What are Bad Credit Loans?

If you have ever applied for any form of credit like a loan, credit card or even a mortgage you’ll know how important your credit score is to the lender, they use this information when deciding what rate to offer you and whether they are able to accept you so having a bad credit rating will affect your chance of being accepted for credit.

Your credit score is a health check scoring of your financial standing, it should  give companies, who offer credit, an idea if you are able to afford/pay back the credit you are applying for. If you have a bad credit score, you will find that many lenders will not offer you credit.

Our loans for bad credit are loans for people with a poor credit history. LoanPig look further than your bad credit rating when reviewing your loan application and more into your affordability and current financial status. If you don’t believe you’re an eligible candidate for credit, our bad credit loans might be the right option for you.

Frequently Asked Questions

What Are Bad Credit Loans?

Bad Credit Loans are loans for people with a below average credit score. Maybe your bank won’t lend to you or you’ve had an issue in the past that’s over now. Bad Credit Loans can be more expensive but might be the best option.

Can I Get A Loan With Bad Credit?

Absolutely, it’s easier than ever to get a bad credit loan. LoanPig are one of a small number of lenders that specialise in bad credit loans. We look beyond your credit score, if we agree it’s the right thing for you, we can help.

How Do I Get a Loan With Bad Credit?

Most bad credit loan direct lenders are online so it’s as simple as filling in a form. On LoanPig.co.uk, we have a 5 minute application form that can help get the right loan for you.

Loans for Bad Credit

When you’re looking for a bad credit payday loan, it can be soul-crushing if you happen to have bad credit because it seams that lenders have just turned their back on you. A lender turning you down is always hard to take, but when it’s your financial past that is the cause, it can seem like even more insult to injury. This, of course, doesn’t help at all when you need a quick cash injection to get you through life’s more trying times. There is an answer, however, if you’re looking for a loan – reach out and apply with LoanPig today.

We understand that many people looking for bad credit loans need short term cash to pay unexpected bills. You can use your loan for any purpose you require. Whether you suddenly find that you need to purchase a new fridge, or you simply misjudged how much money you will need for the month; the loan is yours to use as you require.

Payday Loans for Bad Credit

You can apply for a loan with LoanPig online. First, you should use our loan calculator to choose the amount you would like to borrow and select the length of time you want to spread the repayments over. You will then be shown an estimate of what your monthly repayments will be. If you are happy with the monthly repayment estimate and loan terms, you can proceed to apply for a loan.

During the personal loan application process, you will be asked a few questions regarding your income, monthly financial commitments and your bank details. You will receive your decision and offer online. We work with a panel of short term lenders, if you accept the offer you will be taken to their website to complete the credit agreement.

How Much Would You Like?

Representative example: Borrow £300 over 3 months @ 292% pa (fixed) Total repayment: £457.95 in 3 monthly payments of £152.65. Representative 1261% APR.

Direct Bad Credit Loans with No Guarantor

We carry out a credit check on every candidate who applies for a loan with us. This is required by law for every lender. However, we prioritise your income and outgoings when determining your eligibility for credit. This allows us to ensure that you are able to make the repayments and do not create a further indent into your credit score.

A credit score ranges from 300-850. Any credit score that falls between 300-579 is considered ‘bad’. A bad credit score can be caused by many different factors related to late or non-payment of debt. These defaults are usually missed or late credit repayments, outstanding bills, a CCJ or bankruptcy.

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Bad Credit Loans UK

Anyone with bad credit who will be able to make the monthly repayments can apply for a bad credit loan. Factors like a poor lending track record and a bad credit history will put off most lenders, but we specialise in making finance available to people with bad credit.

If you have bad credit, it can often feel like there is no-one around to help when you need a short term financial boost. At LoanPig, we may still be able to offer you credit with our bad credit payday loans. We specialise in lending to candidates with bad credit. We are able to do this due to the criteria we take into account when assessing your eligibility for credit. When other lenders will turn you away, we are here to help with our bad credit loans.

Loans from Direct Lenders

LoanPig is authorised and regulated by the Financial Conduct Authority. We offer loans to people with both a bad and good credit rating. If you are looking to borrow money and have had money problems previously, we can still give you an instant decision on the loan amount you are looking for.

We measure your eligibility for a payday loan against a different set of priorities than average lenders. We will still look at your credit rating but also take into account your income. Also, whether or not you have enough money coming in to cover the minimum repayments. So when you are ready to borrow money, we also take into account other loan applications you have made both past and present.

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