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Bad Credit Loans

A higher interest form of borrowing that could help improve your credit score provided you keep up with repayments.

A bad credit loan is the name given to a loan designed for borrowers with a poor credit history. They normally come with a higher rate of interest because the lender will see the borrower as a higher risk. However, they can also help you improve your credit in the long run, as long as you keep up with your agreed repayment schedule.
  • Bad credit loans can be unsecured or secured loans

  • Lenders see it as more of a risk so the APR will be higher than other loans

  • Repaying your loan on time may help to improve your credit score

  • You should be sure you can afford the repayments before agreeing to the loan

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What are bad credit loans?

Bad credit loans are designed to help customers with a poor credit history who are having difficulty when it comes to applying and being accepted for a loan. These loans are typically unsecured, so pose less risk to your home or car, but bear in mind that the APR you pay may be higher. Bad credit loans can be secured to your property, which could result in a lower interest rate, so it’s always best to check the details first.

Can I get a bad credit loan?

This all depends on your current situation. Lenders will assess your eligibility for a loan before deciding whether or not to approve your application. There are a number of reasons why you may have bad credit, and not be approved by most lenders.

Why do I have bad credit?

Finding out you have a poor credit score can affect future borrowing, so it’s important to look into why it has happened.

You may have missed payments on an existing loan, in which case it’s important to get in touch with the lender to discuss your situation.

You may also have a poor credit score if you have a CCJ (County Court Judgement) against your name for defaulting on a loan or credit agreement in the last six years.

A poor credit score needn’t be evidence of adverse borrowing either. It may be the case that you have a low score if you have no history of borrowing, as it’s harder for lenders to assess how reliable you are as a borrower. The good news is a credit score can be improved.

Pros and cons of a bad credit loan

Pros of a bad credit loan

Cons of a bad credit loan

Commonly asked questions about bad credit loans

We’ve answered some of the most frequently asked questions around unsecured loans, how they work, and what to consider before applying.

How do bad credit loans work?

Bad credit loans are a type of unsecured loan designed to help people with a poor credit history. Many lenders offer this type of loan, so you won’t have to settle on one that doesn’t suit your own circumstances.

Meeting each repayment and paying back the loan under the agreed terms can actually improve your credit score over time, which will raise your future prospects when it comes to borrowing and making your next big financial decision.

Can I have a loan with a CCJ?

Yes, it is possible to secure a loan - even with a CCJ. Some lenders will work with you on a repayment package that covers the debt, plus the amount you want to borrow.

Bad credit loan details

Applying for a bad credit loan

No matter what your reasons are for needing a bad credit loan, Norton Finance may be able to find a solution for you, regardless of if you’re on benefits, have a CCJ or are searching for a joint application. Simply fill in an application online, and our team will get to work searching our wide network of lenders and plans to provide you with a range of flexible options.

Am I eligible for a bad credit loan?

We help people from all walks of life to improve their circumstances and source a loan to match their needs. Whether you’re dealing with debt issues such as CCJs or are not deemed eligible for a loan by some lenders, we’re here to help. For those who are retired, self-employed or on benefits, obtaining a loan can be difficult, but Norton Finance filters through hundreds of options to find a product you’re more likely to be accepted for.

What do I need to apply for a bad credit loan?

When you’re ready to start your online application with us, you should have the information below to hand:

We will then be in touch to find out more information about your circumstances and recommend you have the details of any other debts you may have, to ensure our team has everything it needs to find you a loan.

What can I use a bad credit loan for?

A bad credit loan can be used for a wide variety of reasons including:

Money

Debt Consolidation

You can combine debts into one more manageable loan repayment plan.
Repair

Urgent repairs

If the boiler is on the blink or the car needs fixing urgently, an unsecured loan could cover these or other unforeseen expenses.
Car

Replacement car

If you’re in need of a new set of wheels but aren’t having luck raising the cash from car finance companies, we can help.

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