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

Can I Get A Loan If I Have A Poor Credit Rating?

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79.5% APR Representative

Digitonomy Limited (trading as Growing Power) is a credit broker not a lender. All Applications Subject to affordability, UK residents only.

Rates between 11.8% APR and Maximum 1721% APR - your no obligation quote and APR will be based on your personal circumstances - we compare small loans from over 30 lenders to get you the lowest APR possible. If you are not successful in finding a loan we may transfer you directly to alternative firms and services, such as credit builder tools, which may charge you a monthly fee.

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Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £1000.00. Interest rate: 79.5% pa (fixed).79.5% APR Representative.

Rates between 11.8% APR and Maximum 1721% APR. Loan term lengths from 3 to 60 months. There are no fees for our service.

Loans for very poor credit – what you need to know

Can I get a loan if I have a poor credit rating? We’re pleased to say that the answer is, in many cases, “yes”.

Do you remember how it used to be really difficult for people with poor credit to find a loan not so long ago? If you do, it might come as a big surprise that, for many borrowers, the outlook is a lot brighter these days.

If you want to borrow money and you have a poor credit history or no credit history at all, there are now hundreds of lenders and brokers offering thousands of different loan products who might be happy for you to apply to them for help.

Companies offering loans for poor credit applicants are often different to the other types of finance company that you may have spoken to in the past.

They still do have to carry out a credit search on you as part of your application. And what’s on your credit report is still very important when they’re making up their mind about whether they’ll approve your application or not.

However, these days, many lenders also do consider your current employment and financial situation when coming to their decision. For them, it’s about getting an understanding of how affordable a loan would be for you as part of their legal commitment to the Financial Conduct Authority (FCA) to be responsible lenders.

For borrowers with a poor credit history, we’re able to connect you with lenders who specialise in poor credit loans who want to give you a fair hearing.

FAQs answered

Short term emergency poor credit loans - are they safe?

Growing Power is authorised and regulated by the FCA. The same is true for all of the many established and reputable poor credit loan providers we have on our panel.

Our lenders have experience of providing loans to a range of customers including those looking for emergency poor credit loans.

Applying for a bad credit loan

Here at Growing Power, we believe that you should not be excluded from the opportunity of getting a loan if you need the money just because you have a poor credit score (subject to eligibility).

What’s more, many of the lenders on our panel take the same attitude – they want to lend you the money as long as they’re confident that you can comfortably afford to meet all of the repayments.

Applying for a loan through Growing Power is quick, straightforward, and paperwork free. On our application form, you just answer a few questions. The type of information we need to know includes details on where you live, how much you earn, why you need the money, a few personal facts about yourself, and your monthly outgoings.

We then present your loan request to the lenders who are most likely to be interested in you making a full application. How do we know this? With each of the reputable, FCA-authorised and regulated lenders we have on our panel, they tell us when we start working together the type of borrower, they’re happiest to work with.

We make sure that we only present your loan request to those lenders – we don’t present you to lenders whose eligibility requirements you don’t meet.

Once they have your details, the lenders then run a soft credit search to get a bit more information on you to help them make their minds up. Don’t worry – soft credit searches do not show up on your credit report (only you can see them) and they do not affect your credit score.

When we get their answers back, we’ll then automatically re-direct you to the website of one of the lenders on our panel (if we find one who wants you to proceed).

Once you have completed the lender’s form, they will then run a full credit search on you as the final part of their decision-making process. At this point, the lender will make you a firm offer or they will decline your request for loan.

If they make you a firm offer, you’ll be shown all the key information you need to make the decision on whether this is the right loan for you – including the interest rate your loan will be charged at, the length of time you have to pay it back, the total interest on your loan, any account management fees