Representative APR 49.9%
Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1628.28, Total Interest: £428.28, Interest Rate (Variable): 49.9%.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.

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

Short term loans for bad credit – What do you need to know?

Those with low credit scores might think they won’t be able to get a short term loan for bad credit, but with New Horizons, they have an excellent chance of success.

We process thousands of applications every day and approve 92% of them. All of the lenders that we work with use soft search technology, which means that you can apply for a bad credit short term loan without having your credit report impacted in any way.

short term loan bad credit

Many direct lenders are now offering short-term loans for people with bad credit.

As with other short-term loans, these loans are often for small amounts of money and feature a short repayment period; usually around one month. Specifically designed for people with bad credit, these short-term loans provide people with instant access to funds in times of emergency.

Will my bad credit rating affect how much can I borrow?

Short term loan bad credit direct lenders in the UK offer a variety of loan amounts and terms. If you are looking for the cheapest short term loans or low-interest loans bad credit, our panel of direct short term loan direct lenders may be able to help you borrow from £50 to £5,000 over 3 to 36 months.

How quickly can I receive a loan?

If you decide that you want to apply for a loan via New Horizons, you can do so at any time with any device.

The application will take around two minutes to complete. You will also receive an instant decision on your application and if you are accepted, the loan can be paid into your bank in as little as 15 minutes*. Some banks may take a little longer but now much.

It's quick & easy

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Are short term loans for bad credit more expensive?

Bad credit short term loans online are available to customers who have a good credit rating and those who have a poor credit score.

The rates offered will be dependant on your credit report, how long you have been in your job, how much you earn and your ability to repay the loan. That means low-interest loans bad credit does not mean you will get the cheapest deals on the market, at New Horizon’s we will help you find the best UK short term loan for your circumstances.

How do I apply for a short-term loan with bad credit?

We believe that having a bad credit report should not stop you from obtaining a short term loan when you need one. Thankfully, many direct lenders in the UK now agree with us. Therefore, to help people with bad credit scores get access to the short-term loans they need, we have created a simple application process.

We believe that having a bad credit report should not stop you from obtaining a short term loan when you need one.

Using the information you provide to us, we match you with reputable lenders who we have calculated can give you the best deal and also who are most likely to approve your loan. This allows you to quickly compare the loans being offered to you, as well as eliminates the worry of your credit score is negatively affected by your application being denied.

Applying for short term bad credit loans has never been easier. There are more and more direct lenders in the UK now offering such loans, the unfair disadvantages of having a bad credit report are finally less evident.

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

‘Soft Credit Match’ 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

What is the difference between a lender and a broker?

If you are looking for a loan, you may wish to choose between applying directly to a lender or using a credit broker. If you are satisfied that you have a good credit rating, picking the lender with the cheapest APR and applying directly is a preferable option for most.

For customers who have been declined, or who have a low credit score, knowing where to apply can be more difficult. Credit brokers can help in this situation. Where a direct lender can only accept or decline any application for their product, a credit broker has a panel of lenders and can match customers of all different profiles.

A credit broker can save some customers a lot of time and effort that would be spent applying to lenders individually. As lenders soft search, using a broker to search the market for you won’t impact on your credit report.

Is a bad credit short term loan right for me?

Direct short term loan lenders offer a variety of rates and terms. If you have any bad credit in the past six years, you are likely to be declined by high street banks; however, UK short term loans may still be an option for you. You can apply for loans online< a New Horizons, and our short term loan direct lenders will use soft search technology which won’t impact your credit score.

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?
Yes
Instant decision
Can I repay in instalments
Yes
Flexible repayment
Do we credit check?
No
No credit footprint

Do short-term loans feature a credit check?

The short answer to this is yes. If you apply for a short-term loan in the UK, The Financial Conduct Authority requires the direct lender to perform a credit check on you. There is no way around this, no matter what some companies would lead you to believe. However, this is not as bad as it once was.

While previously, this would have likely made it difficult for people to get short-term loans if they had a bad credit score, many lenders are now changing how they assess a person’s suitability. If a company is advertising short term loans with no credit check they should be avoided.

Understanding that there are many people with bad credit reports who are wrongly penalised, many lenders now offer short term loans for people with bad credit in the UK. As a result, an increasing number of people are passing credit checks despite having poor credit scores and are therefore being given equal access to short-term loans when they need them.

How can I increase my credit score?

If you are looking to improve your credit report, there are a number of steps that you can take to increase your score over time.

Checking your credit report is a good place to start. This allows you to make sure that the information that is held about you is correct. If you find any errors, you can contact the credit reference agencies and request that the error is corrected. Many companies will offer a free credit report so avoid signing up so paid for services that are unnecessary. Adding yourself to the voter’s roll is also a good idea.

An obvious area to focus on is to ensure that you make any repayments on time.

An obvious area to focus on is to ensure that you make repayments on time. If you are late, miss a payment or pay under the required amount, this will be reported to credit reference agencies and reduce your credit score. It is not just credit accounts that report to credit reference agencies. Mobile phone and utility companies will also report to them.

Keeping credit balances well under their limit is a good indicator that you are managing your debts and are not over-reliant on credit. Making more than the contracted minimum payments is also is well received.

If you have old credit cards or other credit accounts open that you do not use, you should close these down as they will show as available credit. Closing accounts and paying balances off will improve your credit score.

What information is shown on my credit report?

Your credit report will show a variety of different things. Your personal information such as your name, date of birth, current and previous addresses and any people you are financially linked to. They will also show a breakdown of your credit accounts. This will include the name of the creditor, the balance, payment history and current status of the accounts.

Public records, such as County Court Judgments or bankruptcies would also be shown. Any credit searches that have been carried out would also be shown.

Different information may be help by the three credit reference agencies as not all creditors report to all three agencies.

What is a bad credit loan?

Bad credit loans are a product to help customers who are searching for “short term loans bad credit” but who have had some credit problems in the past. If you are looking for a direct lender short term loan, we can introduce you to some of the best UK short term loans.

Whether you have a good or bad credit rating, we can help you find the best loan for your circumstances from our great panel of lenders.

If you have missed payments on credit in the past, had a default or a CCJ, being approved for the best short term loans can be a challenge. At New Horizons, however, we can assess your likelihood of being accepted for a short term loan for bad credit without impacting your credit history.

Do New Horizons offer short term loan for bad credit?

As a loan introducer, New Horizon’s partners work with a variety of short term loan direct lenders, meaning that if you are struggling to get approved for a short term loan, we may be able to help, even if you have a poor credit score.

I am struggling with my debt and can’t get a loan to consolidate, what next?

If you are struggling to meet your monthly repayments, and you have been unable to reduce them, you can seek advice. Firstly, speak to your creditors if you are going to be unable to make a repayment. They may be able to help you.

www.moneyadviceservice.org.uk
www.stepchange.org
www.nationaldebtline.org

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