Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Bad Credit Loans

All credit scores welcome to apply. Find a loan of between £100 and £10,000 with CashLady

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CashLady Representative 79.5% APR

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Finding the right loan for you can be confusing at the best of times, but when you have a history of bad credit, it can complicate matters. Fortunately, many UK direct lenders understand that a person’s financial past doesn’t have to shape their future.

CashLady is a credit broker, and several of the trusted lenders on our panel specialise in loans for people with bad credit.

The CashLady guide to bad credit loans explores some important information, including things to consider before you apply for a bad credit loan, and the key differences between a credit broker and a direct lender bad credit loan.

What is a bad credit loan?

A bad credit loan is a loan that has been specifically designed for people with bad credit history.
While this type of loan could be a real lifeline for those with bad credit in times of financial hardship, it’s vital to be aware that you should think very, very carefully before you make an application.

A bad credit loan could come with a higher rate of interest, which will increase the overall cost of borrowing, as well as your monthly repayments. There’s also a possibility that you might not be approved to borrow the amount of money that you need; in some cases, you may have to reapply for a lower amount.

How do bad credit loans work?

A bad credit loan works in the same way as other types of loans: you borrow a sum of money from a lender and then pay back what you owe, plus interest. A bad credit short-term loan, like those offered by some lenders on the CashLady panel, is repaid in monthly instalments and comes with repayment terms between 3 and 60 months, depending on how much you borrow.
It's important to keep on top of your repayments; a late or missed repayment will harm your credit score. If you’re worried that you might forget, you may wish to set up a Direct Debit to automatically take your repayment on time each month.

Can I get a no credit check bad credit loan?

No. You cannot get a loan without a creditworthiness assessment.

If you’re worried that a history of bad credit could prevent you from getting the loan you need, you might wonder if it’s possible to get a bad credit loan without a credit check.

All responsible lenders in the UK must carry out a full credit check, known as a creditworthiness assessment, on everyone who applies for a loan. This is non-negotiable, and these requirements are in place to protect you and ensure that you’re able to afford the money you’re applying to borrow.

A creditworthiness assessment will include a hard search or Open Banking. A hard search will be visible on your credit file for up to 12 months, and undergoing multiple hard searches in a short period could cause your credit score to decline.
Open Banking allows an authorised third-party, such as a lender, to access your online bank account and view your recent financial transactions. This can provide them with a more up-to-date overview of your financial habits, rather than them relying solely on your credit score to make their decision.

Bad credit loans: direct lender vs credit broker

A direct lender will always carry out a creditworthiness assessment. If you apply for a bad credit loan directly with a lender and your application is declined, you might go on to make multiple applications with several lenders until you find one willing to consider your request.
Multiple applications could lead to multiple hard searches, which, as discussed in the section above, will harm your credit score.

A credit broker, like CashLady, could take the guesswork out of searching for the right loan for you.
Once you’ve completed our straightforward online form, we’ll use the information you’ve provided to run a soft search, with no impact on your credit score. We’ll scan our panel of lenders for a suitable loan for you, based on your circumstances.*

Bad credit loans: how much money could I get?

With CashLady, you can search for a bad credit loan from £100 to £10,000. Depending on the amount of money you apply to borrow, you could opt to repay your bad credit loan between 3 to 60 months.
You should never apply to borrow more money than you need or can afford to repay.

Start your search for a bad credit loan today

You’re welcome to use CashLady to search for a bad credit loan if you:

    • Are over the age of 18;
    • Are a UK resident;
    • Have a UK bank account and a valid debit card; and
    • Have a regular source of income paid into your bank account.

If you meet the above criteria and you wish to begin your search, you can expect the journey to look a little like this:

1. Fill out our five-minute online form. You’ll need to let us know some key information about yourself, as well as tell us how much money you need to borrow and how long you’d like to borrow it for.

2. We’ll run a soft search on your financial history without harming your credit file.* In just 60 seconds, we’ll check our panel of lenders for a suitable bad credit loan for you, based on the information you’ve provided and the results of our soft search.

