If you are looking for a small loan, there are lenders available who will consider your application regardless of credit history. As a broker, we have partnered with a range of specialist lenders who are able to offer flexible loans for as little as £100. We understand that applying for a loan with a poor credit history can seem difficult, however we aim to make the whole process as easy as possible.

What are small loans?

The loans our lenders offer are available for as little as £100 up to a maximum of £5,000, although in general small loans tend to be for amounts of less than £1,000. Here at CashFlex we offer flexible payment terms, so you can choose an affordable loan term. For example, if you borrow a small loan of less than £1,000, you can choose to repay the loan in 3, 6 or 12 months. This is designed to be more flexible than short-term payday loans, so that you can effectively manage your budget to meet the repayments. 

Why do I have a poor credit rating?

Credit reference agencies such as Equifax, Experian and TransUnion monitor various aspects of our financial habits, including how we manage our money and our debt payments. A credit score figure is then assigned to each person based on their ability to make payments on time, with late payments pushing the score down.

When you apply for a loan or another form of credit, the lender will conduct a hard check of your credit report. This will provide full details of your credit history, including outstanding debts, late payments, county court judgements and individual voluntary arrangements. If you have a bad credit rating, it is likely that one or more of these factors are impacting your credit report negatively. Your credit score may even be low because you have never used credit before, which means the credit reference agencies have no history to report for you. 

Although a poor credit rating could indicate to a lender that you are likely to miss their loan repayments, it doesn’t completely rule out every lender. If your credit report shows that you have recently been managing your finances well and are able to repay the loan, our lenders may lend to you now. However, you may not be eligible for the lowest interest rates available, as your application may be seen as high risk.

Can I get a small loan with bad credit?

Whether you need cash to cover an emergency or are looking for a small loan to make a purchase, we believe you should have access to affordable loans when you need them. In the past, a bad credit history would often mean a loan application would be rejected by high street banks and building societies. Although your credit history is still important to our lenders, they will also consider factors such as the affordability of the loan and your recent payment history.

If you have been declined for a loan in the past due to a poor credit rating, our progressive lenders will be more open-minded about your financial history. Every lender on our panel is authorised and regulated by The Financial Conduct Authority, so you will still need to undergo a hard check of your credit file. However, this won’t be the only factor which our lenders consider when they assess your application.

As responsible lenders, they will be looking to see whether you meet their individual lending criteria. In general, you will need to be employed, aged over 18, a UK resident and hold a bank account with a debit card.

What are the advantages of a small CashFlex loan?

As a broker we know that not every applicant has a perfect credit history, so we have partnered with a variety of lenders across the UK who are willing to consider applicants with a poor credit history. When you apply through our website, you only need to make one application and we will find you the ideal lender. This means you do not need to waste time making multiple applications to various lenders, hoping to find a lender willing to lend a small loan to someone with a poor credit history.

The loans are also designed to be as flexible as possible, so you can borrow as little as £100. If you are looking to improve your credit rating, only borrowing what you need and keeping your debt to a minimum will help. By repaying your small loan on time thanks to affordable monthly payments, there will be a positive impact on your credit file.

How to get a small loan with bad credit?

To help you find the small loan you need, we have developed our 60-second FastCheck tool. Simply enter the required details and our system with calculate your chances of being approved for a small loan with bad credit. There is no credit check and you will be given an instant result. If the tool shows that you are likely to be approved, we offer a simple online application form through our website.

The form takes just 2-minutes to complete and will ask for your personal details, income information and loan requirements. This information will then be shared with up to 40 lenders, which offer loans matching your requirements. At this point, the lenders will carry out a soft search of your credit file to verify your information, although this search can only be seen by you. We know that you are looking for your loan to be processed quickly, so as soon as the first lender indicates a strong chance of approval you will redirected to the chosen lender’s website. 

When you visit the lenders website, you will need to complete a final application form which will gather the information needed to process your application. The lender will then complete a hard credit check, which will leave a footprint on your file. If the lender is satisfied that you will be able to comfortably repay the loan, your application will be approved. The funds could then be sent to your nominated bank account in just minutes*, however funds availability will depend on your banks processing speeds. 

If you would like to discuss your small loan application in more detail, our team are available to talk you through the process. Alternatively, if you would like to discuss your financial situation, there are several organisations which offer free and impartial advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.

You are age 18 and a UK resident

You have a regular income

You have a valid UK bank account with an active debt card

Try our FastCheck tool with no impact to your credit score

Our new tool allows you to calculate your chance of being accepted for a loan.

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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.