Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Bad Credit Loans

Apply for up to £5,000 over a period of 1 to 60 months.

Representative Example: If you borrow £500 over 6 months at a rate of 25.5% per annum (variable) with a representative 46.19% APR you will make 6 monthly payments of £92.96, repaying £557.76 in total.

Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk/en.

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Understanding Bad Credit Loans

Unsecured loans for poor credit explained

What is a bad credit loan?

A bad credit loan is a payday loan for people with a poor credit rating. It typically includes a higher interest rate, a shorter repayment period, and a reduced loan amount. This is because people with a poor credit rating are seen as a higher risk to a lender.

It is an option for people who struggle to be accepted for a loan either because their credit score is bad or have no credit history. It should be noted that approval is dependent on additional factors such as your ability to afford and repay the loan.

smiling woman calculating loan repayments

How can unsecured loans for bad credit help you?

An unsecured loan for bad credit can help when you don’t have the cash to cover the cost or a good enough credit history required to obtain a standard loan. An unsecured bad credit loan can be an alternative solution to overcome a predicament you might face.

There are many ways to use an unsecured personal loan for poor credit, such as paying for an emergency car repair, veterinary bills, or home repair.

Where can I get a loan with bad credit?

You can get a loan with bad credit by applying with Flexy Finance. As a credit broker, we work with a number of lenders who can accommodate customers who have a poor credit score or bad credit history. It means you can qualify for a loan despite a bad credit rating.

The lenders we work with assess other factors, such as affordability and income, in addition to your credit score. So just because you have a bad credit rating, does not mean you will be automatically rejected.

In addition, when we check your credit score, we only undertake a soft-credit search, meaning that your credit score will not be negatively affected when you apply with Flexy Finance.

A soft credit search is a way of checking your credit report without your credit score being impacted. Soft-credit searches are used to get a quick and general view of your credit history to see whether you’re suitable for a loan. The soft-credit search can help identify whether or not a person will be declined.

At Flexy Finance, we will perform a soft-credit search following the application.

How much can I borrow if I have bad credit?

If you have bad credit, you can apply to borrow between £100 – £5000. We work with lenders who can provide loans up to £5000, with the option to make repayments from 1 – 60 months. The loans are flexible, which will allow you to tailor the loan to your needs.

It is important to remember to not to borrow more than you can afford, so always borrow responsibly. These loans should not be used if you are suffering from any long-standing financial debt or other money issues. Remember, if you are struggling with debt, please click on the links below:

Can I get a guaranteed loan with bad credit?

No, ‘guaranteed loans’ do not exist as all brokers and lenders must perform a credit check upon all loan applicants. Credit checks have to be performed by law, to help ensure that lenders can lend responsibly. It means that the lender must check the customer’s affordability and creditworthiness so that the loan is suitable for the customer.

If you see lenders stating that they can ‘guarantee a loan’, it is too good to be true. Therefore, you should stay away from websites that claim that they can guarantee loans to people with bad credit.

Why choose Flexy Finance for a low credit loan?

Why choose us?Flexy Finance
How do I apply?Our online application form
How much can I borrow?We offer loan applications of £100 – £5,000
For how long can I borrow?For periods of 1 to 60 months
How long will it take to receive my loan?From 24 hours*
Are there any hidden fees?No, we charge no fees for the service we provide
What’s the Representative APR?46.19%

How much is the interest rate on a loan?

The current representative APR on the loans that we broker is 46.19%.

What does representative APR mean?

APR stands for ‘annual percentage rate’. It refers to the total cost of borrowing money over a year, including the interest and standard fees you have to pay. ‘Representative’ means that 51% of applicants will receive the same interest rate advertised or a lower amount.

For example, the representative rate Flexy Finance offers is 46.19%. Therefore 51% of customers will receive that rate of interest or lower. It is not a guarantee that customers will receive the same representative APR in their loan agreement.

Not everyone within the 51% will receive the same rate as the APR that is advertised. You will likely receive a personal rate which may be different from other applicants.

A personal rate may be higher, lower, or the same as the representative APR. It is usually determined by your credit score, how much you want to borrow, and your finances.

APR is often used as a comparison tool to help people compare different loan providers.

