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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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.
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.
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.
We’ve answered some of the most frequently asked questions around unsecured loans, how they work, and what to consider before applying.
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.
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.
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.
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.
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.
A bad credit loan can be used for a wide variety of reasons including:
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