Bad Credit Unsecured Loans

We have an approved panel of unsecured and guarantor lenders who can offer loans to people who have a history of bad or adverse credit. If you have a low credit score, had difficulties or been refused a loan in the past we may be able to help find you a suitable loan. Loans can be arranged quickly and the online application process only takes a few minutes Simply click on the lender to apply direct on their website.

Do you need to borrow £3K or more and are unsure which lender would be best suited for you? Click here to try the free loan find and broker service from Norton Finance.

 

Lending Expert is a credit broker, not a lender

Is it possible to get an unsecured loan if I have bad credit?

Bad Credit loans

It is a well known fact that it is much harder to get an unsecured loan if you have bad credit. However, despite the myth that it is impossible, there are in fact some options available to you if you are looking for an unsecured loan and you currently have a bad credit rating.

What defines a poor credit rating?

There are numerous reasons why someone might end up with a poor credit rating that then means they are unable to get a mainstream unsecured loan. This could range from having problems with paying off credit card bills and making mortgage payments on time, to having no credit history because you have never had a loan. Unfortunately saving to buy something outright does not give you any sort of credit when it comes to lenders assessing you for a loan.

Specialist loans for bad credit

If you have a bad credit rating then you are not just going to be able to walk into any lender and request a bad credit loan. Instead there are a specialist range of products available for people with a bad credit rating that include unsecured loans, and also credit cards and mortgages too..

What are the advantages and disadvantages of bad credit loans?

loans for adverse credit

Perhaps the biggest advantage of a specialist bad credit loan is that you are actually able to borrow the money you need, which you would otherwise not be able to do as an unsecured loan, although there may be secured options that are available to you if you are a homeowner. Taking out this type of loan could allow you to consolidate your debts and make a single, affordable, monthly repayment. A knock-on effect of this is that by only having one repayment to make and making it every month, you will not only be paying off your debt, you will also be repairing your credit score and gradually improving it.

The biggest disadvantage of this type of loan is that you will find the interest rates are much higher than mainstream loans because of the higher risk you represent to lenders, therefore they are keen to recoup their costs as quickly as possible through interest repayments.

How to choose the right loan

As there are a number of options available to you it is in your best interests to make sure you get plenty of advice about the products that are potentially available to you by consulting experts. A specialist bad credit loan broker is a good place to start to ensure you have all of the unsecured and secured loan options to ensure you have full choice of the marketplace.

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