You don’t need to provide any collateral to qualify. This type of finance is also known as an unsecured loan, which means you don’t need to offer any of your valuable possessions as security for the loan and your vehicle and home are always safe!

How does the bad credit application process work?
How can I get a loan with bad credit?

You can apply for a bad credit loan in person using a high street lender or online via a credit broker or a direct lender. Applying online requires you to complete an online application and provide some personal details and documentation. These applications are usually quick and easy to complete.

Loans for those with a poor credit history are simple to obtain. In this section, we outline every step of the process, from making an application to actually receiving the money, so that you can see for yourself just how efficient and effective the process is.

How to apply for a bad credit loan

If you are considering applying for a bad credit business loan, we have provided a useful step-by-step guide to inform you of what the application process entails. This is a general guide to the application process, and the application process is subject to change and may vary from the guide provided.

It is important to remember that we are a broker and not a direct lender, so we will look to match your application with the most suitable candidate from a panel of top UK lenders.

Are you eligible for a bad credit loan?

Before you apply for finance, it is a good idea to check whether you are eligible. To be eligible, you must meet the following criteria:

  • Be over 18-years of age.
  • Must be a UK resident.
  • Have an active bank account with a debit card.
  • Receive a regular income.

Step 1 – Apply for a bad credit loan online

You can apply via the online application form using your computer or your phone. The application form is easy to fill out and can be completed at a time which suits you best.

The online application will require you to provide some details for your application to be assessed. These details include:

  • Loan amount and repayment: State how much money you are looking to borrow and for how long you need to repay the loan. The lenders we work with offer loan applications from £100 – £5000 with a 1 – 24 month repayment period.
  • Personal details: Full name, date of birth, marital status, number of dependants, and your contact details.
  • Housing details: Home address and for how long you have lived at that address.
  • Employment details: This includes simple details on what you do, how long you’ve worked for as well as the employer you work for.
  • Income details: These details are used to help us understand if you’re capable of making regular payments. This includes your monthly take-home pay and when you get paid.
  • Outgoings: Details of your monthly outgoings are used to determine whether you can afford the loan you are looking to take out. This includes details on outgoings such as rent, food, and bills.
  • Bank Account details: These details are needed for a lender to transfer the loan into your bank account.

The details you provide must be 100% honest for us to match you with a suitable lender.

Applying for finance is easy. There are no phone calls necessary – simply fill out a short, online form at a time which suits you best. Apply from the comfort of your own home, or on the go using your mobile.

There are absolutely no application fees. Loan amounts range from £100 – £5,000, and you can choose to spread the cost over a flexible repayment period of 1 – 60 months.

Step 2 – Receiving a decision on your loan application

Once the application is submitted, your application will then be assessed. If successful, you will be matched with a lender that is most likely to accept your application. The lender will then offer you a loan.

If you have a bad credit score or no credit history, it is possible that a lender may not loan you the full amount that you have applied for. Instead, you may be offered a smaller amount with a higher interest rate and a shorter repayment period.

If you choose to accept the lender’s loan offer, you are bound by the terms and conditions of the loan contract. Once accepted, the borrowed amount will be transferred into your bank account.

*Some lenders may require you to provide additional documentation when offering you a loan.

*The loan offered by the lender is subject to change and may differ from your initial application.

Reminder: You can choose to opt-out of a loan application at any point before accepting the loan offer provided by the lender. You cannot opt-out of the loan after accepting the terms of the loan offer, you are bound by the terms and conditions of the loan contract and must fulfil its obligations.

Step 3 – Making the repayments

Once you have received the loan into your bank account, you are then required to repay the loan and the interest accrued via monthly instalments. The monthly instalments will continue to be paid until the loan amount and its interest is fully repaid. The repayment period is pre-agreed with the lender.

Getting Approved
How can I qualify for bad credit loans?

Yes, even if you have a bad credit rating or no credit history, you can still qualify for an unsecured payday loan. However, it is always a good idea to improve your credit score to qualify for a better quality loan to avoid higher interest rates.

You still need to meet the basic criteria to qualify, and there are several things you can do to increase your chances of being accepted. To help with your application process, we’ve outlined some simple, but effective, ways you can improve your eligibility below.

can you qualify for very bad credit loans?

