Bad credit loans
£250 – £2,000 Unsecured personal loans
What are bad credit loans?
Bad credit loans are unsecured personal loans designed for customers who may have a low credit score or a limited credit history. Lenders may consider applications from customers who have experienced previous credit difficulties, subject to affordability and creditworthiness checks These loans usually have higher interest rates compared to high street banks. This reflects the higher risk associated with lending to customers with impaired credit histories.
Your credit score can be affected by a variety of factors, including past financial difficulties, missed payments or under payments. Unfortunately, such negative financial information can remain on your credit history for several years, and many lenders are not prepared to lend to people with poor credit history.
Before you apply for a bad credit loan
Take time to review your budget carefully. Make sure you’re confident that you can afford the bad credit loan repayments each month, and consider the total amount repayable, not just the amount you’re borrowing, so you fully understand the overall cost.
Multiple applications within a short period can impact your credit score, so ensure this type of loan is necessary and suitable for your circumstances.
Missing payments may negatively affect your credit file and make it harder to obtain credit in the future.
Finally, always check that the lender is authorised and regulated by the Financial Conduct Authority (FCA). This helps ensure you’re dealing with a responsible lender who will assess your application properly and lend based on affordability.
Reasons You May Have Bad Credit
Bad credit can arise for many different reasons. It could be due to a missed or late payment, using a high proportion of your available credit, or making several credit applications in a short period of time. Your credit report might also reflect more serious past issues, such as a default, County Court Judgment (CCJ), Individual Voluntary Arrangement (IVA), or bankruptcy.
While these events can affect your credit score, they won’t stay on your report permanently. And even if you’ve experienced credit problems in the past, you may still be able to apply as lenders like Loans 2 Go consider your current circumstances and whether the loan is affordable for you today.
What is the eligibility for Loans 2 Go loan?
There are four main eligibility criteria for our bad credit loans. You need to be:
- At least 21 years’ old;
- Currently employed with a regular income;
- Resident in the UK – as a homeowner, tenant or living with your parents;
- A UK bank account holder with a debit card.
As a responsible lender, we will check your financial situation to ensure that a loan is affordable for you. We consider lending to you despite your poor credit history or even a previous CCJ.
With over 20 years of experience in providing alternative and affordable finance, we’ve supported thousands of customers in similar situations delivering practical and flexible funding solutions.
What is the application process for a bad credit loan?
Loans 2 Go is a direct lender, meaning all applications are processed and assessed by us. Once you apply, we’ll handle your application and decision directly.
All you need to do is:
- Click Get Started
- Select how much you want to borrow
- Provide us with basic information
Our eligibility checker will then give you an instant decision on whether you’re provisionally accepted without it affecting your credit score. If successful you can complete the application form and if approved get the money into your account, the same day (subject to working hours).
When a bad credit loan may help
A bad credit loan may provide a way to manage your finances and begin getting things back on track. Bad credit loans are typically available online and you can usually expect payment same day.
A bad credit loan may help you if you are faced with a sudden demand on your finances such as an unexpected bill, car repairs, appliance breakdown, or a family emergency. A bad credit loan could help you when other mainstream lenders won’t.
If you are experiencing financial difficulty, you may wish to seek free independent debt advice before borrowing. Organisations such as StepChange Debt Charity, National Debtline, or Citizens Advice can help you understand your options.
Does Loans 2 Go offer loans for bad credit?
There is no charge for setting up a loan for bad credit, and there is always the opportunity to repay your loan early.
Personal loans | 18 or 24 months
Life is full of ups and downs, and sometimes things just don’t go to plan.
£250 - £2,000
personal loans
Confidential &
secure
Money
same day
FAQ
Our 18 month loans are £250 – £1,000. However you may be able to borrow up to £2,000 (24 month loan). As long as it’s affordable for you, we’ve got you covered.
We do not charge any set up fees when you take a personal loan with us.
We are very flexible and provide repayment options of weekly, fortnightly, or monthly.
Representative example: If you borrow £550 over 18 months at a flat rate of 168% per annum (fixed) with a representative 679% APR you will make 18 monthly payments of £107.56, repaying £1,936.08 in total. The rate and / or term you are offered is dependent on your individual circumstances.
Warning: Late repayment can cause you serious money problems. For independent help, please go to www.moneyhelper.org.uk
