A borrower’s credit history is evaluated by different Credit Reference Agencies to assess the borrower’s credit reliability. Lenders and credit providers use a borrower’s credit history as a determining factor while approving a loan. Some lenders may offer personal loans to individuals with lower credit scores, but approval depends on the lender’s assessment of creditworthiness and affordability.
The situation in the unsecured lending industry is rapidly developing and hence, the new-generation lenders are now offering personal loans to people who do not have a spotless credit history. Loans without guarantors are often opted by most of us as this doesn’t require us to find a guarantor to co-sign the loan.
Maximise your options: Compare and apply for loans below with LoanTube
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Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
Options of Personal Loans for Poor Credit
Generally, there are 2 ways of availing a bad credit short-term loan in the UK, and they are:
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Secured Loans for Bad Credit Online
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Secured Loans require collateral to be pledged against the loan amount that you intend to borrow. If the debtor fails to make the repayments, the credit agencies make arrangements to seize the collateral. This involves a lot of risk as the valuable asset that you put forward to secure a loan may be lost during the process.
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Unsecured Loans for Bad Credit Online
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These credit products are not secured personal loans. Hence, they do not require any security in the form of collateral to be put forward by the borrowers. However, Compare Bad credit loans before you apply for one. As in this way, you will explore various offers by different lenders and you can choose the one that suits your necessities the best.
A lot has evolved in the UK financial market to ease the process of borrowing and lending. The FCA introduces new rules to protect the consumers time and again against any exploitation. Hence, make sure that you deal with FCA registered lenders and brokers so that you do not face any troubles.
To start your application with LoanTube for Bad credit loans, click here.
