Car & Auto

May 20 2019

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Bad finance loans

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48.5% APR Representative


We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%

This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22.

What are bad credit loans?

Bad credit loans can be a way for you to borrow money if you have been refused credit in the past. They can also be a way of borrowing if you’ve got a lower credit score or no credit history at all and you’re finding it difficult to be accepted for any credit.

Bad credit loans will often come with a higher interest rate though. And you’ll often need to have secured another way to meet your loan repayments in case you find it difficult to pay back the loan in the future.

This could be using the value of your house as a guarantee that you’ll be able to take money from it to then pay back the loan. Or you might have a friend or family who could meet the repayments for you if you weren’t able to.

This helps to give a lender peace of mind that they will get the money they lend you back, and makes them more likely to lend to you if you have had trouble borrowing money before.

You’ll normally need to be over 18 and in employment to get a bad credit loan. You can get a poor credit loan from a bank, a credit union, a private business or a lender.

How do you get a loan with bad credit?

If you’ve been refused a loan or credit card in the past then this will appear on your credit report as a search and can affect your credit score.

And if you’ve found it difficult to pay back money you’ve borrowed from a lender in the past then this can also appear on your credit report as a default, and can affect your credit score.

A lower credit score and marks on your credit report can make it harder to find a loan.

There are a few types of loans that you might find it easier to get approval for if you do have bad credit.

Types of loans for bad credit

There are a number of loans available to those with bad credit:

  • Secured loans: let you borrow money against an asset you own, such as your house, as security that a lender will get their money back
  • Guarantor loans: require another person to commit to pay your loan repayments if you miss them
  • Peer-to-peer loans: allow you to borrow from individuals instead of a bank

Secured loans

A secured loan can be a way to borrow money if you’ve got a low credit score or you’ve been refused credit in the past.

Having a high value item like a house gives a lender peace of mind that there is equity there that you could use to repay the loan if you were struggling to meet the monthly repayments.

If you are accepted for a secured loan then you’ll need to consider the risk of a lender taking money from your home – or even repossessing it – before deciding to borrow.

Guarantor loans

You might be able to take out an unsecured loan if you have bad credit and you can find a friend or family member to be a guarantor for your loan. A guarantor loan won’t use your house or another high value item as repayment security but instead uses your guarantor.

So if you aren’t able to meet your monthly loan repayments then your guarantor will need to be prepared for the fact that they will be expected to pay the loan back. Your guarantor will most likely need to have a good credit score for the loan request to be approved.

Peer-to-peer loans

A peer-to-peer loan is borrowed from an individual lender rather than through a bank or building society. You can find lenders on a peer-to-peer lending website, where you’ll be matched with individuals who are prepared to let you borrow from them.

You might find that you can borrow more money than a bank or building society will offer you. The interest rates offered on peer-to-peer loans can be lower than the interest charged on standard loans too.

The average personal loan amount 25-44 year-olds look to take out is £12,092, according to MoneySuperMarket data.

But you will still need to pass credit checks and the peer-to-peer website’s own background checks to be approved for a loan.

The average personal loan amount taken out by age group, according to MoneySuperMarket data from January – October 2018.

What can you use a bad credit loan for?

If you are approved for a bad credit loan then you can use it just like any other personal loan to help you pay for larger expenses up front.

So you might use a bad credit loan to finance a car, wedding, holiday, home improvements or for another reason.

A bad credit loan can also be used to consolidate any debts you have into one monthly repayment and potentially lower the interest you’re paying on the debt as a whole. But you will need to make sure you’d still be able to afford the monthly repayments with the new loan deal.

Car loans are the most common loan people aged 18-24 and 45-64 search for, and home loans are the most common loan people aged 65-74 and 75+ search for. Debt consolidation loans are the most commonly searched for loan for 25-44 year-olds, according to MoneySuperMarket data.

The most common reasons consumers are looking to take out a loan, according to MoneySuperMarket data from January – October 2018.

