If you have struggled to get a loan because of a poor credit rating, we can help! Many UK direct lenders now offer small, short term loans for people with bad credit. It provides some peace of mind when those unexpected costs arise long before your next payday is in sight.
So, even if you have a very bad credit score, our direct lenders will review your current financial situation and offer an instant decision! If approved, the cash could be in your account within a matter of hours.²
Bad credit is the term used to describe a poor credit rating or score. A poor credit score occurs when you default on a credit agreement, such as missing or making multiple late payments. It will also negatively impact your credit rating if you repay less than the agreed amount each month.
A credit rating is used by traditional lenders to determine your risk profile and creditworthiness. If your credit score is poor, they will be reluctant to lend to you because they think you will be unable to repay a loan, regardless of whether your financial status has changed since you last used a credit facility.
Interestingly, if you have never applied for credit in the past, traditional lenders will also consider you to be a risk. Without a credit score, your lending behaviours cannot be assessed.
At This Lender, we understand financial emergencies can happen to anyone, regardless of their credit history. That is why our direct lenders can identify those individuals who, despite poor credit scores, can be relied upon to repay an agreed loan amount.
Bad credit short term loans are designed for people who have a less than perfect credit score because of poor financial decisions made in the past. If you live in the UK, our direct lenders can offer you a small, unsecured loan regardless of your credit rating.
A bad credit short term loan is a small loan paid off with interest within a short repayment period. Sometimes, these loans are referred to as payday loans, which you are required to repay within a matter of weeks when you receive your next pay cheque. Other small loans for people with bad credit can be repaid within a few months, and some arrangements are offered with a full twelve-month repayment plan.
If you find yourself facing a financial emergency, getting the loan you need when you’re a little short on cash is probably your primary aim. However, it is worth knowing that securing a short-term loan and repaying it on time will improve your credit rating and make it easier to secure larger loan amounts in the future.
As an unsecured financial agreement, you will not be asked to offer any assets to secure the loan amount. However, depending on the loan provider, a guarantor may be required, so you will need someone else to help you access the funds you need.
Even if you have experienced credit problems in the past, you could still be approved for a short-term, unsecured loan from one of our trust UK direct lenders.
We can help you get the best deal on the short term loan you need, even if you have a poor credit rating. Simply apply online now for a short term loan of up to £5,000, and one of our trusted direct lenders will provide an instant decision!
Available to anyone aged 18 or over, bad credit loans are typically provided over a short timeframe and are unsecured, which means you won’t be asked to offer any personal assets – such as your home – as security against the loan.
Direct lenders can approve your application within minutes. They will confirm the amount you are eligible to borrow, as well as the interest rates and charges that will be applied to your loan. You will then be required to repay the loan in regular monthly instalments within an agreed timeframe. Once agreed, the cash will be transferred to your account within a few hours².
Find a short term loan that’s right for you. Apply now for a short term loan, even if you have a really bad credit rating, from one of our trusted UK lenders.
Our direct lenders offer short term loans of up to £5,000 for people with bad credit. You will not require any assets to secure the loan. In most cases, a credit search will be carried out along with an assessment of your current financial situation and lifestyle, to determine your eligibility for a loan.
Lenders will take into account your credit history as well as your current financial situation and affordability; this is because they need to make sure you can afford to repay the loan.
As with most financial arrangements, the amount you can borrow will be calculated based on your income, outgoings and outstanding debts.
Our FCA-regulated UK direct lenders can tailor the best product to suit your individual needs. To find out how much you could borrow, simply complete the quick and easy online application now to get your free, no obligation loan quote.
If you need a quick injection of cash to last until your next payday, a short-term, unsecured personal loan could be just what you need, even if you have bad credit. You will get an instant decision without having to wait hours, and you won’t need to offer assets as security against the short-term loan. This is a fast, easy and flexible way to apply for finance with bad credit.
The benefits certainly outweigh the disadvantages, but you must be aware that the interest rates and charges applied to bad credit short-term loans are typically higher than other finance arrangements.
If you have a poor credit history, you will be deemed a greater risk than those with a spotless lending record. For this reason, a guarantor may be required to co-sign your application.
Most lenders will only lend small sums of cash. While this can be frustrating, gaining approval for any form of credit will help you to steadily increase your credit score, making it easier to borrow larger amounts in the future.
Applicants over the age of 18 are welcome to apply for a short-term loan with bad credit. You must be a UK citizen and demonstrate your ability to repay the loan based on your current financial situation, i.e. your income can accommodate any outgoings, outstanding debt, and the repayment of the loan.
While your credit score may be less desirable, there are options that you may like to consider for this type of lending:
P2P loans are funded by an individual or group of investors who want a return on their investment. These arrangements are much more flexible than those offered by traditional banks or building societies. Both parties benefit from the arrangement; you receive the funds you need while the investors receive interest on the amount loaned.
While these loans do not require any assets to be offered as a way to secure a short-term loan, you will need someone, such as a family member or friend, to co-sign your application. They will be legally required to cover any outstanding repayments on the loan should you be unable to repay.
Apply now and get an instant decision on your short-term loan application. Remember, our loan matching service is completely free to use, and you are under no obligation.
When finding the best short-term loan for bad credit, it's important to compare lenders that are most suited to your needs. This can include the loan amount you need and how long you need the loan for.
It's essential to compare interest rates and APRs, as the lower the interest rate, the less you will pay. However, watch out for any hidden or additional fees and charges.
Before going ahead with your chosen lender, make sure they are FCA registered. You can check the online Financial Serviced Register if you are unsure.
Other factors that may be important to you may include good customer service, so be sure to read their reviews on sites like Trustpilot.
With so many lenders in the market, finding the best short-term loan for bad credit can be time-consuming. This is where ThisLender can help by matching you to the most suitable lender on our panel in minutes.
Yes it is possible. However, in many cases, when you are looking for short term loans for bad credit with no guarantor, the reality is the lender may require a third party to act as a guarantor against the loan value.
If you are having financial difficulties or need to speak to someone regarding your financial situation before applying for a loan, you can get free and confidential advice from The Money Advice Service, National Debtline or debt charity StepChange.
Get your free loan quote today
Access from £100 to £5000†APPLY NOW
Representative 97% APR (fixed)
Representative example: Borrow £1000 for 24 months at 24 equal instalments of £77.48. Total amount to repay £1,859.52. Interest £859.52. Annual interest rate 70% (fixed). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
We are not a lender but a licensed credit broker in the UK