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Understanding Bad Credit Loans

Other types of loan tailored to your personal circumstances are available, such as bad credit loans which can help with repairing your credit score. We recommend checking all of the offers available to you before proceeding.

With Oink Money you can apply for a loan even if you have poor or bad credit - our panel of lenders consider all applicants. We are a licensed credit broker and not a lender.

What are Bad Credit Loans?

Getting loans from mainstream lenders when you have a poor credit score is hard – banks are unable to lend to someone who is at risk of not being able to make their loan repayments, even if cash flow isn’t currently a problem. Bad credit or refused credit loans are the best loans available to people with a history of poor or non-existent credit.

Bad credit scores happen for a number of reasons – many people are walking around with bad credit from their student days. Even missing a payment on a phone contract years ago can lead to a poor credit score! Some people have poor credit scores simply because they have no credit, and having a County Court Judgement (CCJ) against you will also impact your credit score.

Having a poor credit score doesn’t stop you from borrowing money, and it shouldn’t stop you from applying for a loan. Tailored loans are designed to help you borrow money at an affordable rate. Even people who have been declared bankrupt can borrow money this way.

Instead of shopping around for the best deal, you can apply online at Oink Money and let us find the best one for you.

There are loads of bad credit loan options. Poor credit loans can be both secured and unsecured – secured ones might have better interest rates, but you could lose your property as this will be used as collateral in the event of non-payment. You can also get long term and short term bad credit loans – interest rates for short term loans are considerably higher, as you are meant to pay them off fast. Some lenders will increase your loan’s interest rate based on how bad your credit score is.

What different kinds of bad credit loans can I get?

People with bad credit scores can get a variety of loans, including:

Whenever you are shopping around for a loan, make sure you read all the small print and that you’ve got a good idea of how much you will actually be repaying (including interest rates, brokerage fees and any late payment fees). Balance the loan amount with the amount of time it will take you to pay it back and settle for something realistic and financially achievable.

What can I do with a poor credit loan?

Bad credit loans are a great option if you need some money to finance a project fast. As these loans are generally given without any restrictions, you can spend the money on what you want. Bad credit loans can be a great source of emergency funding, but they shouldn’t be used for regular financial management.

How do I qualify for a bad credit loan?

Poor credit lending is a tailored solution for people with low credit scores, in fact – they are often the only types of loans available to them. If you have been refused for loans before, it could be because of your credit score. You can check your credit score online and there are loads of ways to improve it - including registering to vote and borrowing money (and always making the repayments).

How much money can I get with a bad credit loan?

The amount of money you can get with a bad credit loan varies from £100 to £25,000, with most loans hovering around the £2000 mark. It’s generally better to be careful and borrow small amounts of money at first, allowing you to rebuild your credit score by making prompt repayments. This means that you will be able to access better terms as your credit score improves.

Are bad credit loans a good idea?

Bad credit loans are great for people who have been refused loans by mainstream loan providers like banks. They can help you improve your financial situation instantly, and if properly managed, they can even help you improve your credit score.

Are bad credit loan interest rates competitive?

You won't always be offered great interest rates because of the risk involved for lenders, but they offer a fantastic financial lifeline to people in need. The lower your credit score, the higher the interest rates will be so it’s always a good idea to try to improve your credit score as soon as you can manage it. When borrowing, you may be better off taking out a little bit more and accessing a better interest threshold, but always only borrow what you can afford.

How to get the best bad credit loans

The ultimate goal is to build up a better credit score in order to be able to afford loans with better interest rates and better repayment schedules. However, if you need to rely on a bad credit loan, make sure you choose a reputable lender who is offering you a good deal. A good deal is a loan offered at the lowest possible interest rates (measured as annual percentage rate – APR), with a manageable repayment schedule that won’t fine you for paying back your borrowings early.

You can use our borrower - lender matchmaking service here at Oink Money - apply today.