Loans For Bad Credit

There are several signs to look out for if you are not sure whether you have bad credit. The first thing to do is check your credit score with one of the main Credit Reference Agencies (CRAs). These are TransUnion, Equifax, and Experian. You can access your current credit score for free, but you may need to pay to review your full credit report which will show you what’s impacting your score. Some of the most common signs of having bad credit include:

• Being unable to get a credit card or being offered low credit amounts.
• Being turned down for loans or other financial products.
• Difficulty changing energy suppliers.
• Being refused an account by a catalogue or online retailer.
• Being refused a mobile phone contract.

A low credit score can result from many factors, such as missed payments, defaults, bankruptcy, County Court Judgements (CCJs), credit utilisation, and the total amount of outstanding debt you have. However, our online loans for bad credit look beyond your current credit score and consider other factors to determine loan approval including your current affordability.

No, all applicants must be able to afford the small loan for bad credit and if our underwriters cannot determine this, we will have to decline. Use our loan calculator to see how much a loan between £300 and £1500 (up to £600 for new customers) will cost with a repayment term between 3 to 6 months. If we can see repayments are sustainable for you, only then can we approve your application.

Our team of underwriters works extremely quickly to provide applicants with a fast decision so that they can receive the funds they need. Our small loans for bad credit can be approved within minutes if you are eligible, so you can receive your loan funds within hours of your application being approved. If you make an application outside of our business hours, please note this will not be process until the following working day.

We can provide a decision in principle, so if after a soft check of your credit file we can see you are eligible, only then we will complete a hard search which will show on your credit file. Once approved and if you repay your loan on time, this could have a positive impact on your credit score over time. However, if you miss repayments, it could harm your credit rating. You should avoid applying for multiple applications in a short period of time as this can negatively impact your credit score too. It’s best to check your credit report regularly so that you are aware of the actions impacting your current score.

If you can’t repay your bad credit loan on time, it’s important to contact us as soon as possible. Missing repayments on any form of loan will have a negative impact on your credit file. This will mean your credit rating can drop and it will make it difficult for you to apply for credit in future. If for any reason you cannot maintain repayments, please contact us as soon as possible to discuss your options. As responsible direct lenders of bad credit loans in the UK, we always encourage our customers to communicate with us if they are experiencing financial difficulties. If you fail to speak to us and repayments continued to be missed, this can lead to consequences including instructing a third party debt collection agency or possible legal action. By speaking to us at your earliest convenience, we can look to help you arrange repayment of arrears and avoid any further action.

Our application process is simple and straightforward. You’ll need to provide us with some basic information about yourself, your finances, and your employment. We only ask for what we need to make a lending decision and keep the process as easy as possible for you. We’ll provide you with a decision in principle and a pre-contract agreement within minutes of completing your application. Once you’ve reviewed and signed the agreement electronically, we’ll move on to the next step.

Our team of expert underwriters will manually review your application, conduct credit and affordability checks, and assess whether the loan is sustainable for you. We work with TransUnion, our preferred Credit Reference Agency (CRA), to assist us in this process. If we have all the information we need to approve your application, we may be able to provide bad credit loans in the UK, with the funds transferred to your bank account to use within 2 hours of signing your credit agreement.

A Continuous Payment Authority (CPA) will be created on your bank account to automatically take repayments on the due date agreed in your credit agreement. All you need to do is ensure you have enough funds available on the repayment date. Once your loan is fully repaid, the CPA will be cancelled.