How to improve your chances of qualifying for a bad credit loan

1. Are you employed – Do you have an income?

Approval is subject to affordability, not just your credit score. So, having a consistent and good level of income will help to counteract the fact that you have bad credit and improve your chances of qualifying for the loan.

Why? It demonstrates to the lender that you can easily afford repayments and reduces the risk of non-payment. Lenders will assess whether you are a good candidate for finance by calculating a debt-to-income ratio. Evidence of a good and regular income will always improve that ratio and in turn, your eligibility for the loan.

Caution: You should expect that lenders will request proof of income, including bank statements and tax returns, so never be tempted to lie about how much you earn on your application.

2. Could you borrow a smaller amount?

While this may not be your preferred choice, you may want to consider borrowing a smaller amount of money if you are worried about qualifying. With small loans, the amount that you pay back each month is also smaller. Ultimately, you don’t need a large income to cover small repayments, so you are far more likely to guarantee the lender’s approval.

3. Can you provide a guarantor?

It is by no means essential to have a guarantor – you can still qualify for bad credit loans, no guarantor. However, having a guarantor could improve your chances of being accepted and help you to obtain a considerably lower interest rate.

Why? A guarantor acts as a means of security for the lender, in case you find yourself unable to pay back the loan. For instance, if you fail to keep up with repayments, the financial responsibility will fall to your co-signer to make repayments for you.

Ultimately, the additional security that comes with a guarantor means that a lender may grant you either a larger loan amount or a lower interest rate.

Top Tip: Before applying for a loan, you can check your eligibility using soft search results. This way, you avoid damaging your credit score, but still receive a clear indication of whether or not you will be accepted for the loan. Do this for free here.

4. Refrain from submitting multiple applications

While you don’t need a stellar credit history to qualify for bad credit loans, anything you can do to avoid damaging your credit score further will stand in your favour when it comes to being approved. Think of it as damage limitation.

So, do not make several different applications for a loan at the same time in the hope that this will improve your chances of being accepted. If a lender sees that multiple different loan providers have recently rejected you, it can deter them from granting you a loan.

Is a bad credit loan right for you?
The pros & cons of unsecured personal loans for bad credit

Whether your predicament is due to missed utility payments, a regrettable accumulation of debt or simply a thin credit file, bad credit loans can provide you with the emergency finance you require.

That being said, it is always important to consider both the benefits and drawbacks of any financial product together, before making a final decision as to whether it’s suitable for you.

bad credit loan clients with thumbs up

What are the benefits of a bad credit loan?

1. Bad credit loans are unsecured

A benefit of unsecured finance is that your personal property won’t be at risk should you default on repayments. As the loan is entirely unsecured, you don’t need to offer any of your valuable assets as collateral for the loan. You will still be responsible for making timely and consistent repayments.

2. Applying for bad credit loans is quick and simple

You can apply for a bad credit loan online using your phone, tablet or computer. The application is straightforward to complete and is purposely designed to be completed in minutes. You can apply where and when you want.

3. Tailored repayments

When you take out a loan, you can choose how long you need to repay the loan. via Flexy Finance you can choose between 1 – 60 months, which is repaid in monthly instalments. The amount you repay each month is always pre-agreed upfront with the lender before any cash is exchanged, so there are no costly surprises.

Expert Advice: Always ensure that you can comfortably afford loan repayments before making an application, to avoid encountering any costly surprises further down the line. To do this, we advise using a free, online repayment calculator.

What are the drawbacks of a bad credit loan?

1. Loan amounts can be smaller

Applicants with poor credit present themselves as a higher-risk investment for the lender. To counteract this risk, lenders limit the amount which is granted to you. Hence the amount that you are allowed to borrow is restricted to £100 to £5,000.

Some lenders will impose additional fees, such as late repayment charges, so you should always check and discuss any fees directly with the lender before signing for a loan.

2. Potentially higher interest rates

As previously mentioned, personal loans for bad credit are high-risk investments for direct lenders. To protect their best interests, lenders can charge higher interest rates to justify the risk. The exact interest rate you will be charged will depend on:

  • How poor your credit score is
  • The amount you want to borrow
  • Your income

Understanding Poor Credit
Why might you have a bad credit history?

Have you defaulted on loan or credit card repayments in the past? Maybe you’ve accumulated a large amount of outstanding debt? Or perhaps you’ve made the mistake of making lots of credit applications all at once? Crucially, these are all factors which could negatively affect your credit rating.

