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Bad credit loans and how to find loans for bad credit

Bad credit loans can be the best solution to a sudden unexpected expense or emergency. They provide a way to access additional funds quickly. The application process is designed to be as straightforward as possible and get the money into your account in the shortest time possible.

In the past, a bad credit score often made it very difficult to find a loan for bad credit; especially one that suited your needs and offered competitive terms. Moneylenders have traditionally used credit scoring to assess the affordability of a loan for each applicant. A low credit score would mean a lender was less likely to lend a person money because there was a higher risk they wouldn’t pay the loan back.

Low Credit Score

To make matters worse, there is no standardised credit score or rating amongst lenders. Therefore, lenders often scored applications differently using their own scorecard criteria; making it extremely difficult to know which lenders were most likely to say yes and provide low-interest bad credit loans. Customers asking can I get a loan with bad credit now have a positive answer.

Not only did this system make it very hard for people with bad credit to be approved for bad credit loans, but it also meant that some people found themselves with a poor credit score through no fault of their own. New Horizons understands that people with very bad credit scores still need to borrow money in times of emergency.

That is why we strive to match you with the best bad credit loans direct lenders that offer the best short-term loans for bad credit and for people with poor credit.

Whether you’re faced with a garage bill for a car breakdown, a heating engineer because your boiler packed up, or need access to some extra cash to help tide you over, New Horizons will provide you with access to the best bad credit loan available to you.

Bad credit loan questions:

Q1 – Why should I use New Horizons if I want to apply for a bad credit loan?
Q2 – How do I apply for a loan for bad credit?
Q3 – Can I find a loan with no credit check?
Q4 – What is a Soft Credit Search?
Q5 – How can I improve my credit score?
Q6 – Is my data secure?
Q7 – How do I know if I have bad credit?
Q8 – Can I get a guaranteed loan with bad credit?
Q9 – How fast can I get a loan for bad credit?
Q10 – Will applying for a loan make my credit score worse?
Q11 – Can I find out if I will be accepted before applying?
Q12 – How much can I borrow if I have bad credit?
Q13 – Will my loan be more expensive with a low credit score?
Q14 – Do all lenders offer loans for bad credit?
Q15 – Who is the best direct lender for bad credit?
Q16 – How long will it take for me to get a loan?
Q17 – I am really struggling with my debts and I can’t get a consolidation loan. What can I do?

Why should I use New Horizons if I want to apply for a bad credit loan?

New Horizons is a loan introducer, not a lender. Our partner works with a panel of over 50 lenders, they are well placed to find a bad credit loan that suits your needs. By completing one quick, online application, they are able to search the market to find the best short term loan for you.

How do I apply for a loan for bad credit?

Bad credit loans are specifically designed for people who may have a poor credit rating. We strongly believe everyone should have access to the credit they need, and not be penalised too harshly for a mistake or poor management of their finances in the past.

From a direct lender’s point of view, people with a poor credit rating do represent a higher risk. This is usually reflected in a higher interest rate to offset the additional risk.

Taking out a bad credit loan and making all the repayments on time will help to improve your credit rating. We have direct lenders on our panel that specialise in providing loans with bad credit.

New Horizons offers you the best of these. This means you’ll get the loan with the lowest interest rate and best terms for your unique situation.

What is a Soft Credit Search?

A Soft Credit Search is a credit search that is not seen by lenders, so, therefore, does not have an impact on your credit rating. Multiple hard credit searches, that are seen by lenders, can have a negative impact on your credit score, meaning if you are looking for loans with a bad credit score and have applied multiple times, you could be declined. At New Horizons, all of our partners direct lenders use Soft Search technology, meaning they can search the market for the best bad credit short-term loans without damaging your credit score.

How can I improve my credit score?

One of the first things you should do if you are being declined for credit and need to improve your credit score is to check the information that the 3 main credit reference agencies, Experian, Equifax and Call Credit hold on you. Inaccurate or incorrect information can be disputed and even corrected. You can also close down any unused bank accounts, store cards or credit cards as these can impact you also.

Bad Credit Loans

You should ensure that any credit commitments that you have are paid on time. Time is the biggest healer when it comes to repairing a credit score. So by correcting any inaccuracies and making repayments when required, you will see your credit score improve gradually.

Is my data secure?

As a responsible loan introducer, we are regulated by the The Information Commissioner’s Office with regards to the use and security of customer data. We do not refer your details to any company outside of your loan search. All of your data is kept secure and in compliance with GDPR 2016. Please see our Privacy Policy for further details.

How do I know if I have bad credit?

There are several ways you can check your credit rating. Some people don’t even realise they have a bad credit rating until they try to find a loan or finance something, only to be rejected by traditional lenders. These people will also need to find bad credit loans to borrow the required funds.

There are several companies’ direct lenders turn to when they want to know an individual’s credit rating. These same companies often offer a subscription service to individuals. They allow you to view your credit record and will also make suggestions on how to improve it. Many of them also offer a trial period where you can have access free of charge for thirty days.

Can I get a guaranteed loan with bad credit?

There is no such thing as a guaranteed loan. This is because all loan applications must include a credit check. As such, whilst you probably have a very good chance of being approved for a bad credit loan, until the check is performed and the lender makes their decision you will not know for certain. One problem with this is that if people have really bad credit, their loans could be denied. This can lead to your credit score being reduced even more and therefore making it even harder to get a loan in the future.

How fast can I get a loan for bad credit?

