How to Secure a Quick Loan with Bad Credit

A poor credit history is nothing to brag about. But it’s nothing to be ashamed of either. Millions of people across the United Kingdom have less than sterling credit ratings. But sooner or later everyone needs a loan, regardless of their credit score. That’s never more true than when your in facing the twin attack of a financial shortfall and a spending emergency.

Traditional lenders aren’t really in a position to address the needs of bad credit consumers in a finance emergency. Banks, credit union and building societies aren’t in the business of providing short-term loans for their customers. Particularly if those customers have a troubled credit history. But that doesn’t mean bad credit borrowers are out of luck.

If your credit history is spotty, or even non-existent, you can still access the quick short-term online loan you need to help you handle common spending emergencies.

What Can You Do with a Bad Credit Quick Loan?

Ideally, everybody would have a little money set aside for a rainy day. But realistically that’s not always possible. Quick loans, like payday loans, are designed to help consumers cover immediate expenses while they’re waiting on their next pay cheque to drop. When you’re running a household there are always unexpected expenses coming down the line. Sudden home repairs, loans for new cars, and medical bills can come without warning, and when they do you can’t wait for payday.

When you need some extra cash to see you through a sudden spending crisis a quick loan can help. You can borrow enough money to cover your emergency, say a few hundred pounds, and right your financial ship. Like all short-term loans the transaction comes with a brief structured repayment schedule making it easy to settle your debt and get back on track.

How do Quick Loans Work?

Quick loans, like payday loans, provide an influx of much needed cash to tide you over until your next payday. This allows you the financial flexibility you need to handle sudden unexpected expenses.

In the past, so-called payday loans typically had extremely brief repayment windows. One the average borrowers were expected to repay their loan within 2 to 4 weeks. That repayment would necessarily include the original loan amount as well as any attendant fees and interest.

New FCA regulations have moved short-term lenders away from the previous payday loan repayment schedule. Quick loans for borrowers with poor credit now come with less restrictive repayment periods, and are generally expected to be repaid in full over the course of a few months. This not only allows consumers to access the quick cash they need in an emergency but also provides some breathing space on the other end, allowing borrowers to repay their loan with smaller amounts over longer periods.

How much would you like to borrow?

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Bad Credit, Loan Costs, and You

A person’s credit history consists of several critical points:

  • Past Credit Use – Lenders want to know how often, and how successfully, a customer has used credit in the past. They want to proof that potential borrowers have a record of repaying their debts on time and in full. In this instance a lack of past credit use can be as problematical as a poor repayment history. Customers with little or no credit history are typically placed in the same ‘high risk’ category as those with a troubled past.
  • Repayment History – Lenders need to know that potential borrowers have a record of paying their bills on time. Late payments, or worse – missed payments, will have an adverse effect on a person’s credit rating.
  • Bankruptcies and Court Judgements – County court judgements and bankruptcies are naturally red flags to traditional lenders. These can have a disproportionate impact on someone’s credit history, causing their rating to drop precipitously.

A bad credit rating shouldn’t keep anyone from accessing small short-term loans in an emergency. But lenders must consider a borrower’s past when approving any loan. Consumers with poor credit scores are typically considered ‘high risk’ customers. To offset that risk quick loans for borrowers with poor credit often feature higher interest rates than might be offered to customers with clean credit histories.

Are Quick Loans an Affordable Option?

All loans come at a price. Particularly if the borrower has a less than ideal credit score. Before accepting any loan offer it is important to understand the total cost of that loan. Some key points to consider include:

  • Overall Affordability – Lenders authorize quick loans according to the customer’s income, employment and outstanding debts. In addition to the sum being borrowed, you will be responsible for paying all attendant fees and interest that accrues on the loan. Consider your income stream and compare that with the overall total cost of the loan to ensure that you can afford to take on even a short-term loan.
  • Annual Percentage Rates (APR) – Interest rates on loans are determined by the lender according to the perceived risk involved. Be sure you understand how the interest on your loan will be calculated before you agree to any offer.
  • Repayment Schedules – Quick loans have brief repayment periods. While the sum you are bothering may be small the repayment period is critical. Carefully review the terms of your loan to ensure that you can repay the total amount due in full and on time.
  • Late Payments – Late payments, or worse – missed payments, should be strictly avoided. A late or missed payment will further damage your credit rating and will make it more difficult to secure credit in the future.

Applying for a Quick Loan is Easy

At Bad Credit Loans we make applying for a quick loan as easy as possible. Simply fill out the online form stating the amount you want to borrow and providing us with the information we need to process your loan request. In order to qualify for a loan applicants should meet the following criteria:

  • Must be 18 years of age or older
  • Must be a valid UK resident
  • Must demonstrate proof of employment
  • Must meet income requirements
  • Must have an active UK banking account
  • Must provide a valid e-mail address and other contact information

In order to speed up the application process, you should have all of your pertinent details ready. Make sure all the information you provide is accurate and up to date. You may also be asked to provide further information as is needed to complete your loan request. So it is important to keep yourself available until your loan request is completely processed.

If approved for a quick loan you should be able to access the funds you need in as little as one business day. In most cases direct deposits into an active account can be completed within a few hours.

Why Use Us

  • PCAW Approved
  • £100 - £5,000
  • Instant Transfer
  • Same Day Cash
  • Direct Lenders
  • Flexible Terms
  • Reputable Lenders
  • No Guarantor
  • 1 - 36 Months
  • 98% Approved
  • Fast Application
  • No Paperwork
  • UK Service
  • 24/7 Support
  • Quick Decision
  • Bad Credit OK
  • Easy Repayments
  • No Hidden Fees

Learn to Effectively Manage Your Financial Profile

Quick loans for people with bad credit can help to smooth over any financial bumps in life’s road. They can also help to build a stronger and more impressive credit history. Remember, when you successfully repay any loan it is reflected in your ongoing credit report. Making timely payments and fully discharging the debt will add crucial points to your credit rating.

If you are looking for help managing your finances and improving your credit rating there are a few government services available. All UK citizens can access financial advice and counselling by visiting the Money Helper and National Debt Line government websites.

Apply Now

Simply select how much you'd like to borrow and for how long:

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).