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Representative 99.8% APR (variable). Representative Example: If you borrow £500 over 52 weeks at a Representative rate of 99.8% APR and an annual interest rate of 99.8% (fixed), you would pay 52 monthly instalments of £13.41. The total charge for credit will be £197.32 and the total amount payable will be £697.32 Rates between 11.8% APR and a maximum APR of 1493.7%.

Late repayment can cause you serious money problems. For help, go to The Money Advice Service. High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing.

You should always refer to your loan agreement for exact repayment amounts as they may vary from our results. Read more about How Our Comparisons Work.

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We compare short term & payday loans from the best UK lenders

Bad Credit Loans in the UK

When looking for a personal loan the process can often be overwhelming, confusing and frustrating - especially if you have a history of bad or adverse credit. In these challenging times this is even more true and getting credit is harder than ever for many people due to the impact of Covid-19.

Here on allthelenders, our goal is to make the whole process of finding a loan as stress-free and easy as possible, especially for people with bad credit. We don't believe that just because someone has bad credit that means they shouldn't have access to a range of suitable loans at competitive rates.

Through many years of experience, we have build up relationships with some of the best lenders in the UK to ensure that we are able to offer you a great selection of reputable lenders that specialise in lending to people with bad credit .

We believe that even those with bad credit should expect excellent customer service, competitive rates and fair loan terms so we only choose to work with genuine, FCA approved lenders that want to lend to you and provide you with an excellent service.

We are an FCA Authorised Credit Broker and work in your best interests to help secure you the finance that you need. Whether you have good credit or bad credit, you can rely on allthelenders to be on your side and find you the loan you need.

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Bad Credit Loans from Direct Lenders in the UK

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What are bad credit loans used for?

There is no difference between a 'regular' loan and a 'bad credit' loan - they can both be used for any purpose and are generally unsecured. An unsecured loan means that you won't be required to put down any security (property/jewellery etc) or find a guarantor in order for you to get the loan approved. Loan approval is mostly based on your credit and affordability criteria and varies greatly from lender to lender. Loans can generally be used for any purpose, typically personal loans are used for larger purchases like vehicles, weddings or home improvements.

The criteria to apply for a Bad Credit Loan includes:

  • You must be over 18 years
  • You need to be a UK resident
  • You'll need a bank account with a debit card
  • You'll need a mobile phone and a valid email to receive your loan documents
  • You won't be eligible if you are bankrupt or have recently received a CCJ
  • You must be able to afford the repayments

How can I be accepted for a Bad Credit Loan?

There is no simple answer to this question. It is extremely important that you are honest and truthful on your application, especially when it comes to your income and expenditure. Due to the impact of Covid-19, loan affordability is now more important than ever. You should also ensure that you don't ask for more than what you can realistically afford to repay.

You should always be striving to repay any existing debt before looking to borrow more. You should also ensure that your repayment history is up to date to show lenders that you are a responsible borrower.

How can a Bad Credit Loan help me?

When you have bad credit, sometimes it can feel like whatever road you look down you see the same lenders, the same credit card companies and the same products over and over. Having bad credit can often be overwhelming and leave you feeling helpless, however, bad credit loans from allthelenders might be able to help you improve your financial situation. Getting approved for a bad credit loan means you may be able to:

  • Consolidate existing debts
  • Make larger purchases
  • Rebuild your credit score

How Bad Credit Loans work on allthelenders

We have been working for many years in the adverse/poor credit sector and over this time we've built up many strong relationships with lenders up and down the UK. Our unique relationships and understanding of this type of credit means that we can use our knowledge and relationships to get you not only an offer of a loan, but a competitively priced one with a regulated lender.

By making one simple application here on allthelenders, we will present your loan request to the very best bad credit lenders in the UK to try and get you the funds you need. We have access to lenders that you may not find anywhere else giving you the best chance to get accepted.

Making multiple applications to lenders directly can be a tiresome and laborious job, let us take the work off you - apply for a loan on allthelenders today and we'll search the lenders that we work with to get you a response in just a few minutes.

Is a Bad Credit Loan right for me?

You should always think carefully before taking out any form of credit and this is even more important when it comes to loans for bad credit. Typically, bad credit loans or credit cards, payday loans or short term loans will have a much higher interest rate than personal loans that are for people with good or excellent credit histories.

If you are already in debt or have a lot of finance then a bad credit loan may not be the best option for you and taking on further finance at a high rate may end you up in a worse position in the end.

However, if you feel that you can afford the loan and perhaps you will be consolidating more expensive credit into a lower rate loan then a loan would work for you.

The most important thing is knowing firstly than you can afford the loan and secondly that you genuinely need the loan for reasons that will make your overall situation better.

Is a Bad Credit Loan a Payday Loan?

No, they are different products. For the most part, payday loans don't really exist any more in the credit world. Payday Loans are now Short Term Loans (high cost short term credit) and are defined as loan products that are for less than 12 months and have an APR above 100% (inclusive).

Payday Loans typically are for smaller amounts over a shorter period of time - for example £500 borrowed over 3 months where a Bad Credit Loan would typically refer to a larger amount borrowed over a longer period of time, for example £2000 over 5 years.

Whist both products are largely aimed at a similar person, the 2 loans are really quite different. Most bad credit loans fall under the 100% APR mark and typically range from around the 49% to 99% APR mark, although there are lenders out there than can offer loans to people with adverse credit at a lower rate.

On allthelenders, we are able to give you the choice of the type of loan you want - if you need a small amount for a short period of time then why not head over to our Price Comparison to find a deal that's perfect for you, alternatively if you need a larger sum for a longer period then fill in our application form and let us find you a suitable loan at a great rate in just a few minutes.

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You should always refer to your loan agreement for exact repayment amounts as they may vary from our results. Read more about How Our Comparisons Work.