Bad Credit Loans
Managing your credit can sometimes be tricky, but when you end up with late or missed payments, this can negatively impact your credit score, which in turn can impact your ability to gain further credit when you need it. Those with a bad credit history may find that there are limited options available to them, some even may have turned to payday or short term loans, however, these can also do more harm than good to your credit score.
What is a bad credit score?
Bad credit, poor credit, low credit score; there are several ways to describe having a less than perfect score but how do you actually measure it? While each of the three credit reference agencies has its own way of measuring a credit score, there is no definitive answer. Lenders chose the criteria they will accept, so someone who one company would refuse to consider lending to, another might be more than willing to accept.
How can I get a loan with bad credit?
While it is certainly more difficult, there are lenders out there who are willing to accept those with a less than perfect credit history. As the risk is often higher when lending to those with bad credit, companies will usually offer a higher rate of interest and possibly even ask for some collateral or a guarantor to support the loan.
How can we help?
UK Credit offers guarantor loans which are a type of unsecured personal loan which requires the support of a homeowner guarantor, meaning they’re more accessible to those with a poorer credit history. We offer rates between 24.9% and 39.9% and as a direct lender based in the UK, you’ll only ever deal with us. We understand that some people may have hit a road bump in the past meaning they have what some consider to be bad credit. At UK Credit we consider each application based on its individual merits and while there are some limitations, we understand that not everyone has a clean sheet when it comes to their credit history.
Our customers use our loans for a number of reasons including car finance, debt consolidation and home improvement. So if you have had some problems in the past but are looking to get yourself back on track, a UK Credit guarantor loan could be the answer. Simply click the ‘Apply here’ button to get started.