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Bad credit Loans

  • Doesn’t put your assets at stake- NO SECURITY
  • Designed for people with less than perfect credit scores
  • Needs no guarantor to vouch for you
  • Higher consumer protection on bad credit loans
Credit subject to status & affordability assessment.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK

Our comparison service is free for you to use. Yes it’s free!!

Are you thinking how we make money then? – We receive a fee or commission from lenders whenever you use LoanTube to find you a loan.

3 things you need to know about bad credit loans online

So that you’ve got the best protection, the Financial Conduct Authority has raised the bar high for lenders and brokers wanting to offer bad credit loans to consumers. In fact, we have here in the UK one of the most regulated markets in the world for bad credit loans. What does this mean for you?

One, there are strict rules governing the terms on which bad credit loans can be made to a consumer. They are a maximum level of interest, a maximum default fee if you miss a payment (many lenders no longer charge for this), and the amount of fees and interest you pay on a loan is capped.

Two, every lender has their own preferences on the types of people they like to lend money to. If you approach a lender direct, you have no guarantee that you fit their criteria. However, by using a broker like LoanTube, your application is sent directly to the lenders we know will be happy to work with you.

Three, if you approach a lot of different lenders at the same time and apply directly, each one will carry out a full credit check. And the more credit checks there are on your file, the less likely you are to receive a “yes”. Only one credit check will be performed by LoanTube and no more, no matter if we find lots of different loan companies wanting to lend you money.

Loan

When you should take Bad credit Loans

  • Your loan can be paid direct to your bank account in minutes
  • All interest rates shown are locked-in
  • Choose a length of time you want to pay the loan back over
  • Bring down how much you pay in interest by paying off your loan early
  • No guarantor required – no need to ask for a favour from a friend or relative

When you should not take Bad Credit Loans

  • A bad credit loan should only be used to cover one-off costs
  • If you fall into arrears, you may be charged default fees (shown on your quote)
  • If you can’t pay the loan back at all, your credit rating will worse significantly

Frequently asked questions about no guarantor bad credit loans online

How old do I need to be to apply for a no guarantor bad credit loan?

We can only accept applications from people aged 18 or over.

Do I need to have a job?

Anyone applying for a loan must be in permanent and stable employment.

I have been declared bankrupt/I am in an Individual Voluntary Arrangement (IVA)/I am on a debt management arrangement. Can you work with me?

Unfortunately, we can’t. Sorry.

What will you need to know about me?

We’ll ask you for information on who you work for, how much you earn, what you spend during a month and on what, and where you’ve lived for the past few years.

Does someone have to stand as a guarantor for me?

The bad credit loans that LoanTube broker for you through our panel of lenders do not require someone to volunteer as guarantor for you.

How long will I have to wait for an answer?

Within seconds, normally. This is how it works. Once we have all the details we need from you, you’ll get a “yes” or a “no” almost instantaneously. On your monitor or on your phone, you’ll see a list of quotes from FCA-approved lenders, all with APRs that are set, locked in, and won’t change. Even if the lender you choose needs to contact you for additional information on your application, the details of the offer of your loan will stay the same.

Are you licensed to lend me money?

We don’t lend you money – we’re what’s known as a “Financial Conduct Authority-approved broker”. What that means is that the FCA (who oversee all legal bad credit loan activity here in Britain) have checked out our business and given us a licence to introduce borrowers like you to the lenders on our panel. And for your peace of mind, we only work with lenders who have got their licence from the FCA.

How do you know which companies will lend me money and which ones won’t?

Two things – the relationship we have with our lenders and our clever computer system. We know our lenders really well – we know the type of person they like to lend money to. We take all the information they give us about the ideal borrower and our IT team then feed that information onto the clever computer system we mentioned earlier. As soon as we have your information, we then get to work matching you up with the right lenders.

Will I pay more by going through LoanTube?

100% no. It’s not what LoanTube is here to do. We’re all about getting you the very cheapest rates, not about increasing the cost of your loan. We’re here for you – that’s why we don’t charge any consumer a fee for using our service – ever. Every time we match up a borrower and a lender and a borrower decides to go ahead with a lender’s offer, we get a “thank you” payment from the lender. That’s how we do business.

Do you do “no credit check” loans?

We do. Please bear in mind that, as an FCA-approved broker working with FCA-approved lender, a full credit check must take place before any money is transferred to your account. What’s more – it’s the right thing to do. Getting a bad credit loan is a temporary solution to a temporary problem. We, and the lenders we work with, do not want anyone who can’t afford to make the repayments on a bad credit loan to get themselves further into difficulty so that’s why a credit check is always carried out.

Can I change my mind even after I’ve got an offer?

Of course. There’s no obligation on you to accept any offer one of our lenders makes to you.

Why apply through LoanTube and not somewhere else?

At LoanTube, we do things differently and the person who benefits the most from that is – YOU!

Once you’ve submitted your application, LoanTube conducts a credit search on you. After this, we’ll then show your credit report together with the details you’ve given us during your application together only to the FCA-approved lenders on our panel that we know will want to lend to you.

They’ll then get back to us with their decisions – “If they can lend to you and, if yes, then what is the APR”. There may be multiple offers from different lenders. Once you accept a particular offer, the APR shown to you will be locked in.

What makes LoanTube different? Every single lender who gets back to us with a YES wanting you as their newest customer will actually compete for your business. How does this work? Lender X says “we’ll offer this APR for this loan” and then Lender Y says “we can do better than that – this is what we’ll offer you instead”. This “bidding system” can really make the loans cheaper for you. We do all the hard work for you – it’s that simple.

And yes, all this is done in real-time and all automatically. To start your application, please click here

Representative APR example

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