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What are bad credit loans?

A bad credit loan is a part of personal loans and a specialised lending product for those with less-than-perfect credit scores. Poor credit history restricts individuals from borrowing money. Therefore, they often look for bad credit loans from direct lenders with no broker to get smooth funding.

The rates are higher because the lender is usually at risk of lending to those with not-so-good credit histories. Still, Figuralloans offers these unsecured loans at competitive interest rates depending upon the borrowers' affordability.

Affordability is undoubtedly the crucial factor for loan approval. The lenders still need more from the borrowers because they are on the risky side. To avail of bad credit loans online on the instant decision, you need to fulfil these conditions:

  • Lenders require proof of full-time income or other funding sources. It remains the sole factor in bad credit loan approval.
  • Some lenders also demand proof of the collateral in case the borrowers need to borrow a large amount of money. However, this demand is flexible and may not apply to everyone.

Still, applying online is the better way to get bad credit loans with instant approval. With not much documentation involved, you only need to fill out a single-page online form and submit it as soon as possible.

Note: You should be 100% sure you can afford the loan repayments before signing the loan agreement. We will do the necessary credit check to go through your financial capacity.

Why my credit score is bad?

Before discussing the reasons for having a poor credit score, it is essential to be familiar with the different credit score ranges. According to Experian, the following are the various categories of credit scores:-

Credit Ratings Credit Scores
Excellent 961-999
Good 881-960
Fair 721-880
Bad 561-720
Very Poor 0-560

Poor credit scores affect your chances of getting future borrowing. Therefore, it becomes essential to know why you have a bad credit score and why you need loans for bad credit.

  • Missed Repayments: You have several missed payments on your previous debts, and thus you have low credit scores. It happened in the past, but you need to concentrate on such matters more sincerely now.
  • County Court Judgement (CCJ): Missed repayments, bank defaults, bankruptcy and County Court Judgement (CCJ) cause your credit score to worsen a lot. CCJ against your name harms your borrowing chances a lot. Some people even struggle with their very bad credit scores when they have CCJ. Removing this tag becomes essential. Therefore, the need for very bad credit loans comes into the picture.

Figuralloans is committed to people with bad credit and very poor credit scores. We can even provide cash loans for bad credit if they do not have a bank account. Still, all such things depend upon borrowers' affordability to manage the loan.

Is availing of bad credit loans the right decision or not?

Applying for bad credit loans is the right decision to get money without any hassle. In the marketplace, several lenders prefer people with better credit ratings, as they can ensure timely repayments.

Direct lenders in the UK offer assistance to those who need a loan with bad credit due to their low credit ratings. These loans come as another chance to borrow, irrespective of their adverse credit history.

Why are bad credit payday loans right for you? Bad credit loans can be risky sometimes
These loans are the best for instant funding access as there is no hefty documentation involved. These loans have higher interest rates than typical loans. However, we provide as per your affordability.
The lenders may sometimes offer you flexible repayment plans that would help in improving credit scores. You cannot opt for long-term funding with these loans, as they are more suitable for the financial emergency.
These are the unsecured loans with bad credit. This means that borrowers’ collateral is safe and without any risk. In case of CCJ or bankruptcy, the lender may perform a hard credit check with the permission of the borrowers.

If your finances can afford the high interest rates, you can easily avail of high-acceptance bad credit loans from direct lenders.

Is getting approval on a bad credit loan difficult?

People with poor credit profiles need to work harder for loan acceptance, but they do get loans, especially from UK direct lenders.

Your agreement on the higher interest rates indicates that you can afford the loan throughout the prescribed term. It will help you to get a bad credit instant loan with no hassle.

To make loans more accessible, we first work on improving your credit scores. Our lending experts are ready with their fee-free advice and give valuable suggestions like:

  • You should be committed towards your current credit performance
  • Do not use too many credit cards and keep their use below 20%
  • Double-check your credit report to avoid any errors
  • Keep your name on the electoral roll as long as possible
  • Do not go for many loan applications in a short period
Can I seek guaranteed loans with bad credit?

Bad credit is like a curse to your financial record. Many UK individuals have such issues because of their unstable monthly income. Still, options are available if you approach a direct lender for bad credit loans to get guaranteed approval.

You may wonder how guaranteed loan approval is available for poor credit people. This is possible because Figuralloans usually takes care of the present financial scenario when dealing with loan applications with low credit.

If the current performance is up to the mark and your credit score is improving, the lender can approve your loan request.

The soft credit check is another major factor behind 100% guaranteed loans for people with bad credit. Unlike traditional lenders, online lenders tend to pursue a flexible approach. They may check your credit score but do not reject your application.

Again, your recent credit performance should be good, and you should be earning a good monthly income.

With no guarantor, can I get a loan with bad credit?

The most considerable concern in front of people with poor credit scores is finding a guarantor. This is due to the low creditworthiness of these individuals, as no one trusts their financial capacity.

At the same time, lenders also put the condition of having a guarantor with a good credit score and a homeowner. It becomes more difficult or takes a lot of time. Therefore, people often hesitate to take the guarantee of someone with a poor credit history.

