Loans for Bad Credit
Do you have bad credit or looking for a bad credit loan? Lending Stream could help! We consider every application, even if you have a low credit score. Apply for a bad credit loan of up to £1,500.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream for bad credit loans?
Fast
Cash sent to your bank in under 90 seconds, once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay in 6 monthly repayments. Pay early with no extra fees and save on interest.
Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.
Can I get bad credit loans from a direct lender?
Yes, you can. At Lending Stream, we understand that bad credit can happen to anyone. We believe people are more than just their credit score, which is why we consider people with bad credit too.
Before applying for a bad credit loan, make sure to research different lenders and compare the interest rates and terms before applying.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Lending Stream is FCA Authorised
Lending Stream has been helping customers in the UK since 2008. Since then, we have helped over 1 million people with their financial needs by lending over 4 million loans. We’re an FCA-authorised and regulated direct lender, with authorisation number 689378. Responsible lending is our biggest priority, and we want to ensure our customers' experience is great.
We believe in ensuring that you are fully informed about the costs, fees, and repayment terms of our loans. To achieve this, we have taken great care to present all charges, including interest rates and fees, upfront. No hidden costs or unwelcome surprises - everything is clear and easy to understand.
What are bad credit loans?
Bad credit loans are loans designed for individuals with a less-than-perfect credit history. These loans can provide a lifeline for those facing credit challenges, offering access to funds when traditional lenders may decline their applications. With these loans, borrowers can meet their immediate financial needs.
Is Lending Stream a bad credit loan direct lender?
Yes! We understand that traditional lenders often reject loan applications from those with bad credit histories. But we do things differently here. We consider every application, and don’t reject your application just based on your credit score.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How do bad credit loans work?
They work just like any other loan but with a few main differences. Whether you are looking for bad credit loans or very bad credit loans from direct lenders in the UK, all reputed and FCA authorised direct lenders will consider a few factors, such as your age, employment status, and income, to check your eligibility.
At Lending Stream, we understand that life can be unpredictable which is why we consider lending to those with a poor credit loan. We consider factors like affordability, credit score, age, nationality, income, and employment status to check your eligibility.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How do I check if I am eligible for loans for bad credit?
If you are looking to apply from any reputable bad credit loans direct lenders in the UK, it is important to first check your eligibility with them. If you are looking to apply for a bad credit loan with Lending Stream, then you must:
- Have a valid debit card
- An active bank account
- Be a UK resident
- Should be at least 18 years old
- Should be in regular employment with a monthly income of at least £400
We might ask you to show proof of your income during our application process. We do this to see if you can afford the loan repayments.
Even if you are eligible for a bad credit short term loan, you should only borrow what you can afford to repay. Failing to repay a loan can negatively impact your credit score and make it harder for you to get approved for a loan in the future.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How to apply for a bad credit loan with Lending Stream?
At Lending Stream, you can apply for a bad credit loan through our website. All you have to do is fill out our online application form and give us the following information:
- Choose the amount which you want to borrow with us
- Fill in all your personal details
- Provide us with your employment, salary, expenses, and banking details
Once your application is received, we will carry out a credit and affordability credit check on your profile. If approved, we will send the approved amount to your bank within 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How much loan amount can I get if I have very bad credit?
At Lending Stream, we lend you as little as £50 to help you through a cash emergency. We could even lend you a loan amount of up to £1500 (a maximum of £800 for new customers) if we can see that you have a good loan repayment history (and you can afford it). However, some specialist lenders may offer higher credit amounts if you have a co-signer or collateral to secure your loan.
What are the different types of bad credit loans?
If you have bad credit and need a loan, there are several types of loans available in the UK that can help.
- Personal loans: A personal loan is a type of borrowing that individuals can borrow from a bank, credit union, or online direct lender for various purposes, including debt consolidation, home improvements or an emergency.
- Secured loans: A secured loan requires collateral, such as a home or car, and because of the collateral, they usually have lower interest rates for borrowers with really bad credit.
