Compare Bad Credit Loans

  • Compare companies that offer loan products designed specifically for borrowers with bad credit ratings
  • Protect your credit file and see which loans you qualify for by using our partner's soft search eligibility service, just click Check Eligibility*
  • Or you can use Apply Now buttons below to go direct to the provider, remembering to check loan details and more info carefully before you apply
  • Unsecured Loans

    A basic personal loan that is not linked to any of your assets

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  • Secured Loans

    Available to homeowners only, using your property as security

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  • Car Finance

    Hire purchase and unsecured loans for buying a car

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13 products found

As a result of Coronavirus (Covid-19) some loan providers have put lending restrictions in place or temporarily withdrawn their products from comparison sites and/or the wider market, therefore you may see fewer providers than normal.

    • Norton Finance Personal Loan - For homeowners only logo
      Broker

      Norton Finance Personal Loan - For homeowners only

      • Only available to homeowners
      • Loan Type
        Unsecured
      • Representative APR
        15.4% APR
      • Available Amounts
        £3,000 to £25,000
      • Min / Max Terms
        1 to 25 years

      Eligibility Criteria

      • Must be aged 18 to 80
      • Must be a homeowner
      • Must have a minimum income of £7,500 per year from employment, pension or benefits
    • Freedom Finance Personal Loan logo
      Broker

      Freedom Finance Personal Loan

      • Loan Type
        Unsecured
      • Representative APR
        27.5% APR
      • Available Amounts
        £500 to £25,000
      • Min / Max Terms
        1 to 7 years

      Eligibility Criteria

      • Must be aged 18 years or over
      • Must be a UK resident
      • Interest rates are dependent on your individual credit score
    • Lendable Personal Loan logo

      Lendable Personal Loan

      • Powered by Freedom Finance
      • Loan Type
        Unsecured
      • Representative APR
        27.9% APR
      • Available Amounts
        £1,000 to £10,000
      • Min / Max Terms
        1 to 5 years

      Eligibility Criteria

      • Must be aged between 18-70 (at time of application)
      • Must be a UK resident (exlcuding the Channel Islands and Isle of Man)
      • Have a net monthly income of £800+
      • Must not be unemployed
      • Bankruptcies, active CCJs and IVAs not accepted
    • Oplo Personal Loan logo

      Oplo Personal Loan

      • Only available to homeowners
      • Loan Type
        Unsecured
      • Representative APR
        30.8% APR
      • Available Amounts
        £2,000 to £15,000
      • Min / Max Terms
        2 to 6 years

      Eligibility Criteria

      • Must be a homeowner
      • Must be aged 21 or over at the start of the loan
      • Must be a UK resident (excluding the Channel Islands and Isle of Man)
      • Must have a current bank account or building society account
      • Must be in permanent paid employment
      • Must not be currently bankrupt or in an IVA or debt management arrangement
    • TrustTwo Guarantor Loan logo

      TrustTwo Guarantor Loan

      • Guarantor
      • Guarantor must be a homeowner
      • Loan Type
        Guarantor
      • Representative APR
        37.9% APR
      • Available Amounts
        £1,000 to £15,000
      • Min / Max Terms
        1 to 5 years

      Guarantor Criteria

      • Homeowners only
      • Must be aged 25 - 74
      • Must have a good credit history
      • Spouses or partners will not be accepted

      Borrower Criteria

      • Must be aged 21 or over
      • Must be employed and have a minimum income of £1,000 pcm (not furloughed)
      • Must not be declared bankrupt or in IVA or debt management plan
    • Guarantor My Loan logo

      Guarantor My Loan

      • Guarantor
      • Powered by Freedom Finance
      • Loan Type
        Guarantor
      • Representative APR
        48.9% APR
      • Available Amounts
        £1,000 to £10,000
      • Min / Max Terms
        1 to 5 years

      Eligibility Criteria

      • Must be aged 21-75
      • Must be a UK resident
      • Must not be on an active bankruptcy, IVA or equivalent
    • George Banco Guarantor Loan logo

