Here at QuidMarket, we strive to offer hard-working people the cash they need in an emergency. We’ve found that the best way to do this is by offering unsecured loans.
- New customers can borrow between £300 and £600*
- Returning customers may be eligible to borrow up to £1,500*
- Flexible repayment terms between 3-6 months
- QuidMarket is an FCA Authorised responsible lender
- No hidden fees for unsecured loans UK
- We’re an unsecured loan direct lender
- Quick and easy application online
- Decisions made by humans, not computers
- No guarantor or collateral needed for unsecured loans
- We offer unsecured loans for bad credit
- You’ll usually receive the cash the same day as approval
*Loan amounts and repayment terms are dependent on affordability checks
To find out more about our unsecured personal loans, contact QuidMarket and we’ll be happy to chat. Once you’re ready, you can apply for our unsecured loans for bad credit online.
What Are Unsecured Personal Loans?
You have likely heard about unsecured loans in the UK, but what exactly are they, and more importantly, what does it mean for you and your finances?
There are many different types of unsecured loans, one of which being the short term loans we offer here at QuidMarket as well as larger personal loans from other lenders. Unsecured personal loans are all cash loans that are paid directly into your bank account, and you can use them to cover a wide variety of expenses, whether it’s for an emergency payment or for house repairs.
This is unlike, for example, a career development loan, which can only be used for things that will help with your career. While unsecured loans in the UK aren’t as restrictive as other loan types, you should generally only use them for unavoidable, emergency expenses. Unsecured loans for bad credit aren’t suitable for debt consolidation, or to cover luxuries such as shopping trips or holidays.
What’s also important is what unsecured loans don’t involve. As the name suggests, unsecured loans are those that you don’t require any security for. This means that when you apply to unsecured loans direct lenders, you won’t be asked to provide a guarantor, or put up any collateral.
This can result in a quicker application and approval process, and means that you aren’t risking another person’s credit score, or your house or car, in the case that you default on the loan. However, defaulting on unsecured loans, as with any form of credit, can negatively impact your ability to be approved for credit in the future.
Can You Get Unsecured Loans for Bad Credit?
There’s a common misconception that you can’t get unsecured loans with a bad credit score. In reality, this varies from lender to lender, and your choices tend to become more limited when you want to borrow higher amounts of money.
While you may struggle to be approved for unsecured personal loans with bad credit when you apply for thousands of pounds, you do have more choices when it comes to payday loans and other forms of short-term credit.
It’s important to look at your budget before applying for unsecured loans for poor credit. Only borrow what you need, and ensure that you’ll be able to afford the monthly repayments.
On our homepage, you can use the handy loan calculator tool to see an example of what each repayment of our unsecured loans in the UK would be with different combinations of amount borrowed and repayment terms.
This is not only good practice in general, but it could also reduce the chances of you being turned down by unsecured loans direct lenders. Responsible lending practices for unsecured personal loans bad credit cases involve checking whether you can sustainably afford the loan, and we’re usually happy to overlook a low credit score if this is the case.
How to Get Unsecured Loans for Poor Credit
Before you apply for unsecured personal loans, check that you meet the eligibility criteria. Ours are:
- Live in the UK
- Over 23 years old, and under 65 years old
- Have a mobile phone (we send an SMS code during your application)
- Hold a UK bank account with a valid debit card (we run a verification check that takes 1p)
- Be in employment and take home at least £1,300 a month.
Applying for unsecured loans in the UK is straightforward. If you choose QuidMarket as your unsecured loan direct lender, all you need to do is fill out one simple application form. The process is the same whether you’re applying for our unsecured loans with a bad credit score or a good one. We ask a few questions about you, your employment status (we’ll never contact your employer for any reason), and your current finances.
Your application will be checked over manually by a fully trained member of our team. Not every lender does it this way, but we think the few extra minutes it takes compared with automated checks is well worthwhile. We’ll come back to you as soon as possible with our decision.
Once you’ve read and digitally signed your loan agreement, we’ll send the full unsecured loan amount directly to your bank account. We use Faster Payments, so if your bank or building society facilitates these and you sign the agreement during banking hours, you could have the cash in your account in just 10 minutes.
Why Choose QuidMarket for Unsecured Loans UK?
Unsecured loans for bad credit can help you cover emergency payments when you’re faced with short term cash flow issues. If you decide they’re the right choice for you, QuidMarket strives to offer a fuss-free and transparent service. We’re unsecured personal loans bad credit specialists, and offer tailored loans to suit your finances.
As a new customer, you can borrow between £300 and £600, and repay it over 3-6 months. With no guarantor or collateral needed for unsecured personal loans, the application and approval process is streamlined which can make a huge difference in an emergency.
We don’t believe a low credit score should stop you from accessing unsecured loans in the UK. That’s why we base our unsecured loans for bad credit on whether you can sustainably afford the loan – it’s a fair way of doing things, and allows us to lend unsecured loans for poor credit responsibly.
Helping you make the best choices for your finances is of great importance to us. If you have any questions about our unsecured loans for bad credit, you’re welcome to contact QuidMarket. Our friendly expert advisors will be more than happy to help.
Once you’re ready, you can apply for our unsecured loans online today.
Unsecured loans do not require you to use an asset as collateral, which means they may not be as restrictive as other loan types. However, as there is less security for the lender, unsecured loans may be a costly way to borrow. This is contrasted against secured loans, which require you to offer an asset, usually your house or car, as collateral in case you default on your loan. While this can result in more affordable interest rates, it poses more of a risk to you as your high value item could be repossessed if you miss payments. QuidMarket are unsecured loans direct lenders, so we will not ask you for security or a guarantor. Instead, we will check your affordability to ensure you are able to meet repayments each month.
Before you apply for unsecured loans in the UK, it is key to check our eligibility criteria to make sure you align with our requirements. These are:
- Live in the UK
- Be over 23 years old, and under 65 years old
- Be in employment and take home at least £1,300 a month
- Have a mobile phone (so we can send an SMS code during your application)
- Hold a UK bank account with a valid debit card (we run a verification check that takes 1p)
If you meet these requirements, you may be able to apply for an unsecured loan with us. We also offer unsecured personal loans for poor credit, so if you have previously been turned away, have past defaults, or CCJs, we may be able to help. We are able to offer unsecured loans for bad credit as we base our lending decisions on your affordability. We will take your monthly income, essential outgoings, and other financial commitments into consideration to review whether you will be able to comfortably afford repayments.
We aim to make our unsecured loans in the UK affordable for all of our customers by providing tailored quotes based on your unique circumstances. The amount you repay will vary depending on the loan term you choose, but you can use the loan calculator tool on our homepage for an estimated cost. You can also rest assured that we follow the FCA’s guidelines on costs for short term loans, which means you will never pay more than 100% of the original loan amount. We pride ourselves on transparency, so we will always clearly lay out the full costs for you with no hidden fees or extra payments.
Applying for any type of loan is a risk, as you need to maintain repayments and protect your credit score. This means are many things to consider before you apply for an unsecured loan, which will help you to decide whether they are right for your circumstances. Firstly, it is essential to look at your other options first, such as using your savings, borrowing from friends or family, or using a credit union. These options can be much more affordable ways of borrowing with lower or no interest rates. If you decide that an unsecured loan is the best choice, make sure you have the means of repaying. Missed repayments can damage your credit score and lead to difficulties when applying for credit in the future. As unsecured loans direct lenders, we are always on hand to help, so if you feel like you may struggle to repay an instalment on your loan, please contact us straight away. We will do what we can to help manage your payments and prevent you from defaulting.