£50 to £25,000
Paid out by †
£50 - £995
Rates 278% to 1576%
3-12 month repayment
£1,000 - £25,000
Rates 4.7% to 278%
3-36 month repayment
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.
† Not all loan types and amounts are eligible for 20 minute payouts. Your chosen bank may increase the time you receive the funds.
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See How We Compare
Credit £3,250 for 36 months | Interest (fixed at 41.16%): £2,464.57. | Total amount payable of £5,714.67.
Representative 49.9% APR. | 36 repayments of: £158.57.
Monthly repayment of £447.00.
Total repayable is £16092.00. Interest payable is £6092.00.
Fixed APR of 39.9%. Interest rate of 34.05%.
Best Loan rates for People with Bad Credit
If you are someone who has bad credit, the financing market can appear like a daunting place to borrow extra funding. After all, majority of banks and mainstream lenders will clearly state in their lending policies that they are looking for borrowers who have strong credit ratings or those people who have had no trouble paying off their bills and debts in the past.
With how traditional banks and lending institutions value credit rating and prioritize low-risk borrowers with spotless credit histories, there is a widely held conception in the country that a person with bad credit is excluded from taking out a loan. This however, is far from the truth as there is an array of financing options that even provide some of the best loan rates available for people with bad credit.
Credit History Problems and Issues
If you are someone who possesses a blemished credit history because of certain financial problems and issues in recent years, this won’t automatically become a hindrance to securing extra funding from a legit lending company in the UK.
The truth is there is an abundance of loan options readily available to people with bad credit and such credit products are designed to give you the kind of funding that is ideal to your needs and present financial circumstances and at the same time provide the lender with some form of guarantee that the money they lend will be paid back. And with the right option and lender, you can even enjoy the best loan rates available.
Guarantor loans, for instance, are perfect solutions to people with problematic credit histories. By providing a guarantor in your loan deal, this will give lenders a great assurance that the money will be paid back in full as in the event that you default from your loan, the lender will be legally obliged to step in and cover its repayments. This kind of security will give lenders a reason to lend you large amounts of money for flexible payment terms and affordable interest rates.
The basic requirements needed to secure the best loan rates
While most lenders providing the best loan rates for people with bad credit are quire flexible on the kind of credit rating that an applicant will need to possess to become approve of their financial products, there are several basic requirements that will have to be satisfied. For instance, you will need to be 18 years old or older when you apply for a loan for bad credit. Being a legal resident of the United Kingdom is also must and having the proper income to afford the repayments is vital. Most short-term credit products that provide the best loan rates for people with bad credit will also require you to have an active bank account.
These however, are mainly the eligibility criteria that you need to meet to be qualified for a bad credit loan. With the exception of home loans and logbook loans, majority of the best loan rates for bad credit are also unsecured which means that you don’t need to offer any form of asset to become approved. Generally, having the ability to afford the loan and the repayments based on the agreed terms and conditions is the most important factor in getting approved.
What are the options you can consider to enjoy the best loan rates if you have bad credit?
If you have bad credit and looking for the best loan rates, there are several options that you can consider and they include:
Guarantor Loans – As discussed earlier, lenders are generally more willing and able to grant you the best loan rates if you can provide a guarantor in your credit agreement. To be accepted, your guarantor will also have to be 18 years old or older and sometimes a homeowner depending on the lender. The type of financing can help you secure as much as £15,000 worth of credit that can be paid back in as long as 7 years.
Payday Loans – If you want to enjoy the best loan rates for small amounts of funding for bad credit, then payday loans are options that you can consider. Income and not credit rating is the most important factor in getting approved of a payday loan. Through the short-term financial products, you can borrow anywhere from a £100 to as much as £1000 that you will have to pay back after a month or longer depending on the lender.
Doorstep Loans – One of the oldest and most popular types of financing in the UK, doorstep loans provide one of the best loan rates in the country through a convenient, face-to-face transaction. This is because the type of borrowing will have your cash delivered right at your home by a friendly local agent working for the lender. You can take out £100 to as much £2500 and repay it from a year or longer through the credit options.
Comparing the best loan rates for bad credit
There are instances in life when taking out a loan becomes an urgent necessity. Obviously, the more affordable the loan deal the better it would be for you and your finances. When you’re in the lending market for the best loan rates, it’s crucial what you know what the available options are and which companies are providing the lowest rates and trustworthy services.
If you have some assets at your disposal that you can comfortably offer as collateral for instance, then you might want to consider secured types of credit to enjoy the best loan rates possible. You might also want to look into guarantor loans with their ability to provide you with competitively low rates for flexible loan terms. But if you’re looking for something small, you might want to search for doorstep loans and home loans as viable options.
And finally, don’t forget to only deal with lending companies that are reputable and FCA (Financial Conduct Authority) licensed. This will ensure that the kind of funding you are enjoying is 100% safe and legal.
Loanize is a licensed credit broker and not a lender.
We will never charge you for our service and the lender will not increase the rate to cover our fee to them.
We work with over 40 different lenders to bring you the very best rates from across the UK market.
Representative Example: Borrow £200.00 for 60 days. Repay in 2 payments, first payment in 30 days
Each Payment: £147.04. Total Repayment: £294.08, Interest: £94.08.
Interest p.a: 365%(fixed). Representative APR 1058%
Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.
Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.
Any collateral you have against the amount may be at risk of repossession.
Finding the Right Loan for You
There are many kinds of loans that you can get while using a guarantor. We have divided our site to focus on specific kinds to make it far easier for you to make sure you are getting the finance plan you are looking for.
If you are looking for something specific then check to see if our sub-sites cover what your after. If they don’t just get in contact with us and we will definitely be able to help.
5 most recent personal loan reviews
Review of Ikano Bank
Honest, realistic and genuine, I can't say anymore than that. I had problems with credit in my past that were cleared but unfortunately my credit score was very poor but thankfully Ikano loans gave me a chance to rebuild that. High rates, but that's expected when getting a loan with such bad credit. Thanks again for your support.
Review posted by Peter Harrow, Thornbury
Ease Of Use
Value For Money
Review of Money Guru
Excellent communication and a very quick and easy process. Authorisation telephone call was conducted by a friendly and polite lady who explained everything clearly. Would highly recommend this company.
Review posted by Melanie Steele
Ease Of Use
Value For Money
Review of Satsuma
The service was simply amazing. I have never taken loans service seriously, my view point has now changed. I needed the money for flight tickets to attend a funeral and I could have not been dealt with in such an amazing manner. The interest rate was also better than I expected. Certainly will be paying the money back early as this was really an emergency and a life saver.
Review posted by Wayne Crouch, Plymouth
Ease Of Use
Value For Money