      George Banco Guarantor Loan

      • Guarantor
      • Powered by Freedom Finance
      • Loan Type
        Guarantor
      • Representative APR
        49.7% APR
      • Available Amounts
        £1,000 to £15,000
      • Min / Max Terms
        1 to 5 years

      Eligibility Criteria

      • Must be a UK resident (excludes Isle of Man and Channel Islands)
      • Must have a UK bank account
      • Must be aged 21 or over
      • Must have a UK bank account with a valid UK debit card
      • Must have a minimum income after tax of £1,000 pcm (not furloughed)
      • Must not be subject to a current Individual voluntary arrangement (IVA) or bankruptcy order
      • Guarantor must live in the UK with provable income, a UK bank account and no current bankruptcies or active IV's.
    • Buddy Guarantor Loan logo

      Buddy Guarantor Loan

      • Guarantor
      • Loan Type
        Guarantor
      • Representative APR
        49.9% APR
      • Available Amounts
        £1,000 to £10,000
      • Min / Max Terms
        1 to 5 years

      Guarantor Criteria

      • Must be aged 18-75
      • Must be a UK resident
      • Must not be on an active bankruptcy, IVA or equivalent
      • Guarantor does not need to own a home

      Borrower Criteria

      • Must be aged 18-75
      • Must be a UK resident
      • Must have a good credit history
    • Aspire Money Personal Loan logo
      Broker

      Aspire Money Personal Loan

      • Loan Type
        Unsecured
      • Representative APR
        58% APR (£4,001 to £5,000)
      • Available Amounts
        £50 to £25,000
      • Min / Max Terms
        1 to 5 years

      Eligibility Criteria

      • Over 18s only
      • UK residents only
      • Must be full time employed
      • Must be earning over £1,200
      • Interest rates may vary due to your circumstances and loan amount required
    • Likely Loans Personal Loan logo

      Likely Loans Personal Loan

      • Powered by Freedom Finance
      • Loan Type
        Unsecured
      • Representative APR
        59.9% APR
      • Available Amounts
        £500 - £5,000
      • Min / Max Terms
        1 to 3 years

      Eligibility Criteria

      • Must live in the UK (excluding the Channel Islands and Isle of Man)
      • Must be aged 18 or over at start of loan
      • No bankruptcies within last 12 months
      • Must have a UK Bank Account and Debit Card
      • Can be Tenant or Homeowner
      • Must be Employed or Self Employed
    • SafetyNet Credit Facility logo

      SafetyNet Credit Facility

      • Credit Line
      • Loan Type
        Credit Line
      • Representative APR
        68.7% APR
      • Available Amounts
        £100 to £500
      • Min / Max Terms
        No min or max term

      Eligibility Criteria

      • Must be a UK resident
      • Aged 18 or over
      • Monthly minimum income of £700
      • Full-time or part-time employment or self-employed
      • Must have internet banking log-in details
      • Must have debit card and bank account into which salary is paid
      • Must have a mobile phone and email address
      • Bankruptcy, IVA, CCJs or equivalents not accepted
    • Bamboo Personal Loan logo

      Bamboo Personal Loan

      • Powered by Freedom Finance
      • Loan Type
        Unsecured
      • Representative APR
        69.9% APR
      • Available Amounts
        £1,000 to £8,000
      • Min / Max Terms
        1 to 5 years

      Eligibility Criteria

      • Be aged between 18 - 72 (at time of application)
      • Must be a UK resident (exlcuding the Channel Islands and Isle of Man)
      • Have a net monthly income of £600+
      • Must not be unemployed, a full time student or on benefits
      • Must not be currently bankrupt or in an IVA
      • No CCJs or defaults in last 12 months
    • Everyday Loans Personal Loan logo

      Everyday Loans Personal Loan

      • Powered by Freedom Finance
      • Loan Type
        Unsecured
      • Representative APR
        99.9% APR
      • Available Amounts
        £1,000 - £15,000
      • Min / Max Terms
        18 months - 5 years