3. If we’ve been able to find you a bad credit loan, you will be redirected to the lender’s website. You can find out more about the loan and decide whether you’d like to go ahead and make a full application.

4. At this point, a creditworthiness assessment will be conducted. This will involve a hard search or Open Banking.

5. If you pass the lender’s checks and are happy to accept the loan agreement, your lender will tell you when you can expect the money to be sent.

Fast bad credit loans

Please note that no bad credit loan is guaranteed to be ‘fast.’
Application, processing, and payout timescales vary between lenders, and it’s important to take your time when doing your initial research and filling out the paperwork. Searching and applying for a loan is not a procedure that should be rushed, and it’s crucial to be sure that a loan is the right decision for you at this stage.

If you need money fast and are confident that you can afford to repay a loan, it's worth bearing in mind that some of the lenders on the CashLady panel could send your money on the same day your application is approved. However, while your loan could be sent the same day, the time it takes for the money to become available in your account will depend on your bank’s policies and procedures.

Will a bad credit loan make my credit score even worse?

A bad credit loan, like any type of loan or credit product, will affect your credit score.

You could see an improvement in your credit score if you make your repayments in full and on time each month, as long as you’ve also kept up with any other existing credit commitments.

If you make a late repayment or you miss one altogether, your credit score is likely to decline. This is why it’s important to make sure that you can afford the loan you’re applying for.
If you do encounter problems repaying your loan, please reach out to your lender.
If your lender knows you’re struggling to make your repayments, they will be able to work with you to put a plan in place which could help to relieve some of the pressure.

I need money and debt advice; who can I speak to?

Charities and organisations such as StepChange, MoneyHelper, Citizens Advice and National Debtline offer free, impartial advice for anyone who is worried about money or is struggling with their finances.

5 tips on how to improve your credit score

    • Pay any bills and existing credit commitments on time.
    • Check that the information on your credit report is correct and up-to-date.
    • Sign up for the electoral roll.
    • If you have a credit card, avoid using it to withdraw money from a cash machine.
    • Limit the number of hard searches you undergo. When searching for a loan, a credit broker such as CashLady could help to reduce the number of hard searches on your credit file.

Alternatives to a bad credit loan

If you’re unsure whether a bad credit loan is suitable for you, it’s best to take a step back and look into any other options that could be available, such as:

    • Borrowing money from a loved one. If a family member or friend is in a position to help you out financially, you should both agree on a repayment plan. It may be an idea to get this in writing.
    • Saving the money. Of course, this isn’t possible in every situation; if you need money urgently, you’re unlikely to have the time to wait. However, if you’re able to navigate the situation and work around it for a couple of months while you save the money, you will avoid having to pay interest.
    • Research guarantor loans. A guarantor loan is when somebody else, usually a close friend or relative, agrees to make the repayments if you’re unable to. While a guarantor loan could be something to consider if you have bad credit, you should only ever apply for a loan if you’re confident that you can afford to repay it. A guarantor is there to bridge the gap if something unexpected happens with your income; they’re not there to make your repayments for you because you’ve miscalculated your finances.
    • Look into a credit builder credit card. This type of credit card is designed for people with either low or no credit history who want to work their way towards a healthier credit position. When used responsibly alongside other credit-building methods, a credit builder credit card could, over time, lead to an increase in your credit score. A credit builder credit card usually comes with a lower starting credit limit to help you keep on top of your spending and repayments.

*If CashLady can match you with a lender and you choose to make a full application, a creditworthiness assessment will be carried out. This will include a hard search or Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches in a short space of time will hurt your credit score.


CashLady Representative 79.5% APR

Representative Example

Amount of credit:
£1000 for 12 months
at £123.40 per month
Total amount repayable of £1,480.77
Interest: £480.77
Interest rate: 79.5% pa (fixed)
79.5% APR Representative

Warning: Late repayment can cause you serious money problems.
For help, go to moneyhelper.org.uk

Get your personalised quote today!

How much do you want to borrow? Representative 79.5% APR

CashLady Representative 79.5% APR