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Bad Credit Loans UK: £100 to £7,500
Written by Alice, Editor · Reviewed by Stephen, Compliance
Bad credit loans are personal loans for people with a low credit score or a patchy history, such as missed payments, defaults or a CCJ. CashPanda is a credit broker: one application lets lenders on our panel see whether they can offer you between £100 and £7,500, starting with a soft search that won’t affect your credit score.
How bad credit loans work
Mainstream banks rely heavily on your credit score. Lenders that specialise in bad credit put more weight on your situation today: your income, your regular outgoings and whether the repayments fit your budget. That’s why someone turned down by their bank can still be approved elsewhere.
Because the lender takes on more risk, rates are higher than for a standard personal loan. Most bad credit loans are unsecured, so you don’t put your home or car up as security, and you repay in fixed monthly instalments over 3 to 36 months.
Who can apply
- UK residents aged 18 or over
- A UK bank account and a regular income
- A mobile number and email address
A default, CCJ or past IVA doesn’t automatically mean a refusal. A recent bankruptcy, or an active IVA or debt management plan, usually does.
What it costs
Representative example: borrowing £1,000 over 12 months at £116.52 a month, you would repay £1,392.63 in total, including £392.63 interest. Interest rate 79.5% a year (variable). Representative 79.5% APR (variable).
Your actual rate depends on the lender and your circumstances. Rates range from 11.8% APR to a maximum of 1721% APR. Always compare the total amount repayable, not just the monthly payment.
Pros and cons
Pros
- You can be accepted even if your bank said no.
- A soft search lets you check eligibility without leaving a mark on your credit file.
- Fixed repayments make budgeting easier.
- Repaying on time can help rebuild your credit score.
Cons
- Higher interest than a standard personal loan.
- Missed payments add fees and damage your credit file further.
- Borrowing to repay other debts can trap you in a cycle.
How to improve your chances
- Check your credit report with Experian, Equifax and TransUnion, and ask them to correct any mistakes. You can see your reports free.
- Register on the electoral roll at your current address.
- Ask for what you need, not the maximum. Smaller amounts are easier to approve.
- Avoid several hard searches in a short time. Use soft-search eligibility checks instead.
- Be accurate about your income and outgoings. Lenders check.
Alternatives to consider
- Credit unions lend to members with poor credit, with interest capped at 42.6% APR.
- Credit-builder cards have low limits but can help rebuild your score if you clear the balance each month.
- A budgeting advance for Universal Credit claimants is interest-free.
- Free debt advice from MoneyHelper, StepChange or Citizens Advice, if you’re already struggling to keep up with repayments.
Warning: late repayment can cause you serious money problems. For free, confidential help, go to MoneyHelper.
Frequently Asked Questions
Can I get a loan with a CCJ or default?
Possibly. Some lenders on our panel consider applicants with CCJs or defaults, especially older ones that have been settled. Each lender makes its own decision.
Will checking my eligibility affect my credit score?
No. Lenders on our panel start with a soft search, which other lenders can’t see. A hard search only happens if you choose to go ahead with an offer.
Are there guaranteed bad credit loans?
No. Every FCA-authorised lender must check you can afford to repay, so nobody can honestly guarantee approval. Treat any “guaranteed” offer with suspicion.
How much can I borrow with bad credit?
Between £100 and £7,500, repaid over 3 to 36 months, subject to the lender’s checks.
Is CashPanda a lender?
No. CashPanda is a credit broker, authorised and regulated by the Financial Conduct Authority. Our service is free, and the lender makes the final decision.
Why to choose
- Borrow between £100 - 10000
- We search the market for you
- Totally Free* service!
- 100% Secured UK Site
- No Obligation Quote
- Leading Loan Broker
- Your data is secure
- One Simple Form
- Same day Cash**
- No hidden costs
- No Paperwork
- Open 24/7
How it works?
Apply Online
Simply fill out our secured user friendly online form.
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Finding your Loan
Our Panda will process your application and will look to locate the right loan for you and your circumstances.
Get Cash
Once you are approved, you will be directed to your special lender to finish the process.
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Why Cash Panda?
Our mission
CashPanda’s mission is to genuinely help and protect consumers when they are in need of a Short Term Loan online in the UK.
Cashpanda.co.uk is regulated in the UK. We have High approval rates and our Panda will help you you get your short term loan online, easily, securely, and Totally Free with no obligation.
Innovation
Our new and innovative state of the art technology allows us to put you, the customer in the front while, the top lenders compete to lend you the money you need.
Transparent service
CashPanda provide fully transparent service to find you the best* responsible and trusted lender with the cheapest interest rate (APR) possible and terms according to your own special circumstances.
Availability
It doesn’t matter if you have bad credit or poor credit, at Cashpanda.co.uk all credit types are considered. We will use our innovative technology to find you a suitable solution straight away
* According to the amount you want to borrow, and your ability to repay the loan among other factors.
Who can apply?
To be eligible to get a loan, you need to:
Be a Legal UK resident
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Be 18 years of age or older
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Have a valid UK bank account, working phone and email
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Have a regular source of income (min £700 per month)
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