Bad Credit Loans.

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Representative 79% APR

Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1843.68, Total Interest: £643.68, Interest Rate (Variable): 79%. Rates between 9.3% APR to Maximum 1721% APR

The Money Shop is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker not a lender. Loan repayment terms are between 3 and 36 months.

Warning: Late repayment can cause you serious money problems. For help, go to

Guide to getting a loan with bad credit.

Do you need a loan, but can’t access funding because of a poor credit score? Do you have a bad credit history that is now affecting your ability to get a loan? Read our guide to bad credit loans to find out all the information you need to help your situation.

How a bad credit history can affect getting a loan and what to do about it

A bad credit history is far easier to gain than many of us realise. Some of us may have just missed one or two payments on a previous loan schedule. Or, some of us may not even have enough of a credit history for loan providers to deem us creditworthy. Yet, it can materially impact anyone’s ability to gain a much-needed loan at any time.

It is possible to successfully apply for a loan, however, even with a poor credit rating. Through using our support at The Money Shop, you could be able to access bad credit loans whatever your situation.

We believe that it is possible to have a bad credit history, while earning a really good income. Yet, having a bad credit score can really stop your chances of receiving any credit that you may need – for a car for example.

In our bad credit information guide, we walk you through what exactly bad credit loans are and what you can do to up your chances of accessing one. If you can access one, you might find that you will be able to work around the need to access funding from a high street bank. Bad credit loans can therefore make for a great option for people with less-than-perfect credit histories.

Bad credit loan questions:

Q1 – What exactly is bad credit?
Q2 – How to improve your credit score?
Q3 – How long does bad credit last?
Q4 – How can I get by with a bad credit history?

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What exactly is bad credit?

Having all the bad credit information you can means you are arming yourself with the best knowledge possible to help rectify your situation. In short, bad credit is a result of your history of paying back money to a company with whom you entered into a contractual agreement. It is electronically based and so, when lenders do run a report on your credit history, they can find instances of when you have missed payments in the past. The more you have missed, the worse your credit history.

Simultaneously, if you have not got an extensive credit history, you are still seen as having a bad credit score as you are an unknown entity to a lender. Bearing all that in mind, you may well have the following two questions you want to be answered:

How to improve your credit score?

Improving your credit score can be done by following a few simple steps. Firstly, if you are not on the electoral roll, register as soon as possible. Then, access your credit file and check for any mistakes or fraudulent activity. Anything that is erroneous will need to be rectified. Then, ensure you are paying any bills or loan repayment schedules on time. Additionally, pay off any outstanding debt, particularly large amounts. Finally, try not to max out credit cards all the time. Only try to use up less than a quarter of your credit limit at any one time to keep your credit in good stead – this shows lenders that you’re not desperate for money.

How long does bad credit last?

Bad credit will last for a long while unless you take the steps necessary to improve your score. However, many black marks against your name on your credit file stay there for at least six years. It is important to try to start improving your credit rating by following the above suggestions.

How can I get by with a bad credit history?

The problem with a bad credit history is that it affects so many areas of your life. Here we make some suggestions for some common issues people with bad credit suffer with:

Renting a property with bad credit.

When trying to rent a property, most landlords or letting agents will run a credit check to ensure that you can meet the rental payments each month. There are a couple of ways you can rent a property if your credit history stops you in the first instance. Firstly, you could ask a family member or friend to act as your guarantor. That guarantor must also pass a credit check. Secondly, you could pay some rent upfront in advance if that is possible. It may reduce future payments as well as make your potential landlord happier with renting you the property with a bad credit score.

Getting an overdraft with bad credit.

Arranged overdrafts are difficult to increase if you have a bad credit score. However, it’s not impossible. You can either apply for one after a sustained period of trying to improve your credit rating (i.e. paying down large debt amounts) or you can try to apply for a smaller overdraft of £50-£100.

Getting a credit card with bad credit.

Like accessing an overdraft with bad credit, getting a credit card is difficult too. In the instances where you have little credit history, applying for a credit card with a low credit limit is a possibility and can actually help improve your credit score in the long term too. If your bad credit rating is a result of missed payments, trying to apply for a credit card with a low limit could also be the answer. But be aware that any rejected applications can also affect your credit history if a hard credit search is performed.

Getting a loan with a bad credit history.

Getting a loan with a bad credit score is tricky as your poor credit rating will be a result of missed payments – making you less creditworthy in the eyes of lenders. It’s not impossible, however. You can access payday loans or emergency loans with short-term lenders through brokers. Our broker partner’s lenders still run affordability and credit checks to ensure that you are still an eligible candidate. They want to ensure that you can pay back your loan, without making any debt situation worse.

Bad credit loans eligibility criteria

Example of a bad credit loan.

While knowing all the background bad credit information is important for a full understanding of bad credit loans, sometimes seeing a real-life example is helpful too. Here is an example: a bad credit loan is broken down so that you can see how much it will cost you to repay a bad credit loan.

Say you borrow £1200 for 18 months at an interest rate of 49.9%. That will be paid back in 18 repayments of £90.46. That works out at a 49.9% representative APR. Of course, with our lenders, however, you can repay early at any time. Repaying your loan as early as possible will minimise the amount of interest you have to pay – reducing the final amount to pay back.

Times you may need bad credit loans.

You are not alone in the need to access cash quickly yet are unable to do so due to a poor credit history. Increasingly, more and more people have a poor credit rating. The times you may need a little extra cash would be when your boiler has broken down, your car is not running smoothly, or you think your washing machine has a leak. We all have times like this – especially as big expenses have a bad habit of coming all at once.

Bad credit loans are a good option to help in situations like this. However, do remember that bad credit loans do come with a higher interest rate attached to them.

Apply for a loan even with a bad credit history.

If you have read all our bad credit information and feel that a bad credit loan is right for you, you can apply today. We’ll return you a quick decision from our broker partner’s panel of lenders, and if they accept your application, you can have the cash quickly. Their lenders all use soft search technology, meaning you can apply without impacting your credit score.

How The Money Shop can help?

The Money Shop can help if you find yourself in a situation where you have a bad credit history but want to access funding. We understand that sometimes big, unexpected expenses can all come at once, so there are times that making ends meet is tough. Our broker partner’s panel of lenders always take a person’s circumstances into account when they apply for a loan – even when other mainstream lenders have turned them away.

Bad credit loans can be paid into your chosen account within moments of your application being approved. Plus, we don’t charge fees. That means there are no hidden costs to your loan.

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Need to know facts

Bad credit loans can be quick and easy to access. However, there is still a lot of bad credit information that you may want to know - despite the simplicity of applying. Make sure you are aware of the following before making any application. When applying for a bad credit loan, here are our need to know facts:

We try to make funding accessible to all, particularly those who are in times of financial hardship and need to make ends meet until the next payday. If you pass the credit and affordability checks from one of our broker partner’s panel of lenders, they can deposit your loan amount into your account quickly.

Many people suffer with the problem of not having an extensive enough credit history to be eligible for a loan. It can make the process a little difficult to rectify. Some lenders don’t loan to people with a short credit file, but you can’t get a longer credit history without accessing loans. Our partner’s panel of lenders look at every application on a situation to situation basis, so it is worth applying even if your credit history is not long.

Bad credit loans can be a good option to see you through to your next payday – and when an unexpected expense rears its ugly head. For that reason, bad credit loans are sometimes also known as ‘emergency loans’ as people turn to them when they absolutely need the cash. For example, a boiler or pipe has burst in your home or your car has an expensive repair job.

Missing just a payment or two on a loan or having an outstanding bill can materially affect your credit score. Those missed payments can stay on your record for at least six years. Ensuring you can make payments on any loans are therefore key for improving your credit rating in the future. That’s why we run an affordability check, to make sure you will be able to pay off our loan and be debt free.

Lenders will run a credit check as well as an affordability check for every application for one of their bad credit loans. This is to ensure that the customers can pay back the loan and not end up in more debt. It’s also why lenders allow customers to pay back loans early if they can afford to. Remember, the lenders that our broker partner works with will use soft search technology, which doesn’t harm your credit score, so you can apply with confidence.