Frequently Asked Questions
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.
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.
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.
What Are Bad Credit Loans?
If you have a bad credit score, you will find that many lenders will not offer you credit. Our loans for bad credit specialise in offering short term loans to people with a poor credit history. If you don’t believe you’re an eligible candidate for credit, our bad credit loans might be the right option for you.
LoanPig are authorised and regulated by the Financial Conduct Authority and 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.
How Do Bad Credit Payday Loans Work?
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 and 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.
If you want to take out credit with a bank or lender, the lender will look at how likely you are to default on your credit agreement. They will then make a decision on whether or not to offer you credit based on a set of criteria that takes into account several factors. The main factor taken into account is your credit score, which is why bad credit loans can be helpful to individuals who may have a low credit score.
Will I Need A Credit Check For My Bad Credit Loan?
The FCA (Financial Conduct Authority) requires that 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.
Who Can Apply For Bad Credit Loans?
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. Here at LoanPig, 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.
How Much Would You Like?
What Is The Lending Criteria For A Bad Credit Loan?
We use calculations based on your income and outgoings to measure your eligibility for credit. We also take into account how many loans you have applied for recently when you apply for one of our bad credit loans.
How To Apply For 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.
When Will I Get The Money?
The time that it takes for the funds to enter your bank account can vary. As a general rule, if your application is successful before 3 pm on Monday-Friday, you will receive the money on the same day. However, this can sometimes take longer.
If you are ready to make your application you can apply for a bad credit loan now. If you would like to know more, you can view more information about the application process
What Can I Use A Bad Credit Loan For?
We understand that many people looking for bad credit payday 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.
Will Taking Out A Bad Credit Loan Affect My Credit History For The Future?
Having a poor credit record can leave you in a bit of a catch-22 situation. To improve your credit score, you often need to prove that lenders can trust you by making regular credit repayments on time. You can’t do this if you are unable to get credit. Paying off a loan on time will not have a negative effect on your long term credit score.
What Happens If I Can’t Make Repayments On A Bad Credit Loan?
Falling behind on your loan repayments can seriously impact your credit score. It can also cause you to incur fees, depending on the terms of your credit agreement. If you have taken out a loan and think that you will not be able to make the repayments; we advise that you get in touch with the lender as soon as possible.
What Can I Expect When Borrowing Bad Credit Loans At LoanPig?
At LoanPig, we take pride in acting as a responsible lender – as well as offering a financial hand to people with poor credit. You can expect full transparency with the amount you will repay, the fees for defaulting and your lending contract all as part of the bad credit loans. The date you need to repay the loan by will be clear and your monthly payments will take your income and outgoings into account. We offer a fast and easy application process that will allow you to plan your finances quickly. We won’t leave you hanging around, wondering where you stand financially. Your application will always be secure and processed completely online.
LoanPig Bad Credit Loans
When times are tough and you’re looking for payday loans, it can be soul-crushing if you happen to have bad credit. 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.
Your best chance for a loan
Direct lenders only deal with applications for money that they’re going to pay out, so it can sometimes be harder to get a loan from them if you have bad credit. LoanPig, however, is more than that – we have a strong working relationship with many of the UK’s top lenders. So in the event that you apply for a loan with us and we’re not able to provide it, we may still be able to get you a great loan. We’ll reach out to our partners and see if they can offer you anything to help you through your troubled times. You might be amazed how little you need to do to get the money you need through LoanPig, even if you suffer from a low credit score.
No hassle, No Waiting
When you need a short term loan, you need it in a hurry. If those bills have suddenly got a bit too steep to manage or something very important in your life has broken, you need that cash as quick as possible. At LoanPig, we know that only too well. This is why we’ve tailored our online application process to be fast and stress-free. Start by using our sliders to determine how much you want to borrow, and over what time period – you’ll see we calculate the interest for you in real time. With that, simply click Apply Now.
When you do you’ll just have a quick application form to fill in. After you’ve done that, we’ll process is as soon as we can. Providing you meet our criteria, even bad credit often doesn’t stop people from being successful in their applications. In many cases, we can even have the money into your account within 24 hours. So, don’t be put off if you have bad credit and need a short term loan, LoanPig is still here for you.
If you’re searching for payday loans for bad credit doesn’t stop you from applying for credit at LoanPig. Apply now or contact us today.