What will be the best solution to this? It is to get very bad credit loans with no guarantor and no broker in the UK. Yes, these specified loans best suit the above situation. You do not need a guarantor while e-signing the agreement for these loans. Direct lenders largely fund this facility.

If not the guarantor, you get the approval on no guarantor loans for bad credit the given below criteria:-

  • Monthly income capacity
  • Recent financial performance
  • Collateral
  • Loan amount

If you are good at these aspects, then you become our pre-qualified borrower to get even a 2-year loan with bad credit. In addition, you will have the following benefits in your favour:-

  • You do not have to show your credit report, as we follow a soft or no credit check policy to ensure affordable loans only;
  • With no guarantor, you do not need to reveal your financial situation to everyone;
  • We offer flexible repayment terms, which bring a better chance of credit score improvement;
  • People who lack a credit history can make a positive start on their credit history.

The aspirants will have professional guidance from our loan experts whenever they want to opt for loans for bad credit and no guarantor.

What is the relevance of bad credit loans for unemployed?

There is no doubt that a poor credit score hurts every individual. Still, it has a bigger impact on those with unemployment. Fortunately, bad credit loans for the unemployed are available to assist them financially.

People with no full-time income often face trouble in keeping their credit scores up to the mark. They have to rely upon their part-time income, and most of its part goes to the regular expenses.

Covering unexpected expenses becomes impossible, and it will disturb their credit score. Loans for bad credit with unemployment act in this situation. The loan aspirants receive instant funding through online applications. No documentation and no legwork are required to get the amount.

Figuralloans, as a dependable private lender in the UK, understands the compulsion of jobless individuals. Therefore, we have brought up deals where you can borrow money with bad credit, and no unemployment fees are quite possible.

Our primary objectives of providing you with these loans are:-

Funds for everyone: We want to fund everyone's financial needs, including those of unemployed people. Therefore, we do not ask for loan purposes but expect that you use funds for the right purpose.

Acceptance of unemployment benefits: We want to open up every way so that you can benefit from our loans. Consequently, you get the loan approval even if you are living on unemployment benefits.

Funds to use until the new job: There is nothing to worry about finances when the wait for the new job gets longer. We are ready to help you financially throughout that period.


Bespoke offers on bad credit loans for people on benefits

We are a new-age lender and have borrower-friendly loan deals. Unlike other mainstream or private lenders in the UK, we are ready to accept applications for loans on benefits, even if you have a poor credit score.

We can accept these benefits as the mode of making loan repayments:-

  • Disability allowance
  • Unemployment benefit
  • Family allowance
  • Severe disability allowance

We assist them by bringing affordable deals on bad credit loans for people on benefits. Indeed, the loan approval criterion varies from other standard loan options, but it consists of these conditions:-

  • How much part-time income are you earning?
  • What is your ability to repay the loan?
  • What is your credit history?

If you qualify on these conditions despite poor credit scores, you can borrow funds without any hassle. The salient loan features for the people living on benefits are:-

  • More than 97% loan approval chances are there
  • These are small loans for bad credit and suitable for the financial emergency
  • We offer loans on flexible repayment plans, which unemployed people can easily follow
  • Loans are available only on your affordability to repay
  • No collateral is needed, as these are unsecured loans for bad credit

These are higher interest rate loans but also have a higher acceptance rate. Borrowers have only one concern, i.e. that such loans are more expensive than usual. Figuralloans vouches for the best deals to prepare for the concerned borrowers, including competitive interest rates.

Note: We suggest you apply for bad credit loans on benefits only during financial emergencies. We bring quick approval when you have a sudden financial crunch due to unexpected bills, medical issues or car repairs. You should refrain from using loans for long-term financial goals.

Where to get a loan with bad credit and no fees?

Loans are meant to reduce an individual's financial burden. It is up to the lenders what strategy they follow and the terms they levy on a loan deal.

The mainstream lenders are too specific about credit scores. They often deny loan applications with bad credit scores mentioned or provide loans with hefty charges. Therefore, people with poor credit histories usually worry about their loan chances.

The responsible direct lender, like Figuralloans, always takes care of each individual’s loan aspirations. We are ready to provide people with bad credit, low APR loans and no fees. Only the interest rates that borrowers need to pay.

No Upfront Fees: You can apply for the loans with no extra burden. Get an obligation-free quote and confirm the loan deal only after analysing the manageable interest rates.

No Early Repayment Fees: Whether you want to pay weekly or monthly instalments, you can repay your loan anytime without paying any early repayment charges.

No Broker’s Fees: We are the responsible direct lender and are committed to offering loans in a quick process. You do not need any broker to reach us. Our online presence is all over the UK.

No Hefty Late Repayment Fees: Circumstances can happen when you struggle to repay the loan instalments on time. You should not worry because we do not charge hefty fees for late repayment.

Figuralloans always welcome continuous communication with its borrowers. Therefore, we expect that you call us anytime if you want early repayment or have to make late repayment. We will find out the best solution for you.

What challenges are ahead of applying for very bad credit loans?

Credit scores are a vital part of the loan procedure. Traditionally, loan applications are accepted or not accepted based on the borrower’s credit score. People with bad credit scores face a tough situation in the loan marketplace, which has been tougher for those with very poor credit scores.

