Bad Credit Loans

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

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Loans for People With a Poor Credit History – Apply Now and See If We Can Help You!

Do you have a poor credit history but need to secure a personal loan? You might think that you don’t have options to borrow money when you have a poor credit score or have no credit history at all, but there are solutions available that can help. Many lenders offer bad credit loans that have slightly different terms to mainstream loans but mean that you can still borrow money when you need to.

With Cobra Payday Loans, you can obtain a bad credit loan and quickly get the cash you really need. We work with a wide range of lenders who are all authorised by the Financial Conduct Authority. These lenders take more than your credit history into account, including looking at your current circumstances and what you’re able to afford now. We aim to get as many people as possible accepted for the personal loans they need. To increase the chances of this happening, we send your application to multiple lenders simultaneously, giving you more choice and a better chance of being approved.


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What is a bad credit loan?

A bad credit loan is a type of personal loan intended for people who don’t have a great credit history. Your credit history might be poor, for example, if you haven’t kept up with monthly repayments in the past, or it might even be non-existent if you’ve never borrowed money previously. Often this makes it more difficult to get accepted for a personal loan.

A poor credit history doesn’t permanently exclude you from being able to access a personal loan. We can find lenders who might be able to offer you a bad credit loan if your credit rating isn’t the best. Loans for bad credit typically come with a higher interest rate and additional restrictions compared to other types of personal loans. These restrictions help reduce the risk of someone with a bad credit rating not repaying the money they’ve borrowed. You might even be able to improve your credit score if you take out a bad credit loan and keep up with your loan repayments successfully.

Applying for a loan with bad credit

If you have poor credit and need to apply for a loan, the first step is to work out what you can comfortable afford in terms of monthly repayments. When you know what monthly payments you can manage, you can apply for a loan with a credit broker like us. However, don’t be overambitious and apply for loans you’re unlikely to receive. Every application is recorded, and unsuccessful applications for personal loans can negatively affect your credit score even further. This means it could become even more difficult for you to apply for a loan in the future.

Often it’s a good idea to use credit reference agencies to check your eligibility before you apply to borrow money. This helps you to avoid unsuccessful applications that affect your credit score and waste your time.

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Do I need a guarantor?

Guarantor loans are when someone else guarantees your monthly payments. Most loans don’t need a guarantor, but some lenders might ask for one if you have bad credit and aren’t confident that you can keep up with your monthly repayments. However, you don’t always need a guarantor loan when you have a poor credit history.

The options for non-guarantor loans can sometimes be more limited when you don’t have a great credit rating. You might also have to pay higher interest rates than with guarantor loans. However, the lenders we work with might be able to offer you a loan without a guarantor, even if you have a bad or non-existent credit history. Fill out our easy to understand application form to find out more about what your options are.

What type of bad credit loans are there?

The main types of bad credit loans are secured loans or unsecured personal loans. These loans can come with or without a guarantor.

With an unsecured loan, you’re not borrowing money against any assets. Loans like this are often a popular choice for everyday or unexpected expenses and can range from under £100 to thousands of pounds. Because you’re not borrowing against anything you own means there’s no risk to any of your valuable assets when you take out this type of personal loan. That’s a great thing for you, but lenders might consider it riskier if you have poor credit. This might mean higher interest rates or added restrictions than you’d get with a mainstream loan.

With secured loans, you borrow money against an asset you possess, such as your home or vehicle. Mortgages are probably the most common type of secured loan, with the money borrowed against your property. You might be able to get a secured bad credit loan even if you’ve been turned down for an unsecured loan.

However, this type of loan means it’s a lot riskier if you don’t keep up with your loan repayments. There could be serious consequences other than a negative impact on your credit score, such as the possibility of losing your home. Before you make any applications for secured loans, be certain that you can definitely afford your monthly repayments.

Can I get a bad credit loan with no credit check?

Rules from the Financial Conduct Authority state that lenders need to demonstrate that they are lending money responsibly, so a loan with no credit check is not possible. Therefore, they must carry out some checks before they offer you a personal loan. This sometimes means that obtaining credit loans can be trickier when you have a bad credit score.

