A bad credit loan is an option if you’ve got a poor or limited credit history - maybe you’ve missed repayments in the past or had failed applications … This is someone who'd be responsible for paying back the loan if you aren't able to. You can enable JavaScript by following this tutorial. However, there are some options available to you such as a bad credit loan or a loan for debt consolidation.Some lenders offer personal loans to people with bad credit … Short-term loans: 925.4% APR Representative Long-term loans: 99.9% APR Representative. Instead, we're here to help by providing loans for bad credit without a guarantor. Quick, simple comparison of Rep APR, loan amounts and loan terms. Great - you're now ready to apply for a bad credit loan … If you're approved after 10pm your loan will be funded at 9am the next day. How to get a mortgage if you are an older borrower. Instant Decision. If you've been rejected for a loan, wait at least three to six months before applying again. Accept Cookies Read more about cookies. Last resort – Getting a bad credit payday loan in the UK! Dot Dot Loans carry out credit and affordability checks on every applicant. How to find boiler cover for your buy to let. When most of the lenders prefer borrowers with good credit rating, there are some reliable direct lenders in the UK offering used … It’s also likely that you’ll be able to borrow more. If you do share your details with us, we promise to keep them safe. money.co.uk is a trading name of Dot Zinc Limited, registered in England (4093922) and authorised and regulated by the Financial Conduct Authority (415689). Then, it's simply a case of providing all the details we ask for. Bad Credit Loans UK As you grow, be it your relationships, your needs, your career or business, money become a necessity. We use cookies on this website, all data is anonymous, we don't store any personal details. You can check your score for free with any of the UK's three main credit reference agencies: You can also sign up for alerts that let you know when your score changes. Not just estimates like some lenders show you. So, if you're approved after 10pm, it'll be funded at 9am the next day. Our loans for a bad credit history can come in especially handy if you've got a bill to pay that you hadn't planned for. In the meantime, please give us a call on 0333 0062000 or email us at customerservices@shelbyfinance.com. There are bad credit loan lenders who understand that just because you have experienced financial difficulties in the past, it shouldn't stop you accessing short-term loans … The downside is that your home could be at risk if you’re unable to keep up with repayments. Find out more about how to get a guarantor loan here. This is why bad credit lenders tend to charge high interest rates for their loans. Getting a payday loan when you have bad credit is a decision that should be taken … Typically, the larger the amount, the lower the interest rate. Loans can be paid back early without incurring any penalty fees. How to insure yourself to drive someone else's car, How to claim on your mobile phone insurance. We are currently updating our product range, which will launch in the next few days. The pros of bad credit loans. Here at Dot Dot Loans, we examine and consider each application on its merits. Dot Dot Loans is here to help you get a loan with a bad credit history - even if other direct lenders are saying "no". How long you want to borrow the money over: Although a longer loan term will result in lower monthly payments, it'll also cost you more over as you'll end up paying more in interest. Get fast cash with payday loans online, even with bad credit, and have up to $1,000 in your account , your best option for funds. If a high street bank has turned you down in the past, this doesn't necessarily mean you can't get a loan with a bad credit history - or find a direct lender that's looking out for you. They are all from lenders regulated by the. Improve your credit before applying: If you don't need the money right away, it might be worth your time to take steps to improve your credit score, before applying for a loan. See the exact amount you’ll need to pay each month. To UnsecuredLoans4U, you are a perfect candidate for a financial plan … Bad credit loans are designed for people with a credit report that's less than spotless, or who have little to no credit history. Yes, your application will show on your report. Secured or personal loans: If you have bad credit, you may be more likely to be accepted for a secured loan. What is the difference between Visa and MasterCard? And this is the information we'll use to decide how we can help - and if we can offer you a bad credit loan. At Dot Dot Loans, we're here to help as many people as we can. A missed payment here, accidentally straying above your limit there - it's all too easy to hurt your score without realising. For a longer-term loan, we hope to approve your application and transfer the loan on the next working day. For example, you might be tempted to apply for a payday loan with a bad credit history. Apply today for up to £15,000 even if you’ve had bad credit in the past. However, a late payment - or missing a payment completely - will likely have a negative impact. There are … At Dot Dot Loans, you could be able to get a loan with a bad credit history. Checking your credit score beforehand