WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

Online loans £50 To £2000

The Best Loans In Then Market

How much?

Representative 277.5% APR 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.

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Quick and Easy Process to the money you need. The most reliable lenders from across all the UK

Loan amount
1,500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Excellent
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Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
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Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

I desperately need a loan but I have bad credit, what are my options?

In the past, in a time when the only places to secure legit and reliable funding was limited to banks, credit unions, and traditional lending institutions, having a bad credit was a major hurdle in taking out a loan. Borrowers with poor and none-existent credit histories where unfairly deemed as “risky borrowers” who were unworthy of credit and it was extremely difficult for them to find someone who will provide them with the funding that they desperately need.

Today however, everything is different. The UK financial market is now teeming with an assortment of lenders and many of the new ones like online lending companies are now ready and able to cater loan applications from borrowers who have bad credit. If you know what to do and where to look, enjoying reliable desperate loans even if you have the worst credit rating has never been quicker and easier.

I desperately need a loan but I have bad credit: the available options

I desperately need a loan but I have bad credit, what are the options that I can look into? There are a number of great options available and new credit products seem to keep popping up from time to time but the most popular ones that you can consider in the UK today include:

1.) Payday Loans

I desperately need a loan but I have bad credit, what to do? Many financial advisers in the UK strongly discourage the use of payday loans as these forms of funding can be very dangerous and financially damaging to borrowers mostly because they are quite costly and you will need to pay back the entire money that you borrowed plus interest rates in a very short period of time, from a month or longer depending on the lender. If you can’t pay off the loan on the agreed period, you will be given an extension but this comes with extra fees and the loan’s interest rates will continue to pile up leaving you with large debt that you never expected.

i desperately need a loan but i have bad credit what to do

Nevertheless, the loans are great options to consider in certain situations. For instance, if you need to borrow a few hundred pounds to deal with an emergency expenditure, you can apply for a payday loan, enjoy same day funding, and simply pay it back in your next payday without incurring a hefty bill. With that being said, the best way to use payday loans is for emergency funding purposes or addressing cash shortages until your next pay check arrives.

2.) Logbook loans

I desperately need a loan but I have bad credit, can I use my car as a bargaining chip to access large amounts of borrowing? The answer is yes through what is widely known as logbook loans in the UK. These types of loans are secured on the borrower’s car or vehicle and with such security in place, it would be easier for you to get approved even if you have bad credit.

I desperately need a loan but I have bad credit, what should I look for? Logbook loans can help you access large amounts of borrowing that is generally equal to 50% of your vehicle’s market value but there are lenders that can even go as high as 75%. This means that the higher the value of your car, the bigger the amount that you can borrow although this is still subject to affordability – whether your present earnings and outgoings can satisfy the loan’s repayments. You can also keep using your vehicle so long as you manage to make the agreed repayments on time.

3.) Guarantor Loans

If you find yourself saying that I desperately need a loan but I have bad credit, guarantor loans are options that you can seriously consider. This is because the financial products can help increase your chances of getting approved for a bad credit agreement that offers affordable rates and favorable terms.

When you have a guarantor who will back your loan deal and basically guarantees that the money that you borrowed will be paid back in full, this gives lenders the assurance they need to grant you a comfortable loan deal. And because the payments for the loan are generally fixed and tailored to your personal circumstances, guarantor loans can also help you rebuild your credit rating back to good standings.

I desperately need a loan but I have bad credit: tips on getting approved

I desperately need a loan but I have bad credit, what should I do? The reality is no one can really tell for sure if their loan application will be approved or not. Every lender has its own unique lending criteria for every loan option and if you have bad credit, it can become even more of a challenge to get approved. Use these tips to help ensure that your funding request will be accepted:

  • Make sure you are qualified. As mentioned above, every lender follows a unique set of eligibility criteria and this is something that you need to look into before applying for a loan. Lenders normally advertise the basic requirements of their loans in their websites so determining whether or not you are qualified should be easy. But just to be sure, you can try contacting the lenders directly and explain to them what your present needs and situation are so you will know firsthand whether or not they can help.
  • Check your credit profile. You may already have a sense of what your present credit rating is but if you want to have a more accurate picture, you might want to grab a free copy of your credit file from any of UK’s major credit reference agencies: Experian, Equifax, or Callcredit. It’s also the same report that lenders will look into when they gauge your overall creditworthiness so knowing what’s written on your credit file will help you a lot in determining what kinds of loans will be available for you.
  • Weigh the available options carefully. Its important that you carefully go through the available options that you can qualify for and compare them side by side. Any and all application you make will leave a footprint in your credit history and too much of them will make the wrong impression that you are desperate for a loan. With that being said, weigh your options carefully and apply only on loan offers that provide the best rates and ideal payment terms.

If you desperately need a loan but have bad credit, its important to note that the options available to you will generally come with higher interest rates and smaller borrowing amounts. This is something that you need to expect firsthand before you scoure the market for bad credit loan options that can satisfy your need for funding.

what to do when i desperately need a loan but i have bad credit

5 most recent personal loan reviews

Review of Bridge Finance

This is my second loan with Bridge Finance and both times they have been very helpful and informative. Explained everything to me and made sure I understood the process and what would happen. I would recommend Bridge to anyone.

Review posted by Charlotte Ashton

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wesleyan Bank

Wesleyan loans are a financial institute which is excellent for applying for loans. It looks at all your circumstances and provide loans to people who are refused elsewhere. They are fast and honest. I would recommend Wesleyan loans to anybody who needs a loan.

Review posted by Zafrullah Khan, Slough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Logbook Loans

Really happy with my experience with Logbook. Most of the process was done online from the convenience of my own home. Really friendly customer services too! Highly recommended.

Review posted by Bethany Holcombe, Cirencester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews are sourced from Trustpilot.com for authenticity.