Bad Credit Loans

A bad credit loan, as its name suggests, is specifically designed as a loan for a person with a bad credit history. Yet the term ‘bad credit’ tends to be used whenever an individual’s credit score is less than perfect.

Our approach is to look at customers as individuals and not just figures on a computer screen. We listen to personal situations when it comes to providing secured loans for people with bad credit.

Been refused a loan due to bad credit? You’re not alone. Trying to get a loan can be a frustrating experience – especially if you have bad credit. But it’s not impossible.

That’s because we consider more than your credit history. Instead, we focus on you and your unique circumstances. We assess you on a range of criteria to supply a secured loan that best suits your situation – perfect if you have poor credit and you’re struggling to get finance.

To know if you are trustworthy, banks will want to see evidence that you will make all repayments on time.

To get this evidence, they look at your credit history – a record of all the loans and significant transactions that you’ve made in the past. This record is known as a credit report and is expressed as a number called a credit score.

If you don’t have an established credit history – maybe because you’ve have missed the occasional payment on your credit card, incurred a CCJ, are young or have migrated to the UK from abroad – the banks will typically think it’s risky to lend you money.

However, even if you do have a credit history but you’ve had trouble in the past repaying a loan or credit-card bill, this will be reflected by a lower credit score. And if you’ve had enough financial trouble that you have a bad credit score – typically a score under 720 – then the banks will still see you as unreliable and you might find it difficult to get a loan.

If you need to borrow money but are seen by lenders as a poor or unreliable ‘bet’, special guaranteed loans for bad credit are a viable option for you.

To be eligible for a bad credit loan with Evolution Money, you must:

• Be aged between 21 and 70 years old
• Be a homeowner
• Live in the UK
• Be able to afford the repayments using your regular income.

We’re also happy to offer bad credit loans with no guarantor, meaning that you don’t need to find someone else to back up your application.

At Evolution Money, we don’t just look at your credit history. Instead, we take a more holistic approach, choosing to focus on your current situation rather than your credit history. Even if you have been refused elsewhere because of a less-than-perfect credit rating, we don’t rely on automated credit checks so may be able to offer you a bad credit loan.

Even with bad credit, you could potentially borrow between £5,000 and £100,000 with our secured loans. These loans can be repaid from between 3 and 20 years and are tailored to suit your unique situation to help you to stay in control of your finances.

The best place to start is by checking your eligibility. To do this, you can fill in our online form for a no-obligation quote or contact one of advisors by phone.

If your application is approved, we’ll do everything that we can to get your bad credit loan to you as quickly as possible. The exact timeframe depends on several factors, including how quickly you can supply us with your documents and information.

Guaranteed loans are loans that you’re guaranteed to get, regardless of your financial situation or history. However, this type of loan isn’t available in the UK – and for good reason.

Credit and affordability checks protect you from taking out a loan that you can’t afford, which could potentially do further damage to your finances.

In the rare event that a lender does offer you a guaranteed loan, then they will likely charge you unusually high interest rates and fees to protect themselves against risk. Make sure that you only take out loans from Financial Conduct Authority-registered lenders. You can see that we’re approved on The Financial Services Register.

Yet, even though we can’t promise you a loan for which you’re guaranteed to be approved, we can promise to take your full circumstances into account – not just your bad credit. Simply complete our online form and get a no-obligation quote today.

We’ve already helped thousands of customers like you find the right loans, fast. Customer care is something we prioritise above everything else – but don’t just take our word for it.

Feel free to read some of our customer reviews to see why we’re rated ‘Excellent’ on feefo. All our services are regulated by the Financial Conduct Authority and we’re proud members of the Finance and Leasing Association so you can apply with confidence.