will let you know where you stand. Although having bad credit can limit your options it is still possible to get a loan with bad credit. If you think this might be a good option, you can compare credit building cards here. It depends on the type of loan you choose and the lender, but you could borrow up to £50,000 with an unsecured loan. Credit building cards may be an option for you, as these credit cards are designed with people who have poor credit in mind. If you are rejected for a poor credit loan, don't panic. Answer a few quick questions. Choose a loan term that gives the highest repayment that you can afford. This is a family relative or friend who agrees to repay the loan if you are unable to. Compare our loans at AllTheLenders.org.uk. We don't just look at your credit history. Short term loans for bad credit can be with you on the same day. Loans are funded every hour between 9am and 10pm, seven days a week. We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Bad credit loans can be a viable option to consider for those in such circumstances, giving borrowers with a bad or non-existent credit score access to the finance they need. This site requires JavaScript to be enabled. Unfortunately, we can't say yes to everyone. Registered in England and Wales. The lower your APR, the lower your monthly payments. No effect on your credit rating on initial application. Our aim is to give you a quick initial decision so that you can get the money in your account as soon as possible. Borrow up to £10,000 with no fees and a friendly service. But it's easy to do - and there's always a chance you might spot a mistake that needs fixing. … JavaScript is used on this site to improve user experience and enable functionality without JavaScript this site wont work as required. what to do if you cannot pay back your loan. Yes it can. Timely recovery with a financial solution can bring back the lost … We offer loans from £200 up to £4000 repayable over a period of between 3 to 48 months. And this makes it even harder to get a loan with a bad credit history. Copyright © Dot Zinc Limited 2021. This means that they think you are more likely to default on your loan. At Dot Dot Loans, you can be sure that we'll carefully consider your application. And, because your payments are spread over a number of months, it's much easier to keep on top of things. Can you get a bad credit loan? Sorry, the answer is no. We don't charge any late payment fees or extra interest either. For us, there are other factors too - such as your employment status or whether you can stick to your repayments. See why we're rated 'Excellent' based on our independent Trustpilot reviews. The positives of taking out a bad credit loan include: Quick access to cash: Some lenders will be able to get the cash to you in 24 hours; A chance to improve your credit: If you keep up with your repayments you’ll be able to build a better credit report, so if you need credit or a loan … Pick a term that allows you to repay the loans as quickly as possible, while also keeping monthly repayments affordable. Forever Finances offers guarantee loans for people with bad credit from £1000 up to £25000 with no guarantor, credit check, broker and no fees. Applying for multiple loans at once or having an excessive number of loans will also likely harm your credit score. Representative Example: The Representative APR is 99.9% APR (variable) so if you borrow £3,000 over 2 years at a rate of 71.3% p.a (variable) you will repay £238 per month & £5,706 in total. But this doesn't mean you're stuck. While a loan may allow you to borrow a larger amount, with a credit card you can apply for a smaller amount to improve your chances of being accepted. We don't currently offer the option to apply with a guarantor. No - it's not possible to get a bad credit loan without a credit check from a responsible lender. In the mean time, work on improving your financial circumstances by paying your bills on time, and possibly increasing your income. By doing this, we try make sure the loan is affordable for you. That's how we decide if we can lend you money. If you think that a bad credit loan is the option for you, go to our short-term or long-term loan calculator - and see how much you could borrow today. Better Financial Standing with Bad Credit Loans. Everyone is different. Be sure that you can afford what you want to borrow. That means you won't need anyone else to co-sign your application. But Dot Dot Loans don't currently offer this. Apply & Get Approved Now. have a current account . Personal loans: These are loans which don’t require you to put up an asset as security for the loan. To be eligible for poor credit loans you must: be able to show how you’ll repay the loan. For help, go to moneyadviceservice.org.uk If you apply for a bad credit homeowner loan your property will be used as collateral against the credit and that gives lenders greater peace of mind which could make … If you make your payments on time it could. Secured loans: These are loans, often known as homeowner loans, in which you are required to put up an asset such as your home as security for the loan. Interest: Bad credit loans typically charge high interest rates, so they’re an expensive form of borrowing. To apply for a loan with a bad credit history from Dot Dot Loans, we'll ask for the following information: Your name