The Best Loans for People With Bad Credit in 2022

Compare A Range of Bad Credit Loans From UK Lenders, With No Impact on your Credit Score.

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If you have a poor credit history, it will be more difficult for you to get a loan. It is still feasible, though, since there are a number of speciality lenders that provide loan solutions for those with low credit ratings, whether you want to cover an unforeseen need, make a significant buy, or consolidate debts.

Lenders will not make a choice based only on your credit score. They’ll consider other aspects as well, such as your income, work position, and ability to provide security. You are more likely to be approved if you can provide bank statements and proof of income.

If you have bad credit, you may select from unsecured personal loans, guarantor loans, secured loans, and more. You will have a more limited variety of loans to select from than someone with a better credit score, and they will often come with higher interest rates, so it is critical to compare lenders to obtain the best deal.

Got Bad Credit? A KOYO Personal Loan Could Help You Get Back On Track!

The Koyo Personal Loan is an unsecured Loan, ideal for those suffering from a poor credit score. With a Representative APR of Just 24.9% and borrowing amounts from £1,500 to £12,000, this could be the ticket to planning your future, paying off debts or taking care of an emergency. The Loan can be paid over a period of 6 months to 5 years, giving you plenty of flexibility.

Eligibility Criteria

  • Must be aged 21
  • Must be a permanent resident of the UK for at least 6 months
  • Must not be bankrupt
  • Must not have CCJs or history of bad credit
  • Must have a mobile phone
  • Must receive a regular income
  • Must not be self-employed

Benefit From a Lifestyle Personal Loan Today, Take Control of Your Money!

This Unsecured Personal Loan from Lifestyle, ideal for those with Bad Credit, comes in small manageable amounts. You can choose to borrow from £1,000 to £5,000. Though the Interest Rate is fairly high, if you pay of the loan in quick fashion, you will be eligible for better terms and larger amounts in the future. You could see this as a credit building loan.


Eligibility Criteria


  • Must have enough income to repay the loan and other expenses
  • Must not have recent defaults and missed payments
  • Must not have exhibited recent signs of problem gambling
  • Must not have taken multiple loans in the past few months

118 118 Personal Loan – Ideal For Those With Poor Credit That Want To Rebuild Their Finances!

Again this another Credit Building Loan that has a high Interest Rate. With a minimum payment term of 1 year, all the way up to 5 years, borrowers will want to go for a low amount over a short payment period to rebuild their credit. Loan amounts of £1,000 to £5,000 are available on this unsecured loan from 118 118.

Eligibility Criteria

  • Must be a UK resident
  • Must be aged between 18 and 70 (at start of the loan)
  • Must have UK Bank Account and Debit Card
  • Monthly net income of more than £700
  • Must be employed or Self Employed

What are The Reasons of Bad Credit, and How Does it Affect My Chances of Getting a Loan?

In some circumstances, you may simply have no or little credit history. Lenders will claim you have bad credit in this case. However, in most cases you may have not handled prior types of credit correctly, or you may have applied for a large number of loans and other forms of credit. Your credit score will suffer as a result of these acts. The quicker you can rebuild your score with a Loan or Credit Building Credit card the better your chances will be of securing further future credit.

A low credit score will restrict the number of lenders to whom you may apply for a loan. Poor credit ratings pose a greater risk to lenders, and some may opt to refuse a bad credit loan altogether. However, there are a growing number of lenders that are prepared to provide bad credit loans like those above. The key contrast is that low credit ratings may dissuade certain lenders, who may charge a higher loan rate or impose additional fees.

Getting back on track can be helped not just with a credit building loan or card. You can also help your credit rating by making sure you pay bills on time and keep a disciplined overview of your general finances. Budgeting can help, in addition to the many public and private schemes and charities to help you if you run into debt.

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