Loans for bad credit

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We are a credit broker not a lender.†

What are bad credit loans?

These are loans designed for people with a bad or insufficient credit history.

Typically, bad credit loans have higher interest rates and greater restrictions than other loans, since lenders may see you as a high-risk customer. However, they can be useful if managed responsibly.

Loans for bad credit – who are these for?

A bad credit loan might be a good option for you if you’re struggling to get approved for standard loans.

Lenders may refuse you standard credit if they think you won’t pay them back. Looking at your Data Self can help them decide – this is the version of you that’s made up of your past financial behaviour and other information. Your Data Self might look unreliable to lenders if you:
  • Have a lot of debt
  • Apply for credit too regularly (e.g. more than once every three months)
  • Miss payments or default on your accounts
  • Have difficulty repaying lenders and get a County Court Judgement, Individual Voluntary Arrangement, or Debt Management Plan
  • Are declared bankrupt
  • Don’t have much credit history yet (e.g. because you’re young or new to the country)

How can you get a loan if your credit history isn’t up to scratch?

  • Consider using simple forms of credit, like a mobile phone account or utility bills, to show you can pay bills responsibly and on-time each month
  • Review your Experian Credit Report to ensure it’s up-to-date and accurate
  • Register to vote, as this helps lenders confirm your identity and address
  • Search for a loan that fits you – without negatively impacting your credit score – using our comparison services. We can also show you which personal loans you’re more likely to be approved for, by matching your credit information against lenders’ criteria. Remember, we’re a credit broker, not a lender – that means we can help you find deals, but we can’t provide credit or approve your application†

Managing your loan

A well-managed loan can make your Data Self look more reliable, making it easier for you to borrow money at better rates in the future. So, try to:
  • Make repayments on your loan in full and on time
  • If you’re worried you won’t be able to make a payment, talk to your lender in advance
  • Avoid applying for more credit while paying off your bad credit loan

You can get to know your Data Self by checking your Experian Credit Score. This is a number between 0-999 – the higher it is, the better your Data Self may appear to lenders. You can access your score with a free Experian account, and it’ll be updated every 30 days if you log in.