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.
- Borrow from £300 to £600*
- Flexible repayments over 3 to 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
*dependent on affordability checks. Returning customers can apply for up to £1,500
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.