar credit rating. Short-term personal loans also provide instant funding. Normally, you can use the money that you applied for in the same day you are approved for it.

Personal Loans from Direct Lenders

When you are taking out a personal loan from a direct lender, you are giving yourself the best chance of enjoying a loan deal that is ideal to your needs and present circumstances. However, it’s important to note that there are companies who advertise instant funding for bad credit just to lure in new customers but won’t follow through with their words. If you buy to such empty promises, it obviously becomes a frustrating ordeal for you no matter how you think of it. So how can you ensure that the direct lender will deliver on their promise?

  1. First, call the company and talk to a customer service representative. Try to verify with the representative the speed of their service, distinguishing between approval speed and funding speed. Next, review the company’s terms and conditions to ensure that you are completely aware of what you are signing for. Ideally, the company will offer an instant cash advance as soon as you are approved.
  2. Sad to say, there are online lenders who promise loans with no credit check to people with bad credit for the wrong reasons. There are fraudulent sites who advertise such great features simply to advance their scams. With that being said, do your homework and rely on review sites and testimonials to determine if whether or not a particular lender is really true to its claims.
  3. If you are looking to secure a personal loan for bad credit, be wary of loans sharks and the like. To ensure that the direct dealer you are going to work with is reputable, visit the FCA’s website and try to see if the lender is registered.

Also, be very cautious when a lender asks for an upfront fee before it approves your loan application. You also need to be careful when sharing any sensitive information such as your social security number or bank account information without first obtaining the legal written documentation concerning the loan.

How to get the best personal loan deal from a direct lender

If you have ensured that the potential lender you are looking to work with is reputable and licensed by the FCA (Financial Conduct Authority), you want to make sure that you get the best rate available out of your loan deal. Here’s how you can go about it:

  • Never accept the first offer that your lender will give you. Try to negotiate for the best rate as much as possible.
  • Go online and try to find which lenders are offering the lowest APR’s for personal loans. Make sure you focus your search for bad credit personal loans if your credit rating is insufficient enough to qualify for a normal personal loan.

If you manage to find an honest lender that provides the most competitive rates for their personal loan services, you will find that securing the funding that you need is a decision that you won’t regret making.

Personal Loan FAQ’s

Who is eligible for a Personal Loan?

Speaking of the eligibility, you must :

  • Be at least 18 years of age,
  • Be employed with a regular source of income,
  • Be a resident of the UK,
  • Have a UK bank account.

To qualify for a personal loan, your chosen lender will need to confirm a few things, including your identity, your property or vehicle ownerships, and mainly, the ability to make timely repayments. This is confirmed through various details that you provide at the time of the application, as well as a careful assessment of the necessary documents.

How soon will I receive the money?

If the loan application is approved, funds are usually transferred into your provided bank account on the same day after you provide the appropriate signed loan documents. This may not be the case for all amounts and all lenders.

How is the applicable interest rate calculated?

When you apply for a personal loan, several factors including the credit score, the preferred loan duration and the repayment ability help in making a decision about the eligibility as well as the interest rate applicable. Typically, the interest rates may vary from 4.7% to 287%.

Do lenders perform credit checks?

Lenders may perform credit checks (often soft credit checks) to make sure that we provide personal loans only to customers who can easily make the repayments and are not likely to fall into a debt loop.

What are my repayment options?

The lenders provide various repayment options, which can be weekly, fortnightly or monthly. Whatever suits you, we will find you the lender that’s perfect for you.

How do I repay the loan?

While there are several options to repay the loan, the most convenient is Continuous Payment Authority (CPA) repayments which is very simple to set up using the customer’s debit card details. Of course, each method takes the customer’s permission to collect the agreed repayments on the due date, and with this method you don’t need to take any action as the money will be transferred automatically. You can also choose to make the repayments through cheque, but in that case, the bank may charge you if the cheque bounces due to insufficient funds. Some lenders also allow you to make payments through a secure online payment portal.

Are there any fees for late repayments on the personal loan?

Yes, untimely repayments not only put a negative impact on your credit score and your ability to get loans in the future, but you may also incur charges, including bounce charge and late payment penalties.

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.

Fairly self-explanatory and so easy to get, a £100 loan is for those times that you need a little extra cash and quickly. Nearly anyone can get one of these loans with no issues at all, regardless of your credit history.
6 Month Loans can be a variety of amounts, whatever you think will suit your needs. The term, however, is fixed at 6 months. What this means is that the rate is fixed, allowing you to get the best out of your money. If you are looking for a slightly longer term length then this is a great option for you.
We all know how hard it can be to save, each time you get some a new issue will arise and bring you a step back. It doesn’t have to be that way though, a car loan is perfect for when you are looking at getting a new vehicle. Car Loans allow you to get the vehicle you are looking for without the usual hassle. This way you can pay as you go with your car
Very much like a payday loan, the Cash Cow Loans market has become popular with those that have a bad credit history. The difference is that a Cash Cow Loan does not have to be repaid in one instalment at the end of the month but can instead be over a 3 month period for example.

This type of loan is designed specifically for those that have an extremely bad credit score and are very likely to be refused by any normal lender due to their high risk. A Guaranteed High Risk Loan means that anyone that has been refused multiple times in the past or those that have been blacklisted will still have the chance to get the money they need.


An Instant Cash Loan is for those that are in a hurry to get the finance now. By using this sort of loan you will find that you get the funds in no time at all. Once approved you will get the cash straight into your account within 15 minutes. Fast Loans is one of the fastest ways to gain access to money on the loan market. Even those that have been blacklisted will be able to apply.

These loans are very small by their nature, often the amounts borrowed are around the £100 mark and no more than £500. They are usually only taken out for a couple weeks and never more than a few months. Mini-credit Loans were designed for those unexpected moments like a surprise bill or a car problem.
In the modern world, we are able to use our mobile phones for so many different things. We can use them to order food or other items from the internet. We can use them for looking at our bank accounts, sending and receiving money on the go. We can use them for so many things, so why not for borrowing. Whether you have an internet connection and feel like doing a £100 Text Loan or whether you want to use an SMS Loan instead, both are easily done today.