Why a bad credit loan might work for you

The benefits of a bad credit loan can include:

  • A way of borrowing money: if you’ve got a bad credit score and you’ve been refused credit in the past then a bad credit loan can be a way for you to borrow money
  • Rebuild your credit score: a poor credit loan can help to rebuild your credit score and credit history if you meet your monthly repayments
  • Quick access to your loan money: your loan will usually be paid into your account within days of your application being approved – and sometimes even immediately. You can make your purchase or consolidate your debts quickly
  • Repay over a longer period of time: you’ll be able to choose how long you want to be paying your loan back for, from one to five years to longer

What are the disadvantages of a loan for bad credit?

Some things to be aware of when taking out a poor credit loan include:

  • High interest rates: on your poor credit loan monthly repayments. And if you’re repaying the loan over a longer term then you can end up paying back a lot of interest on top of the amount of money you borrowed
  • Car or home repossession: if you aren’t able to keep up your repayments on a secured loan then your car or home might be repossessed by the lender
  • Difficulty getting a loan if you have bad credit or you’re self-employed: you might find it difficult to get approval for a loan if you have bad credit. The same applies if you’re self-employed because you may not have the guarantee of fixed income to meet the monthly repayments. If you are approved, you may then find that you aren’t able to borrow as much as you wanted
  • Loan fees: you may have to pay an arrangement fee to get your loan or early repayment fees (redemption fees) if you want to pay off the balance quicker
  • Missed repayments can affect your credit score: if you do miss any loan repayments then the lender can contact the credit referencing agency. The missed payment will be recorded on your credit report and can affect your credit score further

Most consumers searching for a personal loan are looking to pay it off after one to five years, according to MoneySuperMarket data from January – October 2018.

Alternatives to a bad credit loan

If you aren’t able to get a poor credit loan or you’d prefer to consider what other finance options you have then there are other borrowing options that might be available to you.

Bad credit loan versus overdraft

If you’re looking to borrow a smaller amount of money for the short-term then you can go to your bank to see if you can get an overdraft on your current account.

Some banks will offer a set amount of your overdraft that you can use interest-free (overdraft buffer). You’ll then have to pay interest on the additional money you borrow from your overdraft allowance. You will normally also be charged a usage fee to access the overdraft.

The interest you’re charged on an overdraft can be lower than on a standard loan. But a loan could be a better option if you’re looking to borrow longer term.

Bad credit loan versus credit card

A bad credit credit card is designed for borrowers who have a lower credit score. The amount you can borrow may be lower than with a loan, but some lenders may increase your spending limit if you do meet your monthly repayments.

The money you borrow on a credit card won’t be secured against your property, so it works more like an unsecured loan. This means it’d be harder for a lender to take the money back from your home.

Bad credit credit cards tend to have high interest rates like bad credit loans.

Bad credit loan versus payday loan

A payday loan is designed to give you quick access to a lump sum of cash. It can be used for borrowing smaller amounts than bad credit loans and over a shorter period of time.

Payday loans often come with high interest rates. So you’ll need to make sure you can afford to pay the loan and interest back in the time you have to repay.

Compare bad credit loans

Comparing bad credit loans can help you find the loan that works best for you and your situation. Our loans search tool asks you a few questions on how much you’d like to borrow for your loan and how long you’d like to be paying the loan back.

We’ll then ask you about your average income and employment status to show you both affordable loan choices and loans you’re more likely to be accepted for. We’ll also ask you whether or not you’re a home owner so we can show you both unsecured and secured personal loans.

You’ll then be able to sort your loan results by chance of approval to compare loan deals by rate, monthly cost and terms and conditions to find the best loan for you.

It’s important to remember that the loan rates you see will be based on a soft check and only show you loans you’re likely to be accepted for.

The loan amount, rate and duration you may then be offered if you are accepted when you apply through a provider can be different to the loans you saw because they’ll be based on your credit report and financial situation.

MoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.

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