While many mainstream lenders with their tight eligibility criteria simply aren’t willing to consider the risk of lending to those whose credit record is less than perfect, a number of specialist lenders thankfully are.
AvantCredit specialises on this market, reporting payment histories back to some of the major credit bureaus – which may help to improve its customers’ credit scores.
Below is a selection of alternative loan companies – some offering loans for borrowers with a guarantor (a relative or friend who promises to step in and pay off the loan if the borrower can’t) to reduce risk.
| Name | Representative APR | Loan amounts | ||
|---|---|---|---|---|
 |
AvantCredit Personal Loan | 42.5% | £1,000.00 to £25,000.00 | |
 |
UK Credit Limited Unsecured Homeowner Loan | 26.9% | £3,000.00 to £20,000.00 | More info |
 |
Bamboo Personal Loan | 69.9% | £2,000.00 to £8,000.00 | Check eligibility |
 |
Trusttwo Trusttwo (Homeowner Guarantor) Personal Loan | 36.9% | £1,000.00 to £15,000.00 | More info |
 |
Trusttwo Trusttwo (Tenant Guarantor) Personal Loan | 36.9% | £1,000.00 to £15,000.00 | More info |
 |
Amigo Guarantor Personal Loan | 49.9% | £1,000.00 to £10,000.00 | More info |
 |
Likely Loans Personal Loan | 59.9% | £500.00 to £5,000.00 | Check eligibility |
 |
Savvy Personal Loan | 59.9% | £300 to £1,200 | More info |
 |
Everyday Loans Personal Loan | 99.9% | £1,000.00 to £15,000.00 | Check eligibility |
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
There are a few innovative new lenders such as Tappily, that offer alternative takes on short term borrowing for less-than-perfect credit scores. Tappily was primarily designed to help people avoid expensive unauthorised overdraft fees.
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