Bad Credit Loans

  • Loans from £100 – £5,000
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Warning: Late repayment of payday loans can cause you serious money problems. For help, go to moneyhelper.org.uk.
We are a credit broker and not a lender.
Short Term Loans UK will never call you and will never charge you any fees. Never pay upfront fees for a loan or send money in return for a loan. 
Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 3 months. The maximum Loan Term is 36 months. 
Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97% Representative APR: 79.5% (variable).
*Subject to application being approved by the lender. Not all lenders are able to provide up to £5000.
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Borrow Money Bad Credit

"Need to borrow money but have bad credit? Short term Loans can help"

It’s not uncommon for a person to find that they have had financial problems in the past, which has resulted in a bad credit record. This does not mean that you cannot apply for a loan short-term. These days online lenders will consider approving a loan for those with a low credit score.

Can You Borrow money with a Bad Credit Rating?

The problem with a bad credit rating is that it makes it harder to borrow money when you really need it. It can be hard to secure a loan, it can also make it hard to secure affordable and reasonable interest rates as a result. There are lenders that will offer loans to anyone who has struggled with their credit in the past.

Bad credit loans are available to anyone with a bad credit rating that needs to borrow money. These loans often charge higher interest rates than what someone with a good credit rating would receive. The reason is that you are considered a risk to the lender, they take on the risk that you are potentially more likely to default on the loan in the long run.

If you need to borrow money but you have a bad credit score, you can still look at bad credit loans and see if you are eligible. Sometimes you will find you are accepted, where other times you may be rejected.

How to Get a Loan with Bad Credit

It is always worthwhile checking your credit score on a regular basis and keeping it as high as possible. There are ways to improve your credit score, such as repaying debts, not using your credit card or overdraft as much and working on improving your score before you borrow money.

That being said, online lenders these days do work on other eligibility and affordability criteria, along with your credit rating. This makes it easier to borrow money with bad credit. Though you should expect to pay a higher interest rate.

Know what type of loan you need. Do you need a short term loan or a person loan? If you need a personal loan, the lender may require you have a guarantor or you put down security in order to be approved, not to mention you will pay more interest. In some cases you may not be able to borrow as much as you need.

Always compare the loans for bad credit, finding the ones that will provide you with the amount you need at the best interest rates, making it more affordable and easier to budget for. Ensure you can afford the monthly repayments to reduce the risk of additional interest, penalties and damaging your credit report any further.

Types of Loans Offered to Those with Bad Credit

When it comes to borrowing money with bad credit, you will not only have one option available to you. Most lenders will provide you with options, based on your risk to them.

Unsecured Loans

Unsecured loans means you don’t need collateral, such as your home. Lenders base their decision on your loan application, eligibility and affordability criteria. They will look at your credit history and identify how you have managed your credit in the past. These include personal loans and short term loans.

Secured Loans

Based on the amount you need, you may be offered a secured loan to borrow money with bad credit. This means using an asset to secure your loan, this can be your home or another valuable asset. In the event you cannot make timely repayments, the lender can seize the asset to pay back the loan.

Guarantor Loans

Guarantor loans doesn’t require you put down collateral, but you need a family member or close friend with a good credit history to co-sign the loan agreement with you. This means if you cannot make your repayments, your guarantor is responsible and will need to make the repayments. This lowers the risk to the lender, which means you can secure better interest rates, reducing the total amount payable in the long run.

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