- Payday loans: Payday loans might be available to people with bad credit but may not always be the best option. They typically have very high interest rates, which can make it difficult for borrowers to repay (if they are struggling financially).
- Guarantor loans: Guarantor loans may be available for people with bad credit. These loans require a guarantor, usually a family member or friend, to co-sign the loan agreement.
When choosing a loan, it’s important for you to consider the interest rates, repayment terms, and any other fees associated with the loan.
Who can benefit from loans for people with bad credit?
These loans can benefit those who have struggled with their credit in the past and have been turned down by traditional lenders. This may include people who have missed payments or defaults or have County Court Judgements (CCJs) on their credit history.
Additionally, these loans can be a helpful option for those who need quick cash (once approved) but don’t have collateral to secure the loan. However, it is important to carefully consider your options and ensure you can repay the loan, including any interest and fees.
What can I use a bad credit loan for?
A bad credit loan can be used for various purposes, including urgent home improvements, car repairs, medical bills, and unexpected expenses. These loans can also be used to rebuild your poor credit history by making timely repayments.
However, it is important to consider the cost of the loan carefully and whether it’s the best option for your financial situation.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Will applying for a bad credit loan affect my credit rating?
When you apply for a bad credit loan, the lender will likely run a credit check as part of their assessment process. This will involve checking your credit history and credit score to determine the level of risk involved in lending to you. This credit check can impact your credit rating, as it will leave a mark on your credit report.
However, the impact will vary between a soft credit check and a hard credit check. But, if you make your payments on time and in full, it can also help to improve your credit score.
What are the advantages of loans with bad credit?
- Fast processing time: If you have unexpected expenses or financial problems and your credit score isn’t good, these loans can give you quick access to the money you need (if approved).
- No collateral required: They are unsecured loans, so you don’t need to provide your car, house, or other assets as security.
- Repay in affordable amounts: If you take out a loan for bad credit with Lending Stream, we’ll give you 6 months to pay it back.
- Rebuild your credit score: By borrowing the money and paying it back on time, you can show that you are a responsible borrower. This will help you rebuild your credit score.
What are the disadvantages of loans with bad credit?
- High-interest rate: These loans tend to come with high interest rates. So, if not used properly or repaid on time, these can put you in more debt.
- Limited options: There aren't many direct lenders out there who offer loans for bad credit, so you might not have many options. However, Lending Stream is still here to consider you with bad credit.
Contact us - Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our Contact Us page. If you prefer, you can call us on 0203 808 4440#. We’re open from 9 am to 6 pm, Monday to Friday, and 9 am to 1 pm Saturdays.
FAQs - loans for bad credit
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What's the easiest loan to get with bad credit?
The easiest loan to get with bad credit may depend on individual circumstances and lenders' criteria. However, some options to consider could be payday loans or instalment loans from specialised lenders who serve to individuals with poor credit history. It's important to note that these loans often come with higher interest rates and fees. So, it's important to carefully consider the terms and affordability before proceeding.
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Can I get a bad credit loan with no credit check?
Reputed lenders do not offer bad credit loans without credit checks. They prioritise responsible lending practices and comply with FCA regulations, which require thorough affordability assessments. It is important to work with reputable lenders to ensure fair lending practices and to have the opportunity to rebuild credit history through responsible borrowing and timely repayments.
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Why does a poor credit rating make it more difficult to get a loan?
A poor credit score makes it more difficult to get a loan because lenders consider it a higher risk to lend money to someone with a bad credit history. They are less likely to approve a loan application from someone with bad credit or may offer less favourable terms, such as higher interest rates or lower loan amounts.
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How fast can I get a loan for bad credit?
At Lending Stream, we'll send the cash to your bank in under 90 seconds if approved. However, times may vary between lenders.
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Can I borrow money with very bad credit?
Yes, it may be possible to borrow money even with very bad credit. There are lenders who specialise in this. We understand that having very bad credit can make it challenging to get approved for a loan. This is why we consider factors like affordability, credit score, age, nationality, income, and employment status to check your eligibility.
We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk