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Bad credit Loans
- Doesn’t put your assets at stake- NO SECURITY
- Designed for people with less than perfect credit score
- Needs no guarantor to vouch for you
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender
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 obtain a loan through LoanTube.
3 Things you Need to Know about Bad Credit Loans
To provide you with the best protection, the Financial Conduct Authority has raised the bar high for lenders and brokers wanting to offer bad credit loans to consumers. The United Kingdom is known as one of the most regulated financial markets in the world for bad credit loans. What does this mean for you?
One, there are stricter rules governing the terms on which bad credit loans can be offered to a consumer. That includes 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 directly, 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 multiple lenders and apply directly, each one may carry out a full credit check. Moreover, please note multiple credit checks can sometimes ruin your credit report.
When should you Take Bad Credit Loans?
- When your credit score is poor or bad*
- Multiple banks and credit unions have declined your loan request
- An urgent and unavoidable situation which demands finance*
- You have already run out of your savings
When should you not Take Bad Credit Loans?
- When you are not sure you can afford the repayments*
- If you are already into a lot of debts
- Do not take this loan to consolidate your debts
- If you don’t have a full-time job, don’t bother to take this loan
FAQs on No Guarantor Bad Credit Loans
What should be my minimum age while applying for a No Guarantor Bad Credit Loan?
Do I need to have a job?
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?
What do you need to know about me?
Does someone have to stand as a guarantor for me?
How long will I have to wait for an answer?
Are you licensed to lend me money?
How do you know which companies will lend me money and which ones won’t?
Will I pay more by going through LoanTube?
Do you do “no credit check” loans?
No. LoanTube does not offer any no credit check loans. We conduct a soft credit check to know more about your past credit history and your current credit situation.But that’s a good thing. Doing so helps us in knowing the right lenders for you even before we pass your details to them. So this way we don’t pass your details to any lender we already know won’t be able to lend you. The more we know about you, the more personalised and more suitable loan deal we can find for you.
Please note that soft credit check does not affect your borrowing capacity.
Can I change my mind even after I’ve got an offer?
Why Trust LoanTube?
LoanTube is different. We try to bring you the cheapest possible rates that are available amongst our partner lenders. Although we cannot guarantee that we will find you a lender, you really do have better chances of finding a suitable loan with us because we work with multiple lenders.
How does it work? Our clever computer system compares real-time offers made directly by the lenders. This is all done in real-time and, once we have all the quotes, we will display the offers with their terms and conditions to you.
Taking out Loan and Change of Mind
It is up to you if you want to go ahead and take out of the loan. Please read the terms, conditions, and costs (including APRs and other fees/costs) of the loan to decide whether its right for you. If you accept, a loan agreement will be made between you and the lender but if you change your mind, you can cancel it within 14 days.
In the vast majority of the cases, the quote you see on our offer screen is the quote you get. Occasionally, a lender may need to ask additional questions and do additional checks on your application. Depending on the information you give or they obtain from their sources if that makes your application a significantly riskier, they may change the APRs/quotes of the loan, which could make it more expensive, but you are free to reject such offers. They may also withdraw the offer of a loan.
Our Service is Free
LoanTube’s service is free regardless of whether you find a loan or not, and whether you decide to take up the offer. Under no circumstances, you will pay anything for our services. We receive payment from the lender in the form of a commission whenever a loan is taken out by a customer using our service.
How to Apply
You can apply for an unsecured personal loan with us anytime. It will not take much time to complete our loan application form. To start, click here.
Representative APR example
We compare loans that can be paid back over terms of between 1 month and 25 years. The APR interest rate you will be charged depends on your personal circumstances, and will be between 3% and 299%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3%, APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22.