Loans for People with a Very Poor Credit History

Loans for People with a Very Poor Credit History

Loans for People with a Very Poor Credit History

Loan Type
Fluent Personal Loan
APR/APRC
14.9% APR
Representative (£1,500-£25,000)
Loan Term
1 to 5 Years
Borrow
£1,000 to £25,000

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Representative Example: The Representative APR is 14.9% (variable).The Representative APR is If you borrow £90,000 over 4 years at a representative 14.9% APR and an annual interest rate of 14.9% (fixed) you would pay £245.80 per month. Total charge for credit will be £2,798.51. Total amount repayable is £11,789.51.

Loan Type
Avant Personal Loan
APR/APRC
42.5% APR
Representative (£1,000-£20,000)
Loan Term
1 to 6 Years
Borrow
£1,000 to £20,000

Instant Online Decision

Representative Example: The Representative APR is 42.5% (fixed). If you borrow £3,000 over 3 years at a rate of 31.9% p.a (fixed) plus an arrangement fee of £137.31, you will repay £157.89 per month & £4,943.25 in total.

Loan Type
Everyday Loans Personal Loan
APR/APRC
93.6% APR
Representative (£1,000-£20,000)
Loan Term
2 to 5 Years
Borrow
£1,000 to £15,000

Instant Online Decision

Representative Example:The Representative APR is 93.6%. Based on a loan amount of £3,000 over 24 months at an interest rate of 67.9% p.a. (fixed). Monthly repayment of £231.78. Total amount repayable £5,562.75.

Loans for People with a Very Poor Credit History 

Where can I find loans for people with a very poor credit history?

As a rising number of people are damaging their credit rating by missing payments and getting into arrears, so there has also been a rise in the number of bad credit loan companies, which specifically provide loans for people with a very poor credit history.

If you have a poor credit history, there are various places you may be able to borrow:

  • Lenders that specialise in lending to people with bad credit
  • Mainstream lenders might offer you a loan but charge higher rates
  • Find the best deals by comparing quotes

Things to consider when comparing loans for people with a very poor credit history:

  • How much do you need to borrow?
  • How much can you afford to repay each month?
  • If you do not keep up with repayments you could damage your credit further

Loans for people with a very poor credit rating are cheaper if you can secure the loan against your home, because you are offering surety to lenders, and they know that if you do default, they can recoup their losses by repossessing your home.

Interest rates tend to be higher for bad credit unsecured loans than bad credit homeowner loans compared to those for people with good credit.

However, they can be a way of improving your credit score if you manage your money effectively and prove that you can repay it on time. This can then make you eligible to apply for better deals on borrowing in the future.