Generally, lenders will want to check your credit file before they lend you any money, but options are available if you want to avoid this. Some lenders can carry out a soft credit check rather than a full one. Unlike a full check of your credit rating, a soft credit check won’t leave any trace on your credit file. This means your credit score won’t be affected if you get turned down. Be aware that these bad credit loans often come with higher fees and interest rates. Again, this means it’s really important to make sure you can afford the monthly payments before you commit to taking out a personal loan.


Frequently Asked Questions

  • Which are the best loans for bad credit?

    A bad credit loan is often the best option when you have bad credit. Added to that, people with poor credit scores frequently find that unsecured personal loans are the best option for them. This is because it doesn’t put any valuable assets at risk.

    Everyone is different, so the best bad credit loan for you will depend on your current circumstances, how much you need to borrow, and the amount you can afford for your monthly repayments. We want to increase your chances of being accepted for a personal loan, so we work with more than 20 lenders who are all authorised by the Financial Conduct Authority. The lenders we have partnerships with are some of the leading providers of specialist loans for people with a poor credit rating.

  • If you have very bad or non-existent credit, it doesn’t mean you’re totally excluded from obtaining a personal loan. We’ve partnered with lenders who take a broad look at your situation and don’t make their assessments based solely on your credit score. Even if you have a really bad credit history, factors like your present circumstances and your ability to make repayments mean that you could still be eligible for a bad credit loan. This is why our application form includes questions about your current circumstances to give a rounded and balanced view of your status.

  • Cobra Payday Loans can help you to get a personal loan when you have a poor credit score. All you need to do is complete our straightforward online application form, which includes questions about your income and regular outgoings. We will then forward your details to the lenders that we work with. By enquiring with multiple lenders at the same time, your chances of getting approved for a bad credit loan increase.

    Our acceptance rate is very high, and within minutes we’ll present you with your options. You can then decide which loan is the right choice for you and then proceed with finalising your application directly with the lender. Once you’ve accepted an offer for a bad credit loan, the money will usually reach your bank account on the same day. This makes it a helpful option if you need cash straight away for any reason.

  • Before you take out a payday loan, it’s important to be aware of the consequences of not paying it back. If you don’t repay your loan, you’ll receive a default notice to warn you that you could be referred to a debt collection agency or taken to court if it happens again. Defaulting on your monthly payments also means you’re more likely to struggle to obtain loans or be approved for credit cards in the future as your credit score will be affected. Lenders are likely to take further action against you if you’re in arrears for between three and six months. If you have a secured loan and fall behind with your monthly repayments, you risk having the property that the loan was borrowed against repossessed.

    If you’re struggling to keep up with your payments, the best thing to do is to speak to your lender directly about your circumstances. Often, lenders can understand your situation, and they may be able to arrange a repayment holiday. This will give you time to get back on top of things. However, your interest will be added to your next repayment when this happens, so it’s important to make sure you can afford the next payment at the end of the repayment holiday.

Advantages and disadvantages of loans for bad credit

Like anything, a bad credit loan will come with advantages and disadvantages. Understanding the pros and cons will help you make an informed decision before you apply for or accept an offer for a personal loan. You also need to pay close attention to the specific terms offered by individual lenders, as these will vary.

Some of the benefits of bad credit loans are that you’ll often get a fast response, which is great if you need cash urgently. Often the money can be in your bank account in minutes. You’re also more likely to be accepted for a bad credit loan than a mainstream loan if you have a poor or non-existent credit score. A bad credit loan is a flexible choice because it can be used for any purpose, including normal day-to-day expenses, and they’re also a great way to start improving your credit rating. This is likely to make borrowing credit loans easier for you in the future, including mainstream personal loans.

Whilst these are great benefits, it’s important also to be aware of the drawbacks of taking out loans for people with poor credit scores. Interest rates are often significantly higher than mainstream loans, and you’ll usually have fixed repayment terms. Missed or late payments will affect your credit score. Before taking out a bad credit loan, it’s worth checking your credit report to be certain whether you really need this type of loan or not.