Having poor credit can mean finding it difficult getting access to the best lenders available. If you have been in a situation where you’ve been declined for having poor credit, at LoanPig we can help you with our loans for poor credit that are designed to help where others can’t. As a poor credit loans direct lender and broker, we can lend up to £1500 to the right applicant, and if not, we’ll show you lenders who are best placed to help instead. With flexible terms between 2 to 12 months to spread repayments, you can find an affordable poor credit loan when you need it most.
To see if you are eligible today, use our handy slider above to choose the poor credit loan amount and terms you want, and click apply now to start your application. Thanks to our online application process, we can give you an instant decision on your eligibility and potentially provide the funds you need on the same day where possible. If you’ve been looking for poor credit loans in the UK to resolve an unexpected situation, we are here to help you.
What is a Poor Credit Loan?
A poor credit loan refers to borrowing that is designed for applicants who have a poor credit rating. If you have a history of missed payments and arrears, defaults, CCJs, bankruptcy etc, these will all contribute to having a low credit score. However, not only will those with past financial difficulties have a poor or bad credit score, but those who have no financial history. This could mean anyone who doesn’t have a bank account, has never borrowed any form of credit including a mobile phone contract, or someone unemployed. Many factors can contribute to someone having poor credit, but all make it very difficult to borrow money, even payday loans. If you have been declined loans for a poor credit score in the past or even recently, not all hope is lost though.
By finding a specialist poor credit loans direct lender, you can improve your chances if this situation sounds familiar. The reason is, these types of direct lenders are more interested in what you can afford to pay rather than issues you may have had with your finances in the past. If you can show your affordability for the poor credit loan you request, there is every chance you can get an approved decision. Whilst not guaranteed, very poor credit loans have a higher approval rate as they can help more people get the funding needed in a hurry. Whether you have unexpected bills to pay or are low on cash until your next salary date, loans for poor credit with no guarantor required are possible.
Poor Credit Loans Direct Lender & Broker
At LoanPig, we are both a poor credit loans direct lender and a broker, putting us in a unique position to provide loans for poor credit. We not only lend our own money if we approve your application, but we can connect you with our panel of trusted lenders, each fully authorised by the Financial Conduct Authority (FCA) who regulate the industry. This is important as it means as a customer you are choosing responsible lenders to borrow from, providing peace of mind that your application will be treated fairly and all loans for poor credit will be secure and fairly assessed.
Every applicant will undergo a full credit check as part of their application. This is so we can determine your suitability for loans for poor credit and ensure the loan amount and terms you require are affordable for you. You’ll need to provide financial details including your income and expenditure, personal details, and your bank details as part of the poor credit loans application. If your affordability matches the requested unsecured loan, we’ll either approve the loan ourselves or direct you to one of our poor credit loans direct lenders to complete your application. Quick and simple, you can receive poor credit loans in the UK within a few hours if processed before 3 pm Mon-Fri.
Instant Poor Credit Loans in the UK
As you can fully apply online, loans for poor credit can be assessed and approved very quickly. If you have all the necessary documents to hand including your bank details, bank statements, proof of identity and proof of address, most lenders we put you in contact with can provide same day funding if approved. One of the ways in which we work differently at LoanPig to help those with poor credit is you won’t need a guarantor. Many online lenders you’ll find will assess those with poor credit as a risk to lend to, meaning they may request a guarantor to co-sign your agreement. This is usually someone who has a good or excellent credit rating and means if the worst-case scenario happens and you can’t maintain the loan, the guarantor will have to do so instead.
We are happy to provide loans for poor credit with no guarantor, so you can apply as a sole applicant no matter your current credit rating. This doesn’t mean you are guaranteed poor credit loan approval regardless, however, and you will need to demonstrate you can afford the loan. As a responsible lender and broker, we need to ensure any borrowing you request will not cause further financial difficulties and will be something you can easily maintain. We will decline any loans for poor credit with no guarantor application we feel will not be able to meet these requirements.
Loans for Poor Credit Eligibility
To be eligible for loans for poor credit, you will need to meet the following criteria to apply today:
– Be a current UK resident
– Be at least 18-years-old
– You must have an active bank account and a valid debit card
– You are in permanent employment or receiving some form of disability/living allowance or pension
Very poor credit loans can only be assessed by meeting the above and will require a full credit check as part of your application. If fully approved, you will be sent your credit agreement to sign electronically and once complete, the funds will be transferred to your bank account. For repayments, a continuous payment authority (CPA) will be set up. This will automatically take repayments from your bank account on the agreed repayment date. All you’ll have to do is ensure enough credit is in your bank account before the payment date, which the lender will send a reminder of beforehand.
Apply Now for Poor Credit Loans in the UK
We hope that you can find the funding you need quickly by using LoanPig. If you have any questions regarding loans for poor credit, please contact us. If you are ready to start your application, click apply now and we’ll match loans for a poor credit score in minutes.
Poor Credit Loans FAQs
Are Loans for a Poor Credit Score Guaranteed Approval?
Any responsible lender cannot guarantee loan approval before fully assessing your application and running a full credit check. You may find loans for a poor credit score online that promise 100% approval, but this is not accurate. Our loans for poor credit will only be approved if you have the affordability for repayments and can prove this. We cannot make a lending decision for you before assessing your finances fully and running a credit check. If we are happy with all the information required, we can then guarantee whether you’ve been approved or declined for poor credit loans in the UK.
Can I Get Very Poor Credit Loans the Same Day?
We always strive to help customers as quickly as possible when applying for very poor credit loans. Where possible, this means we can provide same day funding as direct lenders and brokers, with many of our panel of poor credit loans direct lenders able to do the same. Depending on the time of day you apply will determine if you can receive the cash on the same day. If applying before 3 pm Mon to Fri, you could receive it on the same day. If after this and on a weekend or bank holiday, you may not receive the funds until the next working day.
Do I Need a Credit Check with a Poor Credit Loans Direct Lender?
Yes, all applicants of loans for poor credit are required to undertake a credit check as per responsible lending guidelines. Whilst you can apply for loans for poor credit with no guarantor, you are required to have a credit check. We work to FCA guidelines ensuring that all applicants are properly assessed before any poor credit loan approval. Although we do perform a credit check, this is only one part of our loan approval process, so even if you have very poor credit you won’t be automatically declined and could still be successful with your application.
How Much Can I Borrow with Loans for Poor Credit with no Guarantor?
All applicants can apply for up to £1500 when using LoanPig to find loans for poor credit. As we can help those with less than perfect credit scores, we do not require a guarantor for any loans through us. This means the amount and terms available are the same for everyone, however, this doesn’t mean you are guaranteed to be approved for the maximum amount. No matter how much you are applying for with loans for poor credit, you will need to prove you can afford it. If after an assessment of your income and expenditure we can see you have the affordability to maintain repayments, we can look to approve your loan. If we can’t, we’ll show you which of our panel of direct lenders can.