Can I get a loan with bad credit?

Can I get a loan with bad credit?
Written by Mark Grimley
Published on 13th July 2017
Updated on 19th January 2022
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Yes, if you've got bad credit and want to borrow money, you've got options. This guide explains these options so you can take control of your credit and choose wisely.

What is bad credit?

Having bad credit means having a low credit score. You're likely to have a low credit score if:

  • You've got a history of CCJs, bankruptcy or missed/late payments
  • You're new to the country
  • You've never borrowed before

You can find out about your credit score and get further information on how it affects your finances using our guide.

I’ve got bad credit, what should I expect?

In the eyes of a loan provider, bad credit history means greater risk. Although you can expect higher rates than what you see on the high-street you can still bag yourself a deal so stay savvy.

By being clever and comparing your options you can save £100’s, regardless of your credit history.

Use our eligibility checker to compare the most suitable loans for you.

What are my options if I have Bad credit?

You have plenty of options. Dependent on why you need the cash and your situation, some will be more suitable than others. The key to getting quick cash is choosing the right option first time.

Here’s an overview:


+ High acceptance rates

+ Low rates compared to other bad credit options

+ Borrow up to £15,000

- You’ll need a suitable guarantor to support you


+ Quick payout

- Can be expensive

- Not for longer term borrowing

If you see a lender offering no credit check loans, it is probably too good to be true. Stay cautious and be safe.


+ Often a cheaper alternative to short term loan.

+ Can help you rebuild your credit

- High interest if you don’t pay off what you borrow.

Bank of Mum and Dad

Potentially the cheapest way to borrow money is to ask parents, family or close friends. You could benefit from a low (or even 0%) interest rate with more flexible repayments. It might be embarrassing to ask for help but it could save you some serious cash.

Struggling with debt?

Then borrowing more is not the answer.

Here are a number of free debt charities that can help you get back on track:

Mark Grimley
Written by
Mark Grimley
Head of Partnerships & Take Control Author at Choose Wisely

Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.