With over 50 direct lenders in our network to compare, we find you the best loan offer available!
Representative Example: Amount of credit: £1,000 for 12 months at £107.53 per month. Total amount repayable of £1,290.36. Interest: £290.36. Interest rate: 49.9% p.a. Fixed*. 49.9% APR Representative. Rates between 9.9% APR and 1,295% APR.
We're a fully regulated and authorised credit broker and not a lender.
We work with over 50 lenders to help you find the best loan possible.
We never charge you for our service.
Personal loans can be secured (usually against your home) or unsecured. Unsecured personal loans are typically available from banks, credit unions and other lenders. You borrow a set amount and every month you repay a fixed amount during your loan period. With Loanza's wide lending panel, you can borrow £2,000 to £50,000 over 1-5 years.
The best place for personal loans for bad credits especially is a loan broker, such as Loanza. So yay, you're already here! And why it's the best? Because we have X personal lenders on our panel. You need to fill one form, and we let all of them know of what you're looking for. They get back to us with a loan offer, or with a decline. You'll then see all your bad credit personal loan options in one place, with your eligibility for them! This way, you don't risk damaging your credit score by going lender to lender.
To answer this question let's have a look at what we mean by a credit score of 550. In the UK, there is no universal credit score. There are three different agencies - Transunion, Experian and Equifax - with 3 different scores.
Transunion: Scale: 0-710 >> Excellent: 628–710, Good: 604–627, Fair: 566–603, Poor: 551–565, Very Poor: 0–550
Experian: Scale: 0-999 >> Excellent: 960-999, Good: 881-960, Fair: 721-880, Poor: 561-720, Very Poor: 0-560
Equifax: Scale: 0-700 >> Excellent: 466-700, Good: 420-465, Fair: 380-419, Poor: 280-379, Very Poor: 0-279
With Transunion and Experian, a 550 rating is "very poor", but with Equifax, a 550 is "excellent". You're probably wondering if you can get a loan with very poor credit. Good news: the answer is YES. There are lenders who specialise in personal bad credit loans.
Yes. With Loanza, personal loans with poor credit history are available from £2000. What's even better is that if none of our personal lenders offers to accept your poor credit loan request, we can search our short-term lending panel to connect you with a lender who could fund you.
Just pick your loan amount and term and continue to fill our form. We suggest you aim for a loan amount between £2000 and £5000 for poor credit loans. Once you filled the form, just hit submit and you're application will be processed. It's fast, simple and effective. We then search our panel and present you with your personalised loan quotes. You will see if you've been pre-approved, and if not, then your chances of approval. You will also see who declined your request. Then you can pick the offer you like the best and proceed to the lender's website to finalise your request. You can also decide to search out short-term lending panel without filling a new form.
Loans with guarantors are the easiest to get with bad credit history. But, you need someone who has a good credit score to be your guarantor. If you would prefer taking a bad credit loan on your own, short term loans and payday loans have the highest approval rates for applications for loans for poor credit history. But understandably, you would want to try to get a personal loan for bad credit score first - as they have lower interest rates than payday loans. Luckily, you can do just that with Loanza, with only one form. Fill in our loan application online, and if accepted, receive your cash in a matter of minutes.
There are a few companies out there who offer bad credit personal loans. For instance, Likely Loans is a lender who specialises in personal loans bad credit score. They offer a Representative APR of 59.9%. There are other lenders who offer personal loans on bad credit as well as other types of loans, such as Pegasus Personal Finance (RAPR 16.8%) and Fair Finance (RAPR 153%). However, through Loanza, you maximise your chances of finding a personal loan bad credit because we search multiple lenders at the same time to get you your bad credit loan quotes. And, in many cases, you will be presented with an actual interest rate offered to you, not just a representative, based on the details you provide.
If you have poor credit history and you want to improve your credit score, taking loans could be an option. As we explained above, just because you have poor credit, it doesn't mean you can't get loans. If you need money and need to improve your credit rating, bad credit loans could work for you. Lenders report to credit bureaus of your monthly repayments. If you make timely, accurate repayments, it shows you are able to handle financial commitment well. This good feedback from lenders will have a positive impact on your credit report. Of course, if you don't need money, there are better options for you to getting a higher score.
The only difference between regular personal loans and bad credit loans personal is that the bad loan credit option will have somewhat higher interest rates and a higher acceptance rate. If you are in need of a loan, applying through Loanza can help regardless of your circumstances. We only work with lenders who are authorised and regulated by the Financial Conduct Authority and can be trusted.
Before you commit to a loan agreement, make sure you fully understand your loan terms, such as the loan period, the interest rate offered to you, the fixed amount of your monthly repayments, your deadlines and the total amount you'll need to pay back. Make sure all the information you provided (especially your bank details where the money will be deposited and your contact details) are correct. Check that the lender is trustworthy by checking its credentials on fca.org. Unfortunately, sometimes fraudulent sites copy real, authorised lenders that can be very misleading, but what they can't fake is the domain. However, if you apply through Loanza, you don't need to worry about being scammed, as we will only ever connect you with 100% trustworthy lenders. And, we do this as a free service to you.