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Understanding Bad Credit Loans

Firstly, there is no such thing as a bad credit loan. It is a term people often search for if they are looking for loans online and have a low credit rating or score.

‘Bad credit’ loans are, simply put, loans with a higher interest rate and subsequently higher cost. They can be any type of loan, personal, short term, secured, or unsecured.

‘Bad credit’ loans can potentially help with repairing your credit score if you have a low credit score or no credit profile. We recommend checking all of the offers available to you before proceeding.

Through Oink Money you can apply for a loan even if you have a low credit score – Monevo’s panel of lenders consider all applicants. Monevo Ltd are a licensed credit broker and not a lender.

What are Bad Credit Loans?

Although ‘bad credit’ or ‘poor credit’ loans do not exist as a specific type of loan, they are generally aimed at those with low credit scores and imperfect credit files, hence the name.

Getting loans from mainstream lenders when you have a poor credit score is hard – banks do not have products that cater for these types of customers. ‘Bad credit’ loans are loans available to people with poor or non-existent credit history.

Low credit scores happen for a number of reasons – many people are walking around with imperfections on their credit file 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 history, 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 even when you have a low credit score.

Instead of shopping around for the best deal, you can apply online through Oink Money and let Monevo find the best one for you from their lenders and based on your circumstances.

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 over a shorter period of time. Loans are subject to lender’s approval and criteria.

What different kinds of bad credit loans can I get?

People with low credit scores can still be eligible for 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, 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 have a low credit score and need some money to finance a project, big or small - they can be used for many different things. Just be mindful they will be more costly as they cater for people with lower credit scores.

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. 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 could potentially help you improve your financial situation and credit score if properly managed.

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 are likely to 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 sometimes may be better off taking out a little bit more, as you may be able to access a better interest threshold. In some instances, this may not increase the amount you pay back even though you are borrowing a slightly larger sum. However, this may not always be the case so please be mindful to always only borrow what you can afford to pay back, and you should refrain from borrowing more than you need.

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. 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. Look for loans from lenders that do not charge early settlement charges.

You can use Monevo's lender matchmaking service here at Oink Money - apply today.

We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker, not a lender.

OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly. We do not make short term loan or credit decisions.

We do not charge any fees. If you are contacted by anyone saying they are calling from Oink Money requesting you make them a payment, you should report this to www.actionfraud.police.uk immediately. We will never contact you asking for a payment.

*The loan amount and interest rate you are offered are subject to lenders requirements and approval. If accepted by a lender, a full credit check will be carried out. If Monevo are unable to find you a loan, they may offer you an alternative product. The time it takes for the funds to appear in your account may take longer, and will depend on your bank and the lender's own policies and procedures.