      Eligibility Criteria

      • Must be permanent UK Resident for at least 12 months (Not IOM or Channel Islands)
      • Must be aged 18 or over (at start of the loan)
      • Must have a current Bank or Building Society Account
      • No current bankruptcies, CCJ's or IVAs
      • Must not be unemployed

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

Eligibility Service:

*The loans eligibility service is provided by Freedom Finance. The data you supply and submit is used to retrieve loan quotes from Freedom's panel of lenders. By using their loans eligibility service you are agreeing to Freedom's terms and conditions and privacy policy which can be found at freedomfinance.co.uk

Freedom Finance is a trading style of Freedom Finance Limited who are authorised and regulated by the Financial Conduct Authority. Freedom Finance Limited. Registered Office. Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Registered in England & Wales 06297533. FCA No. 662079. VAT Registration Number 257 0001 44.

How to choose a bad credit loan

Taking out a loan when you already have a poor credit rating isn’t an easy decision to make. Anyone who has struggled with debt problems in the past will be aware of how easy it is for debt to pile up and become out of control. However, sometimes the right loan can help people in such circumstances, providing it is affordable for the borrower.

Although finding a lender that offers bad credit loans isn’t as easy as finding other loans, they are still available – you just need to know where to look. We hope that our bad credit loan table will help you find some options that could work for you.

Deciding which type of bad credit loan is right

Bad credit loans come in various forms. Each type of loan is suitable for different scenarios, so it takes some careful research to ensure you are applying for the type of loan that will suit your needs and circumstances.

Main types of bad credit loan

  • Secured loan: Although secured loan providers tend to offer larger sums of money over a long period of time, they are often less strict about borrowers’ credit ratings as the loan is secured against a property. If the borrower fails to repay, the lender has the option to force the sale of the property to recoup the money owed, so there is less risk involved. For borrowers, however, borrowing this way is risky so it’s vital that you are confident you can meet the repayment responsibilities before committing to a secured bad credit loan.
  • Guarantor Loans: Guarantor loans are a popular, unsecured method to obtain a loan despite having a poor credit history. If you have a close friend or loved one, who is financially stable and has a good credit score, they can opt to act as a guarantor to your loan. Although you are the borrower, your guarantor pledges to cover the cost of the repayments if you are unable.
  • Regular personal loan: There are various lenders who will consider lending money to people with bad credit histories. These unsecured loans usually come with higher interest rates and you will have to meet other eligibility criteria, such having a steady reliable income income, and good affordability for the repayments.
  • Peer-to-peer borrowing: Some peer-to-peer loan options may consider borrowers with a poor credit rating, but interest rates will usually be high and other lending criteria will apply.

Considerations when choosing a bad credit loan

You may find that you are pleasantly surprised with the number of bad credit loans that are available to you once you start looking. Bad credit loans may be relatively easy to obtain, but usually come with high interest rates as lending to people with poor credit is viewed as higher risk.

Some borrowers opt to take out a bad credit loan to try to improve their credit rating, which can sometimes work providing you stick to your repayment plan and repay the loan in full and on schedule. Others may find that consolidating their existing debt into one simple repayment makes their debt more manageable and affordable, although it can also result in your paying more interest across the entire term of the loan.

However, borrowers need to think carefully about their situation and their requirements. To ensure you choose the right kind of loan, ask yourself:

  1. Are there cheaper alternatives available to me, such as a bank overdraft or the option of borrowing from a family member?
  2. Will I be able to borrow enough?
  3. Can I afford the repayments over the entire term of the loan?
  4. Can I repay early without incurring charges?
  5. What is the loan APR?

Choosing a bad credit loan FAQs

How do I get a bad credit loan?

Can I use a bad credit loan to pay off debt?

Can I get a bad credit loan for a car?

Can I get a bad credit loan without a guarantor?

Are bad credit loans risky?

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