All kinds of events can adversely affect your credit rating – that is when unsecured loans for bad credit may come to the rescue.
You know how much you earn — or the regular income a pension or benefits give you. You know more or less how much you spend each month. That’s how you make your household budget — and it is more than likely a tight one.
No wonder, then, that illness, temporary unemployment, or a delay in your benefit payments means that you missed an instalment in repaying past borrowing. The result is a black mark on your credit rating. Bad credit.
And that bad credit is likely to make it far more difficult to get credit or to raise a loan when you need one in the future.
Thankfully, therefore, there are lenders who offer unsecured bad credit loans — lenders willing to consider your application even though you have a poor credit rating and prepared to advance a loan that is unsecured against any of your belongings.
If you are looking for an unsecured loan, the critical factors are:
The bigger sum you borrow and the longer the repayment term, the more you need to be prepared to pay in interest — the loan becomes more expensive.
With unsecured personal loans for bad credit, lenders are especially concerned about their affordability and your ability to make the agreed repayments. Along with details of your income and expenditure, therefore, all lenders will conduct a credit check.
Some lenders are what are called “direct lenders” — they are the ones who accept your initial enquiry, any formal application you make, perform the necessary credit checks, and — if approved — advance the cash.
Others are credit brokers — authorised and regulated by the Financial Conduct Authority (FCA) — who search for a suitable lender on your behalf. In their search for unsecured loans from direct lenders, they make an initial assessment of the likelihood of your being approved for such a loan.
That assessment has no effect on your credit rating and that helps you avoid a situation in which your application is rejected and a hard search is recorded on your credit file — something likely to make raising a loan still more difficult in the future.
Where lenders are concerned that your poor credit record suggests possible difficulties in your making the agreed repayments on a loan, some may ask for your application to be supported by a guarantor. This involves a formal agreement in which the guarantor — someone who is a family member or a close friend and in full-time employment — assumes the responsibility for making loan repayments on your behalf if you default.
But there are some lenders also prepared to consider applications from individuals with bad credit and offer unsecured loans with no guarantor.
Are you looking for unsecured loans for bad credit online because you want something that is quick and easy to apply for? Then we think you’ll love Instant Lolly.
Choose the most suitable loan amount and term for your needs. We provide loans from £100 to £3,000 over 1 to 24 months.†
Fill out one short application form, and we will ensure your details reach all the right lenders for the best chance of approval.
Receive a decision in seconds and get money sent to your bank account as soon as 15 minutes after approval.†
Apply online from the comfort of your sofa, 24 hours a day, 7 days a week. Oh, and it's FREE too!
Here at Instant Lolly we specialise in arranging unsecured loans for bad credit. It’s easy to apply online and you’ll get a decision almost immediately!
Not only is our service quick and easy to use, but we offer a wide range of loan options — meaning we can find the loan that is most suitable for you.
Even if your credit history is blotted by past defaults, loans for bad credit from Instant Lolly typically may offer you the opportunity of borrowing between £100 and £3,000 over a period of between one and 24 months — the choice is yours!
To apply you must:
You will also need:
Check if you'll be accepted Find out if you can get your chosen loan in under 5 minutes