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Options of Personal Loans for Poor Credit

Options of Personal Loans for People with Poor Credit Score

A borrower’s credit history is evaluated by different Credit Reference Agencies to assess the borrower’s credit reliability. Lenders and credit providers use a borrower’s credit history as a determining factor while approving a loan. However, an individual can secure a personal loan with even a low credit score.

The situation in the unsecured lending industry is rapidly developing and hence, the new-generation lenders are now offering personal loans to people who do not have a spotless credit history. Loans without guarantors are often opted by most of us as this doesn’t require us to find a guarantor to co-sign the loan.

Maximise your options: Compare and apply for loans below with LoanTube

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Loan Amount
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Loan Term
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1 Years20 Years
Representative APR
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5%1333%
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Representative APR
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1 Years20 Years

Loan Amount

£4000 -

£20000

Norwich Trust

Loan Term

1 -

10 years

4.8/5

4.8/5

Representative APR

22.9%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example If you borrow £20000 over 72 months, your representative APR will be 22.90% APR. Your monthly repayments will be £488.36 and the total amount repayable will be £35,161.92.

4.8/5

4.8/5

Norwich Trust

Loan Amount

£4000 -

£20000

Loan Term

1 -

10 years

Representative APR

22.9%

Minimum Age

21 Years

Minimum Income

£2000 per month

Representative Example If you borrow £20000 over 72 months, your representative APR will be 22.90% APR. Your monthly repayments will be £488.36 and the total amount repayable will be £35,161.92.

Loan Amount

£5000 -

£100000

Evolution Money Loans

Loan Term

1 -

20 years

4.5/5

4.5/5

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

4.5/5

4.5/5

Evolution Money Loans

Loan Amount

£5000 -

£100000

Loan Term

1 -

20 years

Representative APR

28.96%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00

Loan Amount

£1000 -

£10000

1Plus1 Guarantor Loans

Loan Term

1 -

5 years

4.4/5

4.4/5

Representative APR

47.80%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative example: If you borrow £3000 over 36 months at a Representative rate of 47.8% APR and an annual interest rate of 39.7%, you would pay 12 monthly installments of £143.84. The total charge for credit will be £2178.24 and the total amount payable will be £5178.24.

4.4/5

4.4/5

1Plus1 Guarantor Loans

Loan Amount

£1000 -

£10000

Loan Term

1 -

5 years

Representative APR

47.80%

Minimum Age

18 years

Minimum Income

Not mentioned

Representative example: If you borrow £3000 over 36 months at a Representative rate of 47.8% APR and an annual interest rate of 39.7%, you would pay 12 monthly installments of £143.84. The total charge for credit will be £2178.24 and the total amount payable will be £5178.24.

Options of Personal Loans for Poor Credit

Generally, there are 2 ways of availing a bad credit short-term loan in the UK, and they are:

    1.  Secured Loans for Bad Credit Online

Secured Loans require collateral to be pledged against the loan amount that you intend to borrow. If the debtor fails to make the repayments, the credit agencies make arrangements to seize the collateral. This involves a lot of risk as the valuable asset that you put forward to secure a loan may be lost during the process.

    1. Unsecured Loans for Bad Credit Online

These credit products are not secured personal loans. Hence, they do not require any security in the form of collateral to be put forward by the borrowers. However, Compare Bad credit loans before you apply for one. As in this way, you will explore various offers by different lenders and you can choose the one that suits your necessities the best.

A lot has evolved in the UK financial market to ease the process of borrowing and lending. The FCA introduces new rules to protect the consumers time and again against any exploitation. Hence, make sure that you deal with FCA registered lenders and brokers so that you do not face any troubles.

To start your application with LoanTube for Bad credit loans, click here.

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. Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

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