Bad Credit Loans
A bad credit rating isn't neccessarily a major problem if you want to apply for a loan. While it's definitely more difficult to be approved if you have some form of adverse information on your credit file, there are still plenty of companies who will consider your application.
Secured Lenders
This is especially true if you're willing to take out a secured loan, i.e. one where you offer your home as security, or a guarantee that the loan will be repaid. Secured lenders are often happy to approve a loan even if you have significant credit history problems, from arrears and defaults, right up to CCJs or even a discharged bankruptcy.
It's only fair to point out though that the worse your credit record, the harder it will be to get an approval, and the higher rate of interest you'll end up paying.
Compare Secured Loans for Bad Credit:
| Capital One Homeowner Loans | 5.9% | £5,000 | £100,000 | Offering two rates for good or bad credit | |
| First Plus | 8.2% | £5,000 | £100,000 | Well known from TV adverts featuring Carol Vorderman | |
| Freedom Finance Loans | 10.9% | £1,000 | £100,000 | ||
| Imagine Finance | 10.9% | £5,000 | £250,000 | More Info >>> | |
| UK Finance Matters | 11.9% | £5,000 | £75,000 | More Info >>> | |
| Cashflow Loans | 13.5% | £5,000 | £- | More Info >>> | |
| Black and White Group | 15.7% | £5,000 | £100,000 |
Unsecured Lenders
It's much harder to get an unsecured loan if you have a bad credit rating, especially if you're a tenant or live with your parents. However, some sites will consider unsecured loan applications from people with poorer credit histories. ADM Personal Loans is one such site, who specialise in finding loans for people of all circumstances, including tenants with bad credit ratings.