You can do several things to understand your credit history better and improve your overall rating for the future. So, in this section, we’ll give you all the information you need to really get to grips with your credit file.

gentleman looking up his credit score

What exactly is a credit score?

Your credit score helps lending companies to determine whether you are a reliable or risky borrower. In other words, by looking at your previous credit report, a loan provider can reach a fair judgement as to how likely you are to repay the loan amount.

If you have a strong history of consistently repaying your debts on time, you will likely have a high credit score, and the lender will accept your application for a loan. On the other hand, if you have defaulted on monthly repayments in the past, your credit score may have suffered as a result. In this case, any future applications you make for a loan or credit may likely be rejected.

You can find quick and easy tips on how to improve your credit score here.

Top Tip: To check your credit score online, and for free, visit any of the three credit reference agencies; Equifax, Experian or Callcredit.

What is a thin credit file?

Having a ‘thin credit file’ means that you are yet to build up a substantial credit history. This is usually because you haven’t taken out a loan or credit in the past, so you have no history of repaying any debts.

This can result in a low credit score and may cause a loan provider to reject your application. With no evidence showing that you have made repayments in the past, you are considered a risky investment.

loan applicant checking credit file online

Will Bad Credit Affect Your Application for A Loan?

Bad credit loans from Flexy Finance are available to an extensive range of individuals and will allow you to borrow the money you need as quickly and affordably as possible.


Other loan application options, especially those offered by traditional financial institutions such as banks, focus solely on assessing your credit file to determine whether your application should be accepted. However, with a poor credit loan, approval is subject to several additional factors, such as:

  • Your income
  • Your personal financial situation
  • How much you are requesting to borrow
  • Your ability to actually afford and repay the loan

So, getting approved isn’t exclusively dependent upon your credit history, and a much wider range of applicants are successfully accepted for this type of financial product!


Quick answers to the most popular questions regarding loans for poor credit:

How much can you borrow with a bad credit loan?

Unsecured loans for poor credit allow you to access amounts ranging from £100 to £5,000.

What do you need to qualify for a bad credit loan?
  • You need to live in the UK
  • You must be 18 years old minimum
  • You’ll need a UK bank account
How do you repay a bad credit loan?

First, select a repayment period which best suits your individual needs. You can choose to repay over a period of 1 – 60 months.

Next, agree on an affordable, monthly repayment amount with the lender. The repayment amount will then be fixed for the duration of the repayment period, so you will always know exactly what is expected of you and you can budget accordingly.

To get a representative example of the amount you will need to repay, visit Money Saving Expert’s loan repayment calculator.

If you default on repayments, what happens?

Bad credit loans are unsecured, which ultimately means that if you default on repayments the lender will not be able to recoup for their losses by taking ownership of your valuable personal possessions, such as your home or vehicle.

However, this is not to say that defaulting on repayments won’t have repercussions – some lenders will charge late fees. Also, if you fail to make repayments for a sustained period of time, as with any loan, the debt will be passed on to a debt collection agency.

How quickly can you receive a bad credit loan?

Same day loans are available for those with poor credit history, so you could receive the loan amount in as little as 24 hours!

How to Find Bad Credit Loans in Three Steps

Time Needed : 5 minutes
Check these steps to find out how easy it is to apply for a loan at Flexy Finance!
  • 1. Submit An Online Application Form​ for Bad Credit Loans

    Applying through Flexy Finance is always quick and easy. Simply complete our 1-2 page application form. You can apply on the go, or from the comfort of your own home. Better still, there are no calls or paperwork involved!

  • 2. We search a large panel of UK lenders

    We search a large panel of UK lenders in real time, so that we can deliver you an instant decision. Within seconds of applying you'll know if a lender has accepted you or not. Unlike banks, our lenders are able to issue loans to people from all different walks of life and accomodate a range of different credit scores. There's an option for everyone!

  • 3. Access The Cash

    The majority of lenders are able to deposit the cash direct to your account, within just 24 hours! We'll never charge you any fees and there is no paperwork to complete. There you have it, apply for up to £5,000 in the quickest and simplest way possible today

  • 1. Mobile, Laptop or Tablet.

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