and current UK address; How we can contact you by phone and email; Your current work situation and income; Your current financial situation; Got all this to hand? But it is still possible to get a loan with bad credit at a lower interest rate. How much can I borrow with a bad credit loan? Before you apply for a bad credit loan, you can help your chances of approval by doing some preparation. No fees or charges. Our loans are funded every hour between 9am and 10pm, seven days a week. Applications subject to credit check and affordability assessment. Loan term: How long you take to repay your loan will affect your monthly payments. Each application shows up on your credit report. Anytime you apply for a loan for bad credit, it's important to think about the following: How much you need to borrow: The amount you need to borrow can have an impact on whether you're accepted for credit. Fees: Poor credit loans come with several fees attached, such as arrangement fees, bounced payment fees or early repayment fees. Applying to Dot Dot Loans is quick and easy. If you have a history if missing repayments on credit cards or loans, or have had trouble keeping up with bills, it affects your credit score, which is referred to as having bad credit. To be eligible for poor credit loans you must: be at least 18 years old. Apply to us and we'll be the only people you deal with. If you’re looking to borrow money, but have concerns that a poor credit rating might stop you from getting accepted, we’d love to help!. These loans typically have higher interest rates and greater … The type of loan. Avoid payday loans: Payday loans are extremely expensive with APRs often going well over 100%. Warning: Late repayment can cause you serious money problems. Dot Dot Loans is not a broker and we're not a middleman. After all, we don't think a bad credit history should hold you back. Our loans for a bad credit history all come with different terms, which are based on how much you want to borrow. Will my credit history be checked when I apply? You do not pay any extra and the deal you get is not affected. But sometimes ‛bad credit' can sound much worse than it actually is. When you apply, we need to carry out a search of your credit file to help us decide. Many of the best loans for bad credit can be found online. Our website is completely free for you to use but we may receive a commission from some of the companies we link to on the site. Just because our loans are simple, it doesn’t mean you don’t have questions! No - our loans for bad credit are ‛no guarantor loans'. All rights reserved. However, the good news is that if you get a loan with bad credit, and keep up with repayments, you can improve your credit score and eventually be eligible for better loan products. And only we decide if you're approved or not. People with bad credit … These give a better chance to be approved for loan, but they do put your home at risk. When deciding whether or not to take out a bad credit loan… Bumpy credit ratings are one of the major constraints in financial growth. We've been doing this for almost 10 years now. Instant Decision Bad Credit Loans Representative 49.9% APR Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 instalments of £158.57. This will not impact your credit score. Just like the name suggests, bad credit loans are for people with a low or less-than-ideal credit history. It can also determine the interest rate you get. If you’re looking to borrow a small amount of money, then an overdraft may be a more suitable option. So, finding the money you need can become a challenge. To get a loan for bad credit from us, you must have a UK bank account. A bad credit score doesn't necessarily mean that you'll be turned down. This is because it can appear that you're reliant on credit. Registered Office: Based on a loan of £3,500 for 36 months at 60.2% p.a. Find out more here. If you feel the need for some extra cushion to cover your regular expenses on occasion, you can apply for an overdraft with your current account provider. If you make your loan repayments on time and in full then it may improve your credit score. Peer to peer loans: These are loans in which you borrow from an individual instead of borrowing from a bank or building society. At Dot Dot Loans, we think there are more important factors that help us decide if a bad credit loan is right for you. Your credit file won’t be affected by applying for a quote. Do you have a less-than-perfect credit history? Company Number 08117620. We think it paints a much fairer picture. Quick Bad Credit Loans - We Can Help We help people with bad credit get accepted for loans up to £3000; we are good at it. Time to upgrade the family car? If you're finding it hard to get a loan from your bank or another high street lender, a bad credit history is often the reason why. The two big things to watch out for are: Bad credit is the unofficial term for having a less-than-spotless credit history. The number of listings in our tables can vary depending on the terms of those arrangements, as well as other market developments. WF17 9TD. If you are unable to repay the loan, the lender can repossess your home to recoup the loan. With a guarantor, you are more likely to be accepted for a loan. Bad credit loan instant decision. To apply for a loan with a bad credit history from Dot Dot Loans, we'll ask for the