Frequently asked questions
We’ve already covered the basics of bad credit rating loans and how they work, but there are other details to be aware of before sending your application.
How do bad credit loans work?
Bad credit loans are a type of borrowing designed to help people with a poor credit history. They are usually approved as a short-term measure until you can get back on track, because if you maintain your repayments, this can improve your credit score and allow you to borrow at lower interest rates in the future.
Many people who apply for bad credit loans have been turned down by their high street bank, often by an automated credit decision engine. At Norton Finance, we believe people should be given a second chance and that the past should not always dictate the future.
Can I have a loan with a CCJ?
Yes, it’s possible to apply for a loan with a CCJ. Some lenders will work with you on a repayment package that covers the debt, plus the amount you want to borrow.
Find out more about CCJs.
How much can I borrow?
Depending on the kind of loan, you can borrow from £3,000 up to £500,000.
How long are the repayment terms?
Repayments on an unsecured loan can be spread over a period of between one and seven years, to ensure you can comfortably meet them. A secured loan can be repaid over terms ranging from 3 to 30 years.
What are the interest rates?
The interest rate will vary as your current circumstances and financial history are taken into consideration.
How long will it take?
You will receive an instant decision from us, and an unsecured bad credit loan could be in your bank account within 1-2 days. However, for secured bad credit loans we recommend you give one to two weeks to allow your application to be processed.
Do I need a guarantor?
No, you will not need a guarantor. Our bad credit loans criteria is based on the loan applicant’s details only, so you can apply independently without asking a friend or family member for help.