How quickly you can get a short-term loan. often depends on how much you want to borrow and how long you want to borrow it for. Generally, for small amounts that are to be repaid back quickly, such as three months, such quick loans for bad credit can be approved almost instantly. For larger amounts, some lenders may take longer to approve your application. As with anything, most lenders are very flexible in regards to the terms they offer and many will work with you to find the right repayment plan for you. As a loan introducer, New Horizons strives to find the right bad credit loans for you as quickly as possible.

Will applying for a loan make my credit score worse?

Credit Score

Every time a full credit check is performed, it can potentially impact your credit score. If a credit check is completed, the credit granted, and then the repayments made, it’s going to have a positive impact. However, if you’re trying to get credit unsuccessfully, a lender might see that several other lenders have also performed credit checks recently, and it’s safe to assume you were rejected because you are now applying with them.

However, at New Horizons, our lenders only perform something called a soft credit check. This has no impact on your credit rating. It does let us find you the best deal suitable for your situation. If you accept the offer, then the direct lender will perform a full credit check, as they are required by law to do this.

At this point, you will already know you meet their lending criteria, so the check they perform will ultimately be favourable if you stick to the agreed repayment terms.

Be wary of any lender that says they can grant a loan without performing a credit check. Anyone regulated by the FCA (Financial Conduct Authority) is required to perform a check. So if they say they can do this, they are either unregulated or misleading you.

Can I find out if I will be accepted before applying?

Lenders will perform a soft credit check to make sure you are offered the best deal for your circumstances. This includes ensuring you meet all the required criteria for the direct lenders that accept you.

Therefore, any offer made to you from our panel of lenders is done with knowledge about your situation. Our panel of lenders is also great at helping people get loans with bad credit. This is just one of the reasons why we have a success rate of 95% for applications.

How much can I borrow if I have bad credit?

At New Horizons, you can apply for loans from £50 to £5000. You can repay a bad credit loan over various terms ranging from 3 months to 36 months. Smaller loans are usually repaid over a shorter duration than bad credit loans for higher amounts. However, you can select a term that suits your circumstances.

It’s essential to be realistic when choosing your term, as failure to make repayments on time could cost you additional interest and charges.

You must contact the direct lender straight away if you think you’re going to have difficulty making a payment. Resolving the problem together is usually the best way to deal with the situation. It could end up costing you less than just ignoring a lender that’s chasing an overdue payment.

Will my loan be more expensive with a low credit score?

Loans for bad credit will typically have a higher interest rate than a traditional loan. This can be for a couple of reasons. If you opt for a payday loan over a short term, the lender has a short window of time to make a profit. Therefore, a higher APR rate reflects the short term.

The other likely reason is due to the increased risk. If you are searching for a bad credit loan, you almost certainly have a poor credit score. This means you represent a higher risk to lenders.

Most traditional lenders will refuse to take the risk. In contrast, several of the direct lenders on our panel may still give you access to the funds you need but will expect a slightly higher rate of interest to reflect the extra risk they are taking.

Do all lenders offer loans for bad credit?

In a word, no. Many traditional lenders will only lend to people that are demonstrably a low risk, automatically rejecting anyone that doesn’t pass their strict criteria. They establish how big of a risk you represent by looking at your credit report. Sometimes they’ll also consider any previous dealings they’ve had with you. However, in most cases applying for a loan is the equivalent to asking a stranger to lend you money.

Your credit report is the tool they use to establish how likely you are to repay the loan in the agreed way. The system can be unfair in some cases. People can have a lower credit score because of a genuine mistake or poor management of finances in the past, which can lead to people being penalised for a prolonged period unfairly.

That’s why New Horizons always endeavours to match you with a lender that offers the best terms for you, regardless of your credit history.

Who is the best direct lender for bad credit?

The best direct lender for one person might not be the best for another person. The best lender for most individuals is the one that offers the best solution to their unique situation. However, the bad credit loans market can be a competitive place, with many direct lenders vying for your business.

This is one of the reasons you can apply for a bad credit loan at New horizons and know you’re going to get the best the market has to offer, as we’ll select the loan with the best interest rates for your situation.

How long will it take for me to get a loan?

Bad credit loans are usually a last resort. We understand you may be trying to borrow money because of an unforeseen circumstance or family emergency. Therefore, we’ve streamlined the process as much as possible. The whole process is designed to get the money into your account quickly.

Sometimes this is achieved in a matter of minutes. It can take longer if you’re trying to borrow a higher amount of money. There are also your banks own processes and systems that are entirely out of our control. We say that the average loan is in a customer’s account within 15 minutes*, even though people can get their cash in a shorter time, this is a much more realistic timeframe for everybody.

I am really struggling with my debts and I can’t get a consolidation loan. What can I do?

If you are struggling to meet the monthly repayments on your credit commitments, it is important not to bury your head in the sand. Reducing your monthly outgoings with a consolidation loan is a preferred way for many people to manage their financial situation if they have multiple creditors. If you are unable to get a debt consolidation loan, admitting that there may be a problem is the first step to dealing with it. The first thing you should do if you are unable to make repayment is to speak to the company before you miss the payment. This will enable them to possibly defer the payment and it could help you avoid any charges. All lenders have a duty of care to try to help customers who may be experiencing financial difficulty, and a deferred payment may improve your situation.

If your situation is more serious, and your outgoings have become larger than your income, it is essential that you seek free debt advice. Please use the links below

moneyadviceservice.org.uk
stepchange.org
nationaldebtline.org