Loans for Bad Credit

If you’ve struggled to get a loan in the past, it’s possible that a low credit rating and poor credit history are to blame.

Personal Loans for Bad Credit

Personal factors can stop you from securing the finance you need. Whether it’s additional funds to help you with your bills, more money to help consolidate your debts, or extra cash to cover the costs of buying a new car; being rejected for loans – bad credit or otherwise – can be frustrating. However, this is where Likely Loans may be able to help.

If you find yourself in these or similar circumstances, we offer loans for people with bad credit of up to £5000, that could provide you with the finance you need. What's more, applying for a loan for bad credit is quick and simple. You'll get an instant decision and it won't affect your credit score.

Our personal loans for bad credit are flexible. Depending on the amount you borrow, you can spread your payments from 12 months to 5 years.

If you’d like to learn more about your credit rating and how it might be affecting your ability to secure a loan, then our Likely Loans News section is a great resource. You can learn about factors that affect your credit rating, how you can improve your score, and how you can budget for larger projects.

What Are Bad Credit Loans?

Our bad credit loans are designed to help people with poor credit scores or a bad credit history. All of our bad credit loans are ‘no guarantor loans’, so you don’t need to be a homeowner to apply. If you’ve struggled to secure credit elsewhere, a bad credit loan from Likely Loans may be a suitable option.

Why Is It Usually Difficult To Get Loan With Bad Credit?

If you’ve struggled to be approved for credit in the past, then a poor credit history and a low credit rating may be to blame for this. A poor credit score means that many banks and lenders may not want to lend to you.

However, our loans specifically designed for people with bad credit may be able to help you secure the finance you need.

What is a Credit Score?

A credit score is an evaluation of how ‘credit-worthy’ you are. After an evaluation of your credit history, you’re assigned a number, which is your numeric credit score. The higher this number is, the more trustworthy you’re seen by lenders, as it is seen as a display of how likely you are to make repayments.

You may have also heard the term credit rating. This is similar to a credit score, as it displays credit-worthiness. However, this applies to a business, government or group, instead of an individual. So there’s no need to worry! You can read more about what a credit score is here.

How to Check Your Credit Score

Many websites allow you to check your credit score for free, such as ClearScore. However, others do charge for this service. Your report should then be updated monthly.

The three main credit reference agencies in the UK are: Experian, Equifax and Callcredit. There isn’t one universal credit score, and each may give you a different value. This also means that you could be accepted by a lender that uses one of these agencies and rejected by another.

It’s wise to check your credit score regularly, as it can improve your chances of being accepted for credit or taking out a loan in the future. Click here to learn more about how to check your credit score.

What is a Bad Credit Score?

A bad credit score means that you may find many lenders are unwilling to lend you the money you need.

All agencies use a different system for assessing your credit score, but each checks the same factors. The main credit referencing agencies consider these to be the main boundaries for a Very Poor to Excellent credit score:

  • Experian: Zero to 560 is Very Poor, 961 to 999 is Excellent
  • Equifax: Zero to 278 is Very Poor, 467 to 700 is Excellent
  • Callcredit: Zero to 550 is Very Poor, 628 to 710 is Excellent

How to Improve Your Credit Score

The good news is that even if you do have a poor credit score, it can be improved with a few very simple actions. So, make sure you’re on the electoral register, ensure your name is added to any bills and make sure that there are no mistakes on your credit file (which you can view). If your partner has poor credit, then it may also be dragging your score down.

You can also build your credit score over time, by paying off your bills promptly and reducing the balance on any outstanding credit.

Click here to learn more about how to improve your credit score.

What is a Bad Credit Score?

A bad credit score means that you may find many lenders are unwilling to lend you the money you need.

All agencies use a different system for assessing your credit score, but each checks the same factors. The main credit referencing agencies consider these to be the main boundaries for a Very Poor to Excellent credit score:

  • Experian: Zero to 560 is Very Poor, 961 to 999 is Excellent
  • Equifax: Zero to 278 is Very Poor, 467 to 700 is Excellent
  • Callcredit: Zero to 550 is Very Poor, 628 to 710 is Excellent

You can learn more about what a bad credit score is here.

How to Improve Your Credit Score

The good news is that even if you do have a poor credit score, it can be improved with a few very simple actions. So, make sure you’re on the electoral register, ensure your name is added to any bills and make sure that there are no mistakes on your credit file (which you can view). If your partner has poor credit, then it may also be dragging your score down.

You can also build your credit score over time, by paying off your bills promptly and reducing the balance on any outstanding credit.

Click here to learn more about how to improve your credit score.

Loans for People with Bad Credit

At Likely Loans, we offer personal loans for bad credit from £500, to help you manage your finances, to £5000 loans, to help with things like home renovations and improvements. You can learn more about the costs of these in our handy guide.

Whether you’re looking for car loans or kitchen loans, our loans are suitable for people with bad credit, and getting a quote for one won’t affect your credit score. You can learn more about our bad credit loans here.

You can learn more about what a bad credit score is here.

Likely Bad Credit Loans

Here at Likely Loans, we believe that people should be able to access affordable loans, despite their circumstances. This is a belief that we place at the heart of everything we do and every decision we make.

Plus, you can get a quote without affecting your credit score, and if you apply successfully, you could have the money in your account the next working day.

We’re also one of the few providers who offer loans starting at £500, and there aren’t any additional fees to pay.

How Do I Apply?... 3 steps, that’s it!

When applying for one of our unsecured personal loans there are three simple steps to follow:

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1. Tell us a little bit about you

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2. Get an instant decision

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3. Money next working day

Why You Should Choose Us for a Bad Credit Loan

As well as being somewhere you could secure bad credit loans, other great reasons to choose Likely Loans include:

  • We are one of the few providers who can offer loans from £500
  • There aren’t any additional fees to pay
  • You could pay back your bad credit loan early
  • Our loans for people with bad credit can all be managed online

Get a Quick Quote for a poor Credit Loan

You can get a quick quote if you’re looking for a poor credit loan by applying online. These quotes are commitment-free and can allow you to get a better idea of what kind of poor credit loans we could offer you and what repayment plans are available. This can also help you to be certain that the loan we offer is the right option for you.

After this, you can simply fill in your personal details and we’ll give you an instant decision. If your application is successful, we can have your money with you the next working day.

Apply for Bad Credit Loans UK-Wide with Likely Loans

So, apply now or get in contact with us if you’d like to find out more information about our loans for bad credit.