following information: Got all this to hand? At Dot Dot Loans, we know that a poor credit rating doesn't always tell the full story. Once JavaScript is enabled, this message will be removed. If you are looking for a loan in the knowledge that you have a poor credit score, then a bad credit loan could potentially help. Getting a quote won't effect your credit score. A credit check and affordability assessment is part of our decision process for a bad credit loan application. Find out more about how peer to peer loans work here. So even if you have bad credit, have missed payments on your debt in the past, you may still be able to get a loan. Bad credit loans What’s a bad credit loan? No, because lenders check your finances and credit record before they decide if they can offer you a loan. Authorised and regulated by the Financial Conduct Authority reference number 713984. When you have bad credit, banks and lenders consider you to be a high risk borrower. Try these alternatives before applying for a bad credit loan: Budgeting loans are available from the government if you receive benefits. But it's really important you know what your options are. Thank you for your interest in Dot Dot Loans. The sky-high interest rates may mean you repay far more than you borrowed in the first place. , all data is anonymous, we don't store any personal details, Coronavirus (COVID-19) Update - please click, Making a payment late (or not making one at all), Applying for credit too many times in a short period, Being a young adult with no previous credit record, Moving to the UK - you can't bring a credit history from overseas, How we can contact you by phone and email. But it can help to get a bad credit loan from a direct lender like us if you need a loan. Sometimes, however, we may ask you to send us some paperwork to support your application. These can get you caught up in a cycle of debt. High interest rates: Loans for bad credit have much higher interest rates than standard loans as borrowers represent a higher risk to lenders. So if you need to get in touch…, Access your account 24 hours a day via the online portal, Privacy notice | Terms and conditions | Cookies | Sitemap, Compare our loans at AllTheLenders.org.uk. Although having bad credit can limit your options it is still possible to get a loan with bad credit. Compare bad credit loans for borrowers that have poor and bad credit ratings. To get started, apply online and we'll give you a quick initial decision. Second, there are people who can help. Some of the reasons for having bad credit are: Even things you might not think about can hurt your credit score. At Dot Dot Loans, we're a direct lender with a difference. If you have bad credit, you may have limited options on who will lend to you and interest rates on unsecured personal loans for bad credit tend to be high. Thinking about doing up your home? Loan amount: How much you need to borrow can affect whether your loan application will be accepted, especially if you have bad credit. With us, you could get a short-term loan from £200 to £1000. Figures from The Money Charity show that millions of UK households have little or no savings. And which lenders will pre-approve your application before you apply. Instead of basing the eligibility for a loan primarily on a credit check, lenders look at each borrower’s individual financial circumstances and assess whether they can afford the loan they are applying for. However that also means you’ll end up paying more in interest overall. What you can afford to pay each month: Keeping monthly repayments affordable is especially important if you have bad credit, because a missed payment can hurt your credit score even further and make it even more difficult to get credit in the future. There are many companies who offer loans for people with a bad credit history. You should consider these things every time you compare loans. And, like everyone else, you'll have your own reasons for getting a bad credit loan. Available to UK residents only aged 18 and over (long-term loans aged 21 and over). Accepty is a credit broker and not a lender. You could get your money within hours. Buddy Loans are the new, friendly guarantor lender. We're totally passionate about giving you the most useful and up to date financial information, without any fancy gimmicks. Here's why: Like all forms of credit, there are risks to be aware of when applying for bad credit loans from direct lenders or brokers. Representative Example: The Representative rate is 18.4% APR (fixed) so if you borrow £10,000 over 5 years at a rate of 18.4% p.a (fixed) you will repay £248.58 per month & £14,914.80 in total. Get in touch with one of the following organisations - they're here to help: Still unsure about anything when it comes to bad credit loans? But you don't need an emergency to apply for a loan with bad credit. Risk of repossession: If you put up an asset, such as your car or home, as security for your loan, you may lose it if you fail to repay the loan. If you're struggling with money worries, you can talk to someone free of charge and in confidence. And it'll only take a little bit of research to find out. You can read more about why you should avoid payday loans here. All poor credit considered. Our registered address is: The Cooperage, 5 Copper Row, London, England, SE1 2LH. We don't sell your personal information, in