Why do I have bad credit, and can I still get a loan?

A poor credit history generally means that at some point in the past you may have struggled in repaying a loan, credit card or some other form of credit like a store card or an electricity bill for example. By missing such payments people end up with a bad credit score and sometimes a County Court Judgement (CCJ).

Another factor which may also worsen your credit score is applying for too many forms of credit in a short period of time. All these details are unfortunately then held on your credit file, which can then be viewed by any future lenders and consequently influence their decision in lending you money.

How much would you like to borrow?

Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

We’re a fully regulated and authorised credit broker and not a lender.

What are bad credit loans?

Bad credit loans are a way for you to borrow money even if you have a bad credit history. These loans are designed to help, even if you have struggled in gaining funding in the past, have a bad credit score, you have no credit score at all, or you simply have a low income.

Bad credit score

Low income

Been rejected in the past

How do bad credit loans work?

When you apply for any type of loan many factors are taken into consideration, including your credit history. Lenders will assess this information to understand the risk associated in lending the money to you, and essentially if you will be able to keep up-to-date with the loan repayments.

In the case of some lenders, they may decide that there is too much risk involved in lending you the money and reject your application – but with Cashflex we will always do our best to find the right loan option to match your circumstances.

How do I get a loan with bad credit?

If you’ve been refused a loan or credit card in the past, or if you have found it difficult to pay money back to lenders, this may give you a bad credit score – but don’t feel alone in your search.

If you feel comfortable in asking a friend or family member to co-sign your loan application and improve your chances of being accepted, then a guarantor loan could be for you. As the guarantor usually has a better credit score than the applicant, the lender then uses the guarantor as a fall-back option if the borrower fails to make the loan repayments. This then instils greater confidence in the lender that they will regain the money. Another benefit to guarantor loans is they usually have lower interest rates when compared to no guarantor loans as the lenders risk is reduced.

Alternatively, if you’d rather take out a loan without the help of others, you could apply for a personal loan. These typically range between £1,000 and £35,000 and are paid back in anything from one to 25 years. But here at Cashflex we specialise in sourcing small personal loans ranging from £100 to £5,000, with repayment periods from three to 36 months.

In both cases we have a large panel of trusted UK lenders to choose from, so if you have been declined elsewhere, don’t worry, we are confident in finding the right guarantor loan or personal loan for you. Simply fill in our Application Form, it takes less than two minutes to complete and you could even get the funds sent to your bank account in just 10 minutes** in some cases.

What’s more, if you are unsure if you will be accepted for a loan, why not try our FastCheck Tool? You could gain credit confidence in less than 60 seconds and we will not access your credit file leaving a footprint on your history. From there, it will only take a few more seconds to complete an application and you’ll have access to loan quote designed to suit your needs.

Things to consider before applying for a bad credit loan

It seems a fantastic idea to approach a lender for a loan, but have you considered asking a friend or family member to lend you the money?

It is always good to have an idea about how much you’d like to borrow and how long you’d like to take paying the loan back. You should also bear in mind what your monthly income is and how much you can put aside for repaying the loan.

Finally, assess how secure your job is and if you have any health concerns, or other factors that could impact your ability to keep up the repayments.

What will I need to get a bad credit loan?

Can I get a bad credit loan?

Over 18

You’ll need proof that you are over 18.

Bank account

Hold a valid UK bank account.


Have evidence of a regular income and UK residency.

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Applying for the best bad credit loans in the UK

We will access our large panel of trusted lenders and find you the best bad credit loans ASAP, all at the lowest interest rate available to you.

So, what are you waiting for? It takes less than two minutes to Apply Online for a personal loan between £100 and £5,000, and if you are accepted, the money could be sent to your account in just 10 minutes in some cases**.

Remember, while our loans seem like a good solution to your financial worries please take time to consider if a loan is correct for you. Ask yourself: do you have the disposable income to cover the monthly repayments? And do you have the job security, along with good health, to retain employment and keep up to date with your loan?

Further to the above, if you have taken out any other credit in the past and you are feeling overwhelmed by the mounting debt the following organisations could be of help: Step Change & The Money Advice Service.

Still confused about your loan?

If you still have questions, check out some of our other pages.

Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

We’re a fully regulated and authorised credit broker and not a lender.