Loans available to people with bad credit

If you have a bad credit rating and are having difficulty getting approved for a personal loan, there are a number of specialist lenders in this market who should be able to help.

Most high street banks refuse to lend to people who have experienced previous credit problems such as CCJs, defaults, bankruptcy, arrears or missed payments. However there are lenders who offer loans for people whose creditworthiness has been damaged.

Maybe a business venture failed and debts could not be paid, or perhaps a period out of work due to redundancy led to arrears building up. There are a number of ways in which a credit record can be damaged - even a forgetting to pay a parking ticket can lead to a County Court Judgement (CCJ) and that can have dire implications when applying for a loan.

Whatever is damaging your credit record, there is usually a way around it. The choice of lenders in this corner of the market has fallen dramatically in recent years, but there are still products on offer.

Provider	APR Variable	Comments	Details
	22%	Wentworth Direct Finance offer unsecured loans for tenants and homeowners, even if you have bad credit. Borrow from £1,000 to £15,000 for any purpose. All applicants must be working either employed or self employed, but you will be considered even if you have: • poor credit • been refused elsewhere • problem cases • been blacklisted • judgements and defaults Representative Example Borrow £3,000 and pay £114.57 per month for 36 months The total charge for credit is £1,124.52 The total repayable is £4,124.52
	22.1%	Need urgent cash but are afraid of being rejected due to poor credit rating, you don’t own your own home or you do own it but fear repossession? These factors can make you unwilling to apply for a loan. Unsecured Loans 2U source and arrange unsecured personal loans of up to £15,000 with or without security regardless of previous credit history. Representative Example Borrow £3,000 and pay £114.73 per month for 36 months The total charge for credit is £1,130.16 The total repayable is £4,130.16
	30.2%	Are you having trouble getting car finance? Poor credit history? Bankrupt, IVA, CCJs, defaults? Need to borrow between £5,000 and £25,000? Previously refused finance or credit? No problem, Moneybarn can help. Source the vehicle yourself from a reputable dealer of your choice, apply for car finance online in less than 2 minutes and you could be driving away in your new car sooner than you think! By considering a number of factors not related to your credit score, Moneybarn are able to offer car loans to over 90% of applicants each month. Apply online today.
	44.9%	ACF Car Finance provides car finance and cars, serving a wide range of customers who often have difficulty obtaining credit from conventional high street sources. Bad credit history? Looking for a quality used car? No problem! Apply online today. Every car undergoes a 136 point vehicle inspection and an independent MOT. A wide selection of popular makes and models are available and the majority of cars are between 2 - 4 years old. Representative Example Typical loan example: £3,000 loan 36 monthly repayments at £140.27 per month Total amount payable £5,049.84 APR 44.9% variable, subject to status and affordability
	53.9%	Merlin Money offer a full range of flexible unsecured personal loan products as well as log book loans, payday loans, debt consolidation loans and secured loans. There's no need to be put off if you think you have a low credit score or a bad credit history as Merlin are dedicated to helping those who have been declined elsewhere. • Search loans from £100 to £100,000 • Repayment periods from 1 month to 25 years • Exclusive access to the UK’s largest lender panel • Any purpose loans no matter what your credit status • No upfront credit checks to worry about • Understand and improve your credit score Representative Example Borrow £3,000 and pay £169.63 per month for 36 months The total charge for credit is £3,106.68 The total repayable is £6,106.68
	272.2%	Provident offer small unsecured cash loans up to a maximum of £500 for new customers over 30 from all walks of life, often to people with poor credit ratings, even county court judgements - people other loan providers may not be able to help. Compare the price of home collected and other cash loans available in your area at www.lenderscompared.org.uk. Representative Example £300 loan repayable over 52 weeks 52 weekly payments of £10.50 Rate of interest 80.2% p.a. fixed Representative 272.2% APR Total amount payable is £546
	478.3%	Logbook Loans offer simple and fast no credit check loans secured against the value of your vehicle. Apply instantly online, borrow between £500 - £50,000 and have your money within 24 hours, even if you have been refused elsewhere. Representative Example £1,150 loan repayable over 78 weeks 78 weekly payments of £42.53 Fixed annual interest rate 125.64% Representative 478.30% APR Total amount payable is £3,317.34