Loan options for people with bad credit
Payday loans - While you may be able to get a payday loan without a credit check, these can be extremely expensive and should not be your first port of call when shopping around for a loan quote.
Secured loans - this type of loan is secured against something you own, such as your home or car. While secured loans can offer a borrowing option if you have poor credit or need to borrow a large sum of money, they can put you at risk of losing your home if you fail to make repayments. They should therefore be carefully considered before applying.
Guarantor loans – with this type of loan, people with poor credit could borrow money with the help of a guarantor. This is usually a friend or family member who has good credit history themselves and is prepared to guarantee the repayments if the borrower defaults. As long as the borrower makes the repayments on time, the guarantor will not have to pay anything. However, becoming a guarantor is a serious financial responsibility so it makes sense to seek independent advice before entering into this kind of loan agreement.
Compare loans for people with poor credit history
To get loan quotes, use our no-obligation loan calculator. If you have good credit, the service will:
- Compare the market
- Offer an instant online loan comparison
- Allow you to apply online
If you have less than perfect credit our loan service will put you in touch with a broker, who will be able to use the information you do provide to help you find a competitive deal.