Urgent Loans for Very Bad Credit
Do you have bad credit and need a loan from a direct lender? Apply now for a loan for bad credit. Get funds in your account within one hour if approved.
Representative example: Borrow £700 for 5 months. 4 monthly repayments of £235.82, last monthly repayment of £235.92. Total repayment of £1,179.10. Interest rate p.a. (fixed) 222.79%. Representative APR 821.04%. Daily interest is capped at 0.798%. Representative APR includes all applicable fees.
Warning: Late repayment can cause you serious money problems. For help, please go to www.moneyhelper.org.uk
What are Loans for Bad Credit?
Bad credit loans are designed for people with low credit scores or poor credit history. Lenders offering these loans let you borrow money even with poor credit. These loans typically come with higher interest rates and stricter terms because they pose a higher risk to lenders. Although they cost more, these loans let you borrow money when traditional lenders refuse due to your poor credit.
Types of Loans We Offer If You Have Poor Credit
01
Unsecured Personal Loans
Unsecured Personal Loans are designed for people with poor credit who need money quickly. These loans don’t require good credit, collateral or a guarantor to secure the loan. They are ideal if you need fast access to funds without traditional barriers like property or guarantors.
£300 up to £1,500
02
Secured Loans
When poor credit makes it hard to get large loans from traditional lenders, Secured Loans (also called Homeowner Loans) provide a good alternative solution. By using the equity in your property as collateral, you can borrow larger amounts at more competitive rates.
£5,000 up to £1,500,000
03
Payday Loans for Bad Credit
When unexpected expenses arise and your poor credit limits your ability to get a conventional loan, our Payday Loans for Bad Credit are here to help you. Tailored for urgent financial needs, these loans enable you to borrow manageable amounts of money to cover short-term expenses until your next payday.
£300 up to £500
Poor Credit Scores And Our Credit Approval Policy
Our credit approval policy focuses on confirming that you can afford to repay the loan without financial stress. When you apply, we conduct an affordability test, examining your income and expenses. This is to see if you have enough disposable income to easily meet loan repayments without straining your finances. Below is a table that breaks down credit scores and how likely we are to approve your loan based on your credit score.
| Credit Score Range | Rating | Considered Bad Credit | Our Credit Approval Policy |
|---|---|---|---|
| TransUnion: 300-600 Experian: 0-560 Equifax: N/A | Very Poor | Yes | We consider very poor credit and approve if you can pass an affordability test. |
| TransUnion: 601-660 Experian: 561-720 Equifax: 0-438 | Poor | Yes | We consider very poor credit and approve if you can pass an affordability test. |
| TransUnion: 661-720 Experian: 721-880 Equifax: 439-530 | Fair | Borderline | High approval rates. |
| TransUnion: 721-780 Experian: 881-960 Equifax: 531-670 | Good | No | High approval rates. |
| TransUnion: 781-850 Experian: 961-999 Equifax: 671-1000 | Excellent | No | High approval rates. |
Improving your credit score and understanding how credit scoring works can make it easier to get approved for a loan. It can also help you secure better interest rates and terms.
How to Apply
We’ve simplified our application process to make it as fast as possible, ensuring you get the money you need urgently.
Choose Your Loan Type
Pick the loan that works for you: Unsecured Personal Loans, Secured Loans, or Payday Loans for Bad Credit.
Complete the Application Form
Fill in your details, including loan amount, income, and monthly expenses. We’ll perform a soft credit check as part of our affordability test.
Receive Your Funds
Once approved, we’ll deposit the funds directly into your bank account, often within minutes. Same-day funding means you can access your cash right away.
Who Is PayDayLoansOnline.co.uk??
PaydayLoansOnline.co.uk is a direct lending website and part of the Western Circle LTD group, a payday loan direct lender operating in the UK since 2016.
Our company registration number is 7581337, and our headquarters are at Office 9, 2A Highfield Avenue, London, NW11 9ET, United Kingdom.
We have funded over £19 million in online payday loans and helped more than 115,000 customers through paydayloansonline.co.uk to date.
Learn more about PaydayLoansOnline on our about us page.
ICO Registration Details
We are registered with the Information Commissioner’s Office (ICO) under registration number Z3305234.
FCA and Regulation Details
Since 13/05/2016, we have been fully authorised and regulated by the Financial Conduct Authority (FCA). Our FCA full permission license number is 714479.
Cost of Borrowing £500 Example
Here’s the full cost of borrowing £500 with an instant loan from us. The table shows your repayment period, interest rate, repayment structure, interest paid, total repayment, and representative APR.
For breakdowns of other loan amounts, check our full list of loan cost examples.
For more cost breakdowns on different loan amounts, check our list of loan cost examples.
| Details | Example |
|---|---|
| Loan Amount | £700 |
| Loan Period | 5 months |
| Interest Rate P.A. (fixed) | 222.79% |
| 1st Monthly Repayment | £235.82 |
| 3 Monthly Repayments | £224.60 |
| Last Monthly Repayment | £235.92 |
| Total Repayment | £1,179.10 |
| Representative APR | 821.04% |
Is a Bad Credit Loan Right for You?
If you’ve been declined for a loan, our poor credit loans might be a good option. As a bad credit direct lender, we focus on your ability to repay the loan rather than only looking at your credit score.
Our loans aren’t suitable for individuals facing long-term financial difficulties. They are best for those who can repay without causing further financial distress.
Loans for poor credit often have higher interest rates and APRs. Be sure to compare them with alternative lower interest loan alternatives before deciding.
Frequently Asked Questions
To check if you have poor credit, review your credit score with agencies like Equifax, Experian and TransUnion. They offer a free one-month trial of your credit report and tips for improving it.
When you apply for a loan with us, you don’t need to know your credit score. We do a soft credit check to find out your current score, which doesn’t affect your credit rating.
Credit reporting agencies use the term “poor credit” instead of “bad credit.”
Experian: Poor credit range is 561 to 720.
Equifax: Poor credit range is 280 to 559.
TransUnion: Poor credit range is 561 to 565.
On your credit report, bad credit incidents such as defaults, County Court Judgments (CCJs), bankruptcies, IVAs, DROs, and late payments stay for six years. If you pay off a CCJ within a month of issuance, it will be removed from your report sooner.
Yes. We start with a soft credit check on every application to review your current credit commitments. If your loan is likely to be approved, we then perform a hard credit check.
A bad credit loan can impact your credit score depending on how you repay it. Paying the loan on time can improve your credit, while late or missed payments can lower it. Additionally, most mortgage lenders may hesitate to approve you for a mortgage if you’ve taken out a bad credit loan within the past year.
If you have bad credit, you can borrow between £300 and £500 with us. This amount can increase to £1,500 if you pass the affordability test during your online application.
No, you don’t need a guarantor to qualify for a bad credit loan. While guarantors can reduce risk for lenders, they are typically required for guarantor loans and secured loans, which are a different financial products.
If you are struggling to repay your loan, seek assistance or advice. You can contact any of the UK debt advice companies listed below for free:
Money Advice Service
StepChange
National Debtline
If you are an existing customer and expect repayment difficulties, call us directly on 0009994433 for support.