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Previously, people with poor credit had difficulty getting a loan, especially at competitive rates. It is because poor credit posed a high risk to the lenders. It has been relatively easy to borrow loans with less-than-perfect credit scores with the changing times.

Poor credit loans can be the right choice to cater to an unexpected or emergency expense when it comes to loans. This seems to be the way to access additional funds quickly without any impact on their adverse credit history.

At QuickLoansLender, we offer different loans irrespective of the poor credit score. On those loans, some of the best value services that we offer are:

  • Quick and straightforward application form
  • Consider factors apart from your credit score (primarily income status)
  • Instant loan amount disbursal

Excellent ***** (5-star rating) Highly recommended on various platforms

How much can I borrow? £1000 - £10000
Over how long? 6 - 60 months
Can I apply with bad credit? Yes
How do I apply? Online
When can I apply? 24/7
When will I receive my loan? Less than 24 hours
Any hidden fees No
Chance of loan approval High
Poor Credit Loan

What Is A Poor Credit Loan?

Poor credit loans are for individuals with a credit score of 561 - 720. Instead of eyeing the credit score of the borrower, the lenders look at the individual financial circumstances and assess their affordability for the repayments.

These loans for bad credit generally bear higher interest rates than the other loans. They can be helpful if they are managed responsibly. We have designed loans to help the borrower cover unexpected costs, such as a boiler replacement or a quick home repair. These loans are usually referred to as short term loans.

Our primary focus is to help people fulfil their short-term financial needs as responsible lenders. You can refer to the below mentioned depicting the credit score (courtesy of Experian) for more information.

Credit Score Rating
0-560 Very Poor
561 - 720 Poor
721-880 Fair
881-960 Good
961-999 Excellent

What Are The Different Types Of Poor Credit Loans?

Our company offers you a variety of poor credit loans. You can compare the relevant options for you and choose the best option per your situation and affordability.

  • Unsecured personal loans

    There is no need for collateral in unsecured loans for bad credit. The loan is based on other factors such as cash flow, income and other financial circumstances.

  • Doorstep Loans

    Doorstep loans involve high chances of acceptance for people with poor credit. Also, there is no credit check in such loans. This makes the situation ideal for people with very bad credit too. These loans can be a good solution to cater to your financial stress. As a lender, we understand that your credit rating does not reflect you as a person. Hence, we consider your profile for these cash loans.

  • Small Loans

    We believe your credit rating should not stop you from borrowing short term loans for poor credit. Hence, we offer you the right loan deal. These loans are specifically designed for people with negative credit history and provide instant access to funds in times of emergency.

  • Car Finance

    With poor credit, you can apply for bad credit car finance with us. We work with specialists in this finance product and offer you the best car finance deal that will work in your favour.

Can I Get Loans For Poor Credit With No Guarantor?

Yes, we usually offer 'no guarantor loans'. Many people cannot borrow loans because of not secure a guarantor for them. We assist people with poor credit and offer them loans even without a guarantor.

We understand that every borrower has their financial circumstances. As a responsible lender, we focus on your employment status and current income. We strive to match the right loan deal to your existing financial status.

No guarantor loans can prove beneficial for you as they can be a good way to ease some financial pressure. Also, you can make an emergency purchase with the help of these unsecured loans.

Get Loans For Poor Credit With No Guarantor

Can I Get A Poor Credit Loan With No Credit Check?

For every loan being offered, credit checks are an essential part of the lenders' process. These checks are to protect the borrowers from huge repayments and mounting debt.

At QuickLoansLender, we analyse more relevant data while evaluating your loan chances. Based on your loan application, you are offered every loan, whether these are long term loans for poor credit or smaller options like payday loans.

We consider your current financial and employment status rather than your missed repayments status or previous credit difficulties. Our speciality lies in offering loans to people with poor credit. Furthermore, we understand the urgent nature of loans and offer incredibly quick services.

Although the check depends upon individual applications, our focus is more on soft credit checks than hard credit checks. If your current situation is stable, we perform a soft credit check. We work on advanced soft search technology that has zero impact on your credit score.

These checks give us an insight into your current repayment capacity, and we can prepare affordable bad credit loans for you.

What Are The Benefits Of Loans For People With Poor Credit?

In the UK, loans for poor credit are usually offered to assist the borrowers in improving their scores and heading towards a secure future.