Yes, finding your name in the category of people with the lowest credit score is a blot on your financial creditworthiness. For lenders, you are at risk of not being funded and may not be eligible to acquire financial assistance.

In such tricky circumstances, very bad credit loans from direct lenders in the UK have arrived as the most vital financial help. You should not think that you can get these loans from traditional lending institutions. They may offer it but at very high interest rates and with strict obligations.

You may get the best deals on poor credit loans from direct lenders like here. We have accepted a much softer approach to people with any credit background. We are ready to help them financially with bespoke deals on these extremely bad credit loans in the UK.

Despite the chance of approval, you still need to work hard to find a loan with an adverse credit score. These are the possible challenges that you have to face:-

  • You have to keep your recent credit performance up to the mark, as it will leave a good impression on the lender.
  • You must maintain your attempts to improve your credit scores. You get more help on this if you are able to get very bad credit loans from direct lenders with no credit check facility.
  • You make sure to ask for a smaller amount as it reduces the risk factor. You can also repay it easily with a steady income.
  • You may have to bring a guarantor, who should be a person with a good credit history and a homeowner.
  • You must not have bankruptcy charges against your name. However, we may accept CCJ in rare cases.

If you go par with these challenges, you will get affordable deals on loans for people with really bad credit.

Why do you primarily need Figuralloans to get poor credit loans?

If you need to borrow money but are struggling with low credit scores, it is essential to know the benefits that you get with the loans. With getting free advice from our lending experts, you get an idea of what you can gain with loans for bad credit from direct lenders.

Figuralloans provides the significant benefit of EASY LOAN REPAYMENTS. We offer flexible repayments that vary into two categories:

Bad Credit Loans Monthly Repayments Bad Credit Loans Pay Weekly Repayments
Options of both fixed and flexible monthly instalments Chance to quickly end the loan term
Automatic payment deduction option Repay the amount on your next payday
Repay monthly instalments up to 60 months Make payment weekly for up to 3 months
100% Online application facility with no documentation Apply through text or online application, and we can provide doorstep service too
Bad credit monthly repayment loans are suitable for both personal and business purposes. Bad credit pay weekly loans favour during extreme financial emergencies.

Before applying for bad credit loans, it is essential to check your eligibility for the particular loan deal. We will check your credit scores before approving your loan application, but it will not affect your overall credit profile.


Do you offer bad credit loans with no credit check?

The Financial Conduct Authority (FCA) does not allow any lender to offer bad credit loans with no credit check. Therefore, Figuralloans softly check each applicant's credit score to provide affordable loans. However, if your recent financial performance is good and there is no debt, then there is a possibility of loans for bad credit in the UK with no credit check.

What is the difference between bad credit loans and very bad credit loans?

In the UK marketplace, both bad and very bad credit loans from a direct lender are available. The features and benefits vary despite the similarity of higher interest rates.

Bad credit loans are offered to those with scores between 561 and 720, and they have little chance of borrowing. On the other hand, very bad credit loans are accessible for those with 0 - 560 credit scores, and people mostly face denial from getting loan approval.

Does Figuralloans offer secured loans with bad credit?

Yes, we offer secured loans up to £25000 for people with bad credit. We do not look at your past credit mistakes but prefer your recently improved credit performance to grant the loan approval and the current value of the asset you have provided as loan collateral. This also helps people get bad credit low-interest loans.

Can I borrow a large amount using a guarantor?

Technically, bad credit loans have no guarantor obligation. Still, if you need urgent loans for bad credit or a direct lender for a larger amount, the guarantor is an option. It is only your choice if you want a higher loan amount. It always works for you in a poor credit situation if you need emergency funds for one or multiple purposes.

How do I apply for a loan with bad credit?

A few simple steps and you are good to go to apply for bad credit loans. Read the steps below –

  • Apply online - you need to fill in a few details in the online loan application form.
  • Get instant decision - once you complete the application, the approval decision appears on your screen.
  • Receive funds - of course, when everything is completed on time, funds will reach you on time, too.

How long does it take to apply for bad credit loans?

You can apply for poor credit loans in one day or, in fact, within a few minutes. However, you have to approach a direct lender offering loans online. There is always a chance of getting loan approval on the same day. Besides, you should make sure no fault or false information that you have provided in your loan application.

How much can I borrow?

The maximum amount you can borrow with having bad credit is £10000. If you are applying for business loans with bad credit, this figure may increase by £25000. It largely depends upon the lender to lender.

What if I am not able to pay back the loan on time?

Not paying the loan on time can have two consequences. First, your lender will levy an extra penalty, and the loan becomes costlier. Second, your credit score will be affected, and it may be down to a very poor credit score.

What factors can cause loan rejection?

Several factors play important roles in approval decisions. Not working on them can cause rejection.

  • Poor repayment capacity is the prime reason.
  • Besides, your earning source should be at least six months of history. This means that when you apply for loans with bad credit, you should be earning for at least six months. Also, this earning source should be the same.
  • Not showing an improvement in your financial behaviour over the past three months is also an important reason for rejection.