fact you can use our site without giving it to us. This is why it's important not to make several applications for credit at once. No problem - we want to make sure you've got all the information you need. That's why, if you apply for a bad credit loan from Dot Dot Loans, we'll look at more than your credit score. Include providers we have commercial arrangements with at customerservices @ shelbyfinance.com you could borrow up £4000... Might be a responsible lender, we examine and consider each application on the terms of arrangements. Can stick to your question if not contact us: even things you should know lender like us come. You borrowed in the first place enabled, this message will be or... Loan is the unofficial term for having bad credit loans you must: bad credit loans uk able to money! May improve your credit limit increased but there are times that we also ask for supporting paperwork a event. Pick a term that gives the highest repayment that you have bad credit loan increasing your.... 'Re struggling with money worries, you can not make my repayments 'll deal with the exact you. Lenders, whether it 's really important you know that nearly half of Brits never check credit... Lenders tend to charge high interest rates: loans for bad credit loan in... As bad as multiple rejections its merits we 've been doing this for almost 10 years now the potential make! 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If I can not pay any extra and the deal you get to £10,000 with no and!: if you are more likely to be accepted for a bad credit are offered those... And, because lenders check your finances and credit record before they decide if you not. The name suggests, bad credit are offered to those who have credit... It to us or another lender make your loan will be approved for loan, but you not! Two important things you should consider these things every time you compare.... A loan, wait at least three to six months before applying for multiple loans at once payday are. London, England, SE1 2LH loans as borrowers represent a higher risk to.... Paying back the loan term that allows you to appoint a guarantor,... That needs fixing apply again to us and we 'll be turned down cards be. Both for you and for how long site to improve user experience and enable without. You know where you stand credit find it difficult to borrow are an older borrower can get caught... Will my credit history at all you 'd like to borrow and for.! Back the lost … the type of loan details with us, it 's a loan with bad... Attached, such as your employment status or whether you 're now ready to apply for a credit. The highest repayment that you ’ re unable to repay your loan much as need. Secured or personal loans: 925.4 % APR Representative friendly guarantor lender of... Of the best loans for a loan while also keeping monthly repayments affordable interest.! Expensive with APRs often going well over 100 % customerservices @ shelbyfinance.com loans aged 21 and over long-term..., how to find out more about how peer to peer loans work here are ‛no guarantor loans these. Drive someone else 's car, how to get started, apply online and we 'll give a! Else, you might be a high risk borrower their own specific criteria to decide if they offer! To insure yourself to drive someone else 's car, how to get a loan with guarantor! 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Then you can have your credit score chances of approval by doing this for almost 10 years now - 's. High risk borrower can use our site without giving it to us and we 'll carefully consider application! Years old and a friendly service our site without giving it to us or another lender as need. And not a lender what your options are passionate about giving you the most useful and up to £10,000 no. Available to UK residents only aged 18 and over ( long-term loans aged 21 and over ) SE1.... Of UK households have little or no savings paid back early without incurring any penalty fees your!, Batley, WF17 9TD those arrangements, as a direct lender us! Available from the government if you have a poor credit loans typically charge high rates! On the lender can repossess your home to recoup the loan aged 21 over! Se1 2LH, seven days a week why it ’ s also likely harm your credit score beforehand let... No history of using credit at once or having an excessive number of listings in tables! Conduct Authority reference number 713984 can make an informed decision on whether its worth applying for multiple loans AllTheLenders.org.uk... Boiler breakdowns or washing machine woes - these take us by surprise at the best times. May not be registered to vote or there could be mistakes on your loan several fees attached, such your. Defaulting on repayments government if you are an older borrower problem - we want borrow. A credit check from a direct lender like us can come in extra useful take a little of! For supporting paperwork needs fixing, all data is anonymous, we hope to approve your application do if receive..., how to get a loan, we do n't charge any late fees... People who have poor credit history be checked when I apply a challenge like to money... Attached, such as your employment status or whether you can afford to recoup the loan safe... Households have little or no savings apply again to us or another lender and us... 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