Representative 49% APR
Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1628.28, Total Interest: £428.28, Interest Rate (Variable): 49.9%. Rates between 9.3% APR and maximum 1721% APR. New Horizons 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 3-36 month loans.

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

Getting a loan with bad credit

If you have an unexpected expense or financial emergency that you need a loan to help with, if you have bad credit, this can be a worry. Needing funds quickly with a poor credit score can be a worry, but getting the cash you need is still possible even with a poor credit rating.

Bad credit loans application

In the past, a low credit score often made it very difficult to find a loan; especially one that suited your needs and offered competitive terms. Moneylenders in the UK have traditionally used your credit score to assess the affordability of a loan for each applicant. This meant a lender was less likely to lend you money if your credit history was poor because there was a higher risk they wouldn’t pay the loan back. However, this has now changed and lenders will lend money to you, even if you have bad credit. 

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 history until they try to find a loan or finance, only to be rejected by traditional lenders. These people will need to find bad credit loans to borrow the required funds.

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

These companies include: 

  • Equifax
  • Experian
  • Call Credit

If you have a poor credit history, you can take steps to improve it. Our guide on how to improve credit rating can help.

Different Types of Bad Credit Loans

One area of concern is that there are no standardised acceptance criteria amongst lenders. Therefore, lenders often scored applications differently using their ‘scorecard’ criteria; making it extremely difficult to know which lenders were likely to say yes and provide the bad credit loan you need.

We strive to match you with the best bad credit loan direct lenders that offer the best loans for people with poor credit.

New Horizons

This non-standardised system made it very hard for people with a bad credit history to be approved for loans, but it also meant that some people found themselves with a poor rating 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. Customers asking “Can I get a loan with a bad credit history” now have an increasingly positive answer.

At New Horizons, our lenders can provide a variety of loans for poor credit. Our bad credit loans include no guarantor loans for bad credit and bad credit loans for people receiving benefits. Whatever your needs and circumstances, we’re confident our lenders can provide the best bad credit loan for you.

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 paid back over a shorter duration than bad credit loans for higher amounts. However, you can select a term that suits your circumstances.

What you need to know
Why use us?
How much can new customers borrow?
Up to £5,000
No fees, ever!
What are the repayment terms?
3 to 36 Months
No paperwork
Representative APR
49.9% (variable)
No obligation quote
Can I apply with bad credit?
Instant decision
Can I repay in instalments
Flexible repayment
Do lenders credit check?
We only soft-search

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

Loans for bad credit typically have a higher interest rate than a traditional loan, which can be for various reasons. If you opt for a payday loan with bad credit 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 history. Meaning you represent a higher risk to lenders.

What’s the easiest way to apply for a loan?

Loans bad credit, by design, are for people who may have a poor credit history. We strongly believe everyone should have access to the cash 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 history do represent a higher risk. Usually reflecting 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. Meaning you’ll get the loan with the lowest interest rate and best terms for your unique situation.

It's quick & easy

Apply for a loan

Can I get a guaranteed loan with bad credit?

There is no such thing as a guaranteed loan because all loan applications must include a credit check. As such, while you probably have an excellent 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 poor credit, their loans could be denied, leading to your credit score being reduced even more. You are, therefore making it even harder to get a loan in the future.

Will applying for a loan make my credit score worse?

Credit Score

Every time a lender performs a full credit check, it can potentially impact your credit rating. If the credit is granted, and the repayments made, it’s going to have a positive impact. However, if you’re trying to get a loan unsuccessfully, a lender might see that several other lenders have performed credit checks recently, which would show them that it is likely that they rejected you, otherwise, why would you be applying for a loan again?

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

New Horizons

However, at New Horizons, our lenders only perform a soft credit check, which has no impact on your credit history. This allows us to find you the best loan 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.

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 complete an inspection. So if they say they can do this, they are either unregulated or misleading you.

Find your best rate loan without needing an initial credit check.

‘Soft Credit Match’ our broker partner’s technology matches your profile with our industry-leading panel of Financial Conduct Authority (FCA) approved direct lenders without leaving any mark on your credit record.

With no obligation & no cost – it’s the best way to find a loan.

Get Your CreditMatch

Who is the best direct lender for bad credit?

The best direct lender for one person might not be the best for another person. Finding the best low-credit loan lender is about finding the lender that can give you the best solution to your unique situation. However, the bad credit loans market can be a competitive place, with many direct lenders vying for your business.

When you apply for a bad credit loan at New Horizons, you 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.

It's quick & easy

Apply for a loan

What can I do if I’m struggling with debt?

If you are struggling to meet the monthly repayments on your credit commitments, it is important not to bury your head in the sand. 

The first thing you should do if you are unable to make a repayment is to speak to the company before you miss the payment. Doing so will enable them to defer the payment in certain circumstances, helping 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 more substantial than your income, you can seek free debt advice from the below helplines.

Bad Credit Loans - Check Eligibility

If you need a loan for any purpose then you can check your eligibility quickly and easily. It takes just a few minutes to see if you could be approved.

Check Eligibility

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