The Complete Guide on How to Get a Loan with Bad Credit in the U.K.


Few feelings are worse than realizing that you need money but that your lousy credit score stands between you and a loan. You’ve probably found yourself wondering how to get a loan with bad credit—or whether that’s even possible.

At Money Trumpet, we know that flexible borrowing is a necessity from time to time. We strive to make finding online loans easier for everyone, whether you have good or bad credit.

While a bad-credit loan won’t fix all of your financial issues, it can be helpful during times of need. Typically, bad-credit loans come with specific terms and constraints, but they can help you out of dire financial straits.



Getting a Bad-Credit Loan

For those with bad credit, attempting to get a loan can be frustrating and time-consuming. In extreme cases, lenders may still deny your application for a bad-credit loan — even though a bad-credit loan can make all the difference for many people with low credit scores.

The first step in getting any loan is to check your credit report. If you check your credit rating with one of the U.K. credit bureaus and find that it’s below “Good,” you might have trouble getting approved for a regular loan. Looking over your credit rating semi-frequently can help you manage your number and keep it on the high end.


Next, you’ll want to look into which type of loan you’d like to apply for: personal, secured, or guarantor. Each type of loan has its benefits and drawbacks, and you’ll want to consider which one best meets your needs carefully.

Once you’ve decided on a type of loan, you’ll want to compare your options from a few lenders, if you can. You can quickly apply with our brief form at Money Trumpet and receive loan quotes from multiple lenders.

Select your top choice and apply. At Money Trumpet, you’ll receive a quick decision. Once a lender approves your application, you could receive your funds the same day or at any time within a few days.

Types of bad-Credit Loans


Personal Loans

You’ll be able to apply for a personal loan without securing it against any of your assets or belongings, such as your home or vehicle. However, lenders often place stricter limits on personal loans to protect their investment. You’ll typically see high interest rates and shorter terms with personal loans.

Personal loans can be slightly more difficult to obtain for a person with bad credit.

Secured Loan

For secured loans, you must place an asset of equal or greater value up as security or collateral. This collateral protects the lender if you cannot repay your loan. This layer of protection allows you to borrow a more significant amount at lower interest rates.

However, it’s critical not to take a secured loan without a plan to pay it back. If you fail to meet your monthly repayments, the lender can take whichever asset you’ve used as security.

Guarantor Loan

With guarantor loans, your lender requires that you have a second person sign a loan agreement stating that they will pay your loan back on your behalf if you fail to meet your repayments.

As with a secured loan, a guarantor loan may allow you to borrow more over a longer repayment term than an unsecured personal loan. However, it is essential to carefully plan your repayments before you borrow to avoid causing tension between you and your guarantor.

Requirements for guarantors include:


  • Being at least 21 years old
  • Having full-time employment
  • Having a solid credit rating

Frequently Asked Questions


What do I need to apply for a bad credit loan?

Before you apply, check your eligibility by confirming the following:

  • You are a U.K. resident
  • You are over 18 years of age
  • You have a bank account with a debit card
  • You have a regular income


Can I bring my credit score up before I apply for a loan?

Generally, it takes a significant amount of time to boost your credit rating by developing better financial habits. You may be able to raise your score quickly by checking for errors or registering to vote. However, you don’t need to attempt raising your score before exploring your options at Money Trumpet.


What does a bad-credit loan cost?

Unfortunately, a bad-credit loan will typically come with higher rates than loans to those with good credit scores. At Money Trumpet, we provide access to lenders who offer fair rates to people with poor credit history.

loans for very bad credit

Flexible Borrowing When You Need It

At Money Trumpet, we know that having bad credit shouldn’t keep you from living your life. We connect those with poor credit to lenders offering loans between £100 to £2000. These loans can provide short-term solutions to financial strain.

With our comprehensive range of lenders, we’ll help you find the right loan for your needs. To get started with your bad-credit loan, apply online today! If you have any questions about short-term bad credit loans, you can reach out to our Money Trumpet team by telephone on 020 3974 1119.

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