Life can throw a curveball at any time, so bracing yourself for unforeseen or unexpected situations is crucial. Despite savings, you may fall short of money to get by. Still, you do not need to worry, as unsecured loans are out there to help you tide over.
Let us know whenever you need financial help by pursuing our online application procedure. If you can pay back the debt, you will get money directly into your bank account. Since you may need money for emergencies, our application process is smooth and fast.
Unsecured personal loans are short-term loans targeting planned and unexpected expenses. These loans are more convenient than secured loans as you do not need to bear the risk of losing your valuable asset if you fall behind in payments.
Although there are various types of online lenders you can turn to seek financial help, our deals are more competitive. Here is how we are a cut above:
Get money on your affordability and pay up to 36 months
Flexible interest rates, discounts for qualified customers
No processing fees, no closing fees and no early repayment fees
Same-day money transfer in your account
Anyone can apply for our unsecured loans, provided you have come of age. While most lenders prefer those who have a stable income source, we offer these loans to students, the self-employed, the disabled and the retired too.
Whether you are applying for an unsecured personal loan in the UK, you are still supposed to have some income sources to prove your ability to repay the debt.
We also provide these loans to the unemployed because emergencies do not consider your employment status before catching you by surprise.
Your unemployment benefits will be considered income to check your repaying capacity. Therefore, our loans are also called unsecured loans for people on benefits. If you have any other passive income sources, we accept that too.
Everybody deserves a chance to get financial help whenever they need it despite their credit score, and therefore we offer unsecured personal loans with bad credit rating as well.
A lender always peruses your credit report to check your affordability and credibility. Though some lenders could turn you down, poor credit scores do not always mean poor money management.
Our unsecured loans for poor credit can be slightly expensive but still affordable. While applying for these loans, make sure that:
If you meet any of these conditions, you will likely get the nod at the most competitive interest rates.
Our bad credit unsecured loans are also available for small and large funding needs. To make these loans more manageable, we offer weekly instalment plans to you if the sum is not large enough.
If you are borrowing a large sum of money, the payments will be made in monthly instalments. Still, you can choose any of these payment plans at your convenience:
Which option will suit your budget depends on your current financial condition. As instalment loans for bad credit can be slightly expensive, you should carefully analyse your repaying capacity.
The term ‘unsecured loan’ is used for all types of loans that do not require collateral. These loans can be both small and large. The following are the loans that we provide and come under the category of unsecured personal loans:
Payday loans
Payday loans are small, particularly ideal for emergencies you cannot put off to meet. These loans are extremely convenient as they do not run a hard credit check, also called unsecured payday loans with no credit check.
We will run a soft credit check to ensure that you do not end up with debt but it does not leave search footprints on your credit report. Payday loans are paid back in full on the next payday.
No guarantor loans
No guarantor loans are also a type of small unsecured loan particularly aimed at bad credit borrowers. These loans will be slightly longer than payday loans, yet, at most, six months, depending on the amount you borrow. Unsecured loans with no guarantor can help you meet planned expenses like a holiday trip.
Small business loans
If you run your own business, you may need some money to fund the gap in working capital. If your business has the potential to pay back the money, you will get the nod for these loans. Interest rates will be slightly higher if you are looking for unsecured business loans for bad credit.
Depending on the type of business you run - sole proprietorship or partnership firm - we need to check your business's credit rating as well.
Unsecured personal loans with no guarantor can be used for almost any purpose. Yet, you should carefully examine whether these loans are ideal for your needs. The common uses for these loans include:
Debt consolidation
You may find it harder to keep up with different due dates when you have taken on multiple loans. To avoid the risk of missing any payments, you can consolidate all of them into one larger personal loan.
The benefit of consolidating is that you will pay down the debt over months to avoid the stress of a lump sum payment of small emergency loans and credit card bills.
Home improvement
An unsecured personal loan for home improvement is ideal when you do not want to secure your home against a loan and have not built equity. From kitchen remodelling to bathroom refurbishment, these loans are ideal for improvement projects.
Wedding and vacation
You can use personal loans for wedding expenses. If your budget struggles to meet some of the expenses, these loans can come in handy, but only if you borrow a small amount.
Likewise, if you are on holiday and need money to continue your trip, you can use these loans to fill the gap.
Several other expenses
The money you borrow to repair your car, tumble dryer, or laptop or cover your medical expenses is also considered an unsecured loan. Christmas loans that you take out to fund festive expenses are also personal loans.
Unsecured loans are quite popular because they are convenient and affordable. However, they are also associated with some risks. Here are the benefits and risks of these loans:
| Benefits | Risks |
|---|---|
| Despite bad credit ratings, the approval rate of these loans is high. | Interest rates are high only when your credit score is poor. |
| You can choose how long to repay the debt, with terms ranging from a few months to three years. | If you miss a payment, you will have late payment fees. Your credit score will also go down. |
| Instalment personal loans can help improve your credit score, provided you pack back on time. | If you permanently make a default, you can be dragged to court. |
Interest rates, which vary by lenders, are expressed as an APR, which includes interest and associated fees. The following table reflects the estimate of the interest rate you will be charged if you borrow money from us:
| Your credit rating | Your credit score range | Interest rates |
|---|---|---|
| Excellent | 961 – 999 | 11.2% |
| Good | 881 – 960 | 14.9% |
| Fair | 721 – 880 | 21.1% |
| Poor | 561 – 720 | 24.7% |
The actual interest rate might not be the same. It may vary depending on your financial condition and the timing of previously missed payments and defaults in your credit report. If your credit score is 560 or lower, you are still eligible to apply for unsecured loans, but you will have to meet the following conditions:
You can borrow only a small sum with a very poor credit score, ideal for only small necessary expenses.
Finding affordable unsecured loans with bad credit is not so easy. You may get an expensive deal for extensive research because it depends on your personal and financial circumstances.
Here are the key things you should consider while taking out unsecured loans for bad credit.
How much amount you need
The amount you borrow determines the interest rate. Try to borrow as much less as possible when your credit rating is bad. Borrow money only when you cannot put off the purchase.
The repayment term
The longer repayment term includes lower monthly payments. It also means you will end up paying much more in total. The repayment length should be neither too small nor long.
Arrange a co-applicant
You should borrow money from a co-applicant with a good credit score. This lets up the risk on the part of a lender, so you are highly likely to get the nod. We also offer joint loans.
Try to have no outstanding dues
Suppose you have outstanding dues while applying for bad credit unsecured loans. In that case, you will have difficulty getting the approval for competitive interest as you will be perceived as a risky borrower.
A credit card balance should be paid off before applying for these loans.
Sometimes, we provide unsecured loans with no credit check, but in specific circumstances. We may skip checking your credit score if your recent financial performance is accurate.
Our lending methods are transparent. We are here to help you rather than make profits. Applying for unsecured loans from us will be your best decision because:
If you need more funds to meet your expenses, apply for unsecured loans at the most competitive interest rates.
Loan sizes vary by lenders, so you should carefully research before filling in the application form. If you borrow from us, the loan starts from £1000 and goes up to £25000.
You will lose your credit points and face interest penalties and late payment fees. However, you can avoid having its impact on your credit report if you clear the outstanding amount within 30 days. You should inform us about your struggle before the due date so we can devise an effective solution for you.
Though we accept applications from bad credit borrowers, there is no guarantee of loan approval. There could be multiple factors, like your credit score is too bad and your repaying capacity not good. Improve your credit file first and then reapply.
Yes, you are free to apply for these loans despite having no credit history at all. We confirm the approval based on your repaying capacity. If you repay the debt on time, you can also build your credit history.
If you cannot get a personal loan or get a lower interest rate, you can consider other funding options like: