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Bad Credit Loans

Creditspring can help you rebuild your credit. With the Stability Hub, you will be automatically notified as soon as you qualify for a loan and benefit from no-interest loans on-demand, twice per year.

Check eligibility

Membership fee

£10/month

2 loans per year

£500 | £500

Repay each loan in

6 months

Rep. APR

43.1%

Start building your credit today and access your first loan after 14 days.

Representative example: Total amount of credit of £1,000 over 12 months. The first payment for each advance is £83.35 followed by 5 monthly repayments of £83.33 and 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 43.1% APR. Total amount payable £1,120.

Membership fee

£8/month

2 loans per year

£250 | £250

Repay each loan in

6 months

Rep. APR

77.3%

Start building your credit today and access your first loan after 14 days.

Representative example: Total amount of credit of £500 over 12 months. The first payment for each advance is £41.70 followed by 5 monthly repayments of £41.66 and 12 monthly membership payments of £8. Rate of interest 0% p.a. (fixed). Representative 77.3% APR. Total amount payable £596.

Membership fee

£5/month

2 loans per year

£100 | £200

Repay each loan in

6 months

Rep. APR

87.5%

Start building your credit today and access your first loan after 14 days.

Representative example: Total amount of credit of £300 over 12 months. The first payment for the first advance is £16.70 followed by 5 monthly repayments of £16.66. The first payment for the second advance is £33.35 followed by 5 monthly repayments of £33.33 and 12 monthly membership payments of £5. Rate of interest 0% p.a. (fixed). Representative 87.5% APR. Total amount payable £360.

Bad Credit Loans

Creditspring can help you rebuild your credit. With the Stability Hub, you will be automatically notified as soon as you qualify for a loan and benefit from no-interest loans on-demand, twice per year.

Check eligibility

Membership fee

£10/month

2 loans per year

£500 | £500

Repay each loan in

6 months

Rep. APR

43.1%

Start building your credit today and access your first loan after 14 days.

Representative example: Total amount of credit of £1,000 over 12 months. The first payment for each advance is £83.35 followed by 5 monthly repayments of £83.33 and 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 43.1% APR. Total amount payable £1,120.

Membership fee

£8/month

2 loans per year

£250 | £250

Repay each loan in

6 months

Rep. APR

77.3%

Start building your credit today and access your first loan after 14 days.

Representative example: Total amount of credit of £500 over 12 months. The first payment for each advance is £41.70 followed by 5 monthly repayments of £41.66 and 12 monthly membership payments of £8. Rate of interest 0% p.a. (fixed). Representative 77.3% APR. Total amount payable £596.

Membership fee

£5/month

2 loans per year

£100 | £200

Repay each loan in

6 months

Rep. APR

87.5%

Start building your credit today and access your first loan after 14 days.

Representative example: Total amount of credit of £300 over 12 months. The first payment for the first advance is £16.70 followed by 5 monthly repayments of £16.66. The first payment for the second advance is £33.35 followed by 5 monthly repayments of £33.33 and 12 monthly membership payments of £5. Rate of interest 0% p.a. (fixed). Representative 87.5% APR. Total amount payable £360.

Bad Credit Loans

Bad credit loans can often be an option for borrowers that need urgent cash for an unexpected expense or a financial emergency. These loans may typically come with higher interest rates so it’s important to make sure you can afford the repayments every month before taking up a bad credit loan offer.

You may also want to take some time and improve your credit score before applying for a personal loan, as this will help you get better loan rates and access to higher credit limits.

Need loans on demand? With a Creditspring membership, you’ll have access to two on-demand loans per year, helping you build your credit and get access to no-interest (APR Rep 43.1%) loans on-demand.

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What are bad credit loans?

Bad credit loans are ideal for people who need a loan but don’t have a good credit history. They are given to people with a low credit score, or no credit history at all, and often require some collateral or even a cosigner. There are many reasons why someone has a bad credit history; it might be due to failing to meet payments on previous credit agreements or going through financial difficulty.

Regardless of the reason, if you have a bad credit score, you may need to approach lenders that offer loans for bad credit. Poor credit loans can range from smaller loan amounts to higher loan limits but may come with stricter terms than conventional personal loans. 

If you wonder what credit score you need to get a loan, it all depends on the lender and their requirements. Always familiarise yourself with the loan terms and requirements before you apply for a bad credit loan, to avoid falling into a debt spiral or failing to make monthly payments. 

Creditspring can help you improve your credit profile if you don’t qualify for a personal loan. 

Use our free eligibility checker to see if you’ll be accepted

What is bad credit? Do I have it?

The average credit score in the UK is around 797 according to Experian, one of the UK’s leading credit reporting agencies. This is a slight increase compared to the average score in 2020, and a significant increase compared to the average score in 2019. 

A bad credit score is typically seen as a score below 560. So if you have a credit score in this range, you could probably look at ways to improve it. One way is to join Creditspring and sign up for the Stability Hub. This will help you improve your credit profile and automatically get notified when you qualify for a  Creditspring loan.

Need a loan? Check if you’re eligible to join Creditspring today!

Who can apply for a bad credit loan?

People with adverse credit can apply for bad credit loans. Approval is not guaranteed and the terms you may be offered depend on your credit profile and affordability. 

Use our free eligibility checker to see if you’ll be accepted

How much can I borrow with a loan for bad credit?

The amount of money you can borrow with a bad credit loan will vary between lenders, but it can be as much as £5,000 or more. Borrowers who have a guarantor can typically qualify for higher loan limits, depending on the credit history of the guarantor who co-signs the loan.

Keep in mind that the higher the loan limit the longer the repayment period and also the total interest you’ll pay on the loan. That’s why you should consider joining Creditspring as you can get access to no-interest loans with low repayments that will help you save. 

Need a loan? Check if you’re eligible to join Creditspring today!

Representative example: If you take out two loans of £500 each for a total of £1,000 over 12 months, the first payment for each advance is £83.35 followed by five equal monthly repayments of £83.33 and 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative APR 43.1% and total payable: £1,120.

What are the pros and cons of adverse credit loans?

Adverse credit loans do have some benefits, as they can:

  • Give you access to fast cash

  • Help you rebuild your credit

  • Offer extended repayment periods

However, bad credit loans can also have some negatives, like higher interest rates and a series of fees that include late payment fees, origination fees, and returned payment fees. 

While adverse credit loans are often the last resort for many borrowers, you should explore other options before you decide to apply for these loans. 

Want to rebuild your credit? Sign up for the Stability Hub today!

What happens if I get refused?

If you don’t get approved for a bad credit loan you need to improve your credit score before you apply again. This may require you to make additional payments on your outstanding loans, reduce your credit usage, or increase your income, to improve your overall credit health. 

FAQs

Can I get a loan with a credit score below 500?

You may qualify for a loan if you have a credit score below 500 but this will vary between lenders. Compare loan requirements, rates, and repayment terms before you accept any loan offers. 

Will I need a guarantor to get a loan?

Possibly, yes. Many loans for bad credit require a guarantor to provide additional security for the loan. If you fail to make your loan payments, the guarantor can be held responsible for repaying the loan. 

How will Creditspring help me with my bad credit?

Creditspring can help you rebuild your credit. With the Stability Hub, you will be automatically notified as soon as you qualify for a loan and benefit from no-interest loans on-demand, twice per year. 

Ready to get started? Check if you’re eligible to join Creditspring today!