Despite poor credit, we offer our borrowers suitable loan options considering their present status. Along with easy availability, there are several advantages of such loans:

  • Fast and simple- As a borrower, you can easily apply for poor credit loans and enjoy instant approval and disbursal. We strive to offer guaranteed approval for loans for poor credit. Our loans are a real help to the borrowers and act as a saviour in times of emergency.
  • Loans for any purpose- Despite bad credit history, Loans often come as multipurpose loans. You can use it anywhere and anytime you want. Sometimes, these loans are also used as consolidation loans for poor credit. Other common loan amount usages are buying a car, wedding expenses and many more.
  • Repair your credit history- Upon borrowing these loans, you will slowly move towards your credit score repair. If you make the repayments on time, you can soon build up your credit score.
  • No collateral is required- A loan without collateral needs no asset to secure your loan. Here, people with less-than-perfect credit are offered unsecured loans, and they can utilise the borrowed sum without any risk to their collateral.
  • Fixed & flexible rate of interest- Typically, the interest rates are fixed on the loans for people with bad credit. Fixed interest loans offer certainty to the borrower about their repayments. You can also have flexible interest rates from us if you struggle with regular income.

What Are The Potential Drawbacks Of Poor Credit Loans?

When you have poor credit, there are certain risks involved, like other forms of credit. Although we take care of all your risks, there are two things to watch out for a while borrowing loans with not so good credit:

  • Higher rates: Loans with poor credit ratings often carry a higher interest rate. It is directly proportional to the overall cost of borrowing. Hence, make sure to look for the interest rate aspect diligently.
  • Repayment worries: It is crucial to stick to your repayments. If you already have poor credit, missing out on repayments can further damage your credit score.
  • Debt Trap: You may find yourself in an unnecessary debt trap due to the easy availability of loans on the online platform. You may want to apply for loans repeatedly, but it is not suitable for your financial health.

This causes stress for both parties. Still, do not worry about missing out on a payment. We are there to help you. You can contact our expert team to look for options in such situations.

What To Consider When Taking Out A Loan With Very Poor Credit?

Before getting approval for your loan for poor credit, always assess the situation and the risk factors involved. Think carefully while analysing the whole scenario. You can think about the following factors.

  • Is the loan affordable?

    With poor credit, the loan can be expensive in terms of affordability. Also, the amount borrowed reduces. Always consider the repayment schedule before borrowing. Make sure to fit the repayment schedule of your loans for bad credit into your monthly budget.

  • Defaulting will be costly

    If you default on your loan, it can be expensive for you. The consequences of defaulting may not work in favour of you. However, if you somehow manage your repayments, you will be miles away from trouble.

  • Limits to what you can borrow

    Since poor credit poses a high risk to the lender, you may not get a huge amount of money in one go. Hence, it is wise to manage your loan expectations and apply for an amount relative to your credit score.

  • Your credit score is important

    While lending money, lenders consider your income, current financial circumstances, the credit score (in case of good credit), and assets (in case of secured loans).

    These factors vary from borrower to borrower and the type of loan they apply for. For example, for very bad credit scores, the criteria may vary as compared to the payday loans for poor credit.

Why Choose QuickLoansLender For Poor Credit Loans?

We follow fair and responsible lending while offering various loan options to people with not so good credit. As we use soft search technology, even in the case of rejection, it will not go against your credit score.

You can easily borrow with favourable loan repayment tenure with these benefits. Once you apply for the loan, you receive a conditional decision in just a few minutes. Few dimensions keep us apart from our competitors:

  • No additional fees
  • Flexible in repayments
  • Easy online process
  • Offer fair dealing
  • Quick process
  • Tailored Local Lending

If you want to experience a smooth borrowing process for your poor credit, click ‘Apply Now

faqs

How do I get a loan with poor credit?

You can apply for a bad credit loan without impacting your credit score further. First and foremost, analyse your repayment capacity for every month and then decide on the amount to be borrowed.

Then apply for a quick eligibility test. Further, you can go to our online application form and fill in the formalities. Once you have filled in the application form, you will get an instant decision in minutes. Post your approval, there will be a quick disbursal of the loan amount.

What can I use a poor credit loan for?

You can use your this loan for multipurpose reasons. These uses vary from individual to individual. Bit some of the common uses are:

  • Debt consolidation
  • Home renovation
  • Car purchase
  • Wedding expenses
  • Funding vacation

Who can apply for a poor credit loan?

Anybody having a less than perfect credit score is eligible for these loans. Apart from this, you should be a resident of the UK and should have valid documents to prove your current financial situation.

Will applying for a ‘poor credit loan’ affect my credit rating?

No, you can freely apply for your loan with us. In fact, if you make your repayments on time, you can boost your credit score and make way for huge lending in the future.

Why does poor credit make it difficult to get a loan?

It may be challenging to get a suitable loan deal because of the previous history of default repayments. Your low credit score may be because of a missed payment or a default. Still, we offer you the best loans deals. It may be difficult, but getting a loan with bad credit is not impossible.

Can I get approved for a poor credit loan online?

Yes, we offer online options for any type of loans including these. You can easily apply with our application process online and stay updated with the approval decisions.