See your personalised rates
- Find lenders that can approve you
- Good and bad credit histories accepted
- Fast funding with no hidden costs
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Yes, you can still be eligible for a personal loan even with a poor or low credit score. However, you may find your options are more limited in terms of the lenders you can choose, as well as the size of your loan amount and the rate you receive.
Depending on your situation, it may be a better idea to try and improve your credit score before applying for a loan. If you need a loan in the near future, there are ways to improve your chances of getting a loan with bad credit.
Unfortunately, there is no universal secret to getting approved for a loan if you have bad credit. However, there are a few things you can do to improve your chances:
There are various credit options for people with a bad credit rating. Here are some of the main ones:
Don’t forget: talking to lenders is also a great idea – you may be surprised at how flexible they can be. Ultimately, lenders do want to lend money – they have to do so responsibly, but it’s in their interests to work with borrowers to find a sustainable credit solution.
Representative example: Borrow £1,200 for up to 75 days at a rate of 124% p.a. (variable). Representative APR 49.7%.
Lenders are also wary of lending to people without much in the way of credit history. This might include 18-year olds or newly-arrived migrants. If you’re in this situation there are a few things you could do to help your case:
As long as you bear in mind that it’s unlikely to check the whole market, but instead subsection of lenders with whom it has an arrangement, then a broker can take the strain out of finding a competitive personal loan deal. Brokers find the best rate available to you from their panel of lenders, taking into account your individual circumstances. Normally this service is free, because the broker will earn a referral fee from the lender.
Some brokers or “matching services” can now run soft searches with a range of lenders in seconds, meaning that without any impact on your credit score you’ll be able to get realistic rate quotes for loans you’re likely to be approved for. This can be a smart way to avoid disappointment, protect your credit score and focus on lenders likely to approve you.
This figure is designed to provide an annual summary of the cost of a loan and takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
If you’re looking at bad credit personal loans, expect higher APRs than those you’ll see comparing standard products. This means borrowing will be more expensive but also that it’s easier to be approved if you don’t have a great credit score.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR. Depending on your circumstances, you may be offer a better or a worse rate than the advertised APR.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
Find out how to apply for a 10-year personal loan, and how to get the best rates.
Discover how you can use buy-for-university mortgages to buy property as a student.
Earn Avios or cashback on all your business spending with this business Visa from challenger Capital on Tap.
Saving time on expense reports and streamlining your cash flow are just a couple of the many perks you could enjoy with a business credit card. Compare interest rates and check your eligibility today.
In-depth guide to bridging loans if you have had credit problems in the past, including what lenders are willing to overlook and which are the most important factors.
Discover the best bank for a mortgage in the UK using real customer reviews from our customer satisfaction survey.
Learn how you can find the best bridging loan for your circumstances and discover more about the major UK lenders who offer them.
Debt consolidation can have a positive or negative impact on your credit score. Here’s how to make sure you don’t damage your record when consolidating debt.
Second charge mortgages can allow borrowers to finance big projects, like home improvements. However they come with risk, so it’s crucial to read-up, do your sums and work out what’s right for your circumstances.
0% purchase credit cards can help cover the cost of large purchases or expenses, and are often cheaper than a personal loan.
Hi am not hear to hit u with a sob story but I’m a single mum to 2 kids on benefits, I don’t hear from the dad or get any help from him, I’m on universal credit, I’m good at budgeting my money because I haven’t got a choice because of ma 2 kids, its a short-term loan I was looking for, for Christmas. Thanks.
Hi Tammy,
Thanks for getting in touch with finder. I hope all is well with you. :)
I’m sorry to hear about your financial situation. I know how tough it could be to raise kids alone.
Anyway, if you need a short-term loan, you would need to check a lender’s list of eligibility requirements before applying. You can then discuss with them your options.
Since you are on benefit, your options could be limited and if you ever find a lender, the interest rate could be higher than the average. For this reason, seek other alternative options before borrowing money. Remember that late repayments can cause you serious money problems in the future.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Am trying to get a loan but due to my adverse credit history i keep getting turned down. Don’s want a guarantor loan.
Regards.
Selwyn
Hi Selwyn,
Thanks for getting in touch with finder. I hope all is well with you. :)
I’m sorry to hear about your situation, Selwyn. It is true that having a low credit score could affect your eligibility for a loan. If you don’t want to get a guarantor loan, you might want to still check the lenders listed on our table and click on the “Go to site” green button to apply. However, if none of them won’t approve you, you might try to look in other places for a lender who might help you.
What I can suggest is for you to try to improve your score first with the help of a credit builder credit card. After improving your score, then you can try again.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hello, I am trying to help my step daughter get a loan, I am prepared to be guaranteed for her, I have a really good credit rating but can not find a rate for her that is not really high, can you help, please?
Hi Gordon,
Thanks for getting in touch with finder. I hope all is well with you. :)
In general, the lower the risk on the part of the lender for lending money, the lower the interest rate is. Thus, bad credit personal loans do come with high-interest rate. We also have guarantor personal loans you might want to check. However, the interest rate is still high.
You can also check this page where personal loans have a lower interest rate, but if your stepdaughter has a bad credit, she might have a hard time getting approved for these loans. If it is possible, you may want to apply for the loan yourself to enjoy a lower interest rate.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Miert nem kaphatok egy keves kolcsont a bankomtol??
Hi Zsuzsanna,
Thanks for getting in touch with finder. I hope all is well with you. :)
I understand your question to be:
Why can not I get a little chunk from the bank?
Every bank has their own eligibility criteria that you need to meet. The bottom line is that if they can see through the documents you presented that you are able to pay them back, then you will be approved. If not, then you need to look for other options.
On this page, we have listed lenders who provide personal loans to people who have a bad credit. You might want to get in touch with them by clicking on the “Go to site” green button.
Please review the criteria, details of the loan product and contact the lender directly to discuss your loan options and eligibility.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua