Can I borrow £20,000 with bad credit?
Yes, it is possible to borrow £20,000 with bad credit, although your situation may leave you with a much more limited choice of lenders to apply to for a loan. Lenders may offer you a bad credit loan - a loan specifically designed for potential borrowers with poor credit history.
These loans generally come as unsecured loans, so pose less risk to your assets - however, the interest rate can often be higher than other loan types.
How much can I borrow?
Outside of our £10,000 - £20,000 personal loans, you can borrow between £3,000 and £500,000 from Norton Finance. Remember to check how much you can afford to repay each month before agreeing on a loan of any amount.
How long are the repayment terms?
For secured loans, choose any time period between three and 30 years, stretching out repayments for a timeframe that suits you (a maximum of ten years for unsecured loans).
What are the interest rates?
The interest rate on your £10k loan is largely based on your financial and personal circumstances. We source homeowner loans with rates starting at 6.7%.
How long will it take?
If you are accepted, please allow one to two weeks for your application to process and for the chosen amount to arrive in your bank account.
Are there any loan fees?
We are a broker, not a bank - we receive a commission from the lender once the loan application has been completed. We may charge a broker fee of up to 12.5% of the loan amount borrowed, capped at £3,995. We do not charge broker fees on unsecured loans.
Can I pay off a loan early?
It is possible to pay off your loan early. However, you may incur an Early Repayment Fee if you choose to do so.
What happens if I miss a payment?
In the event that you have missed, or will miss, a repayment on your loan, it’s important to contact your lender as soon as possible. They can help you arrange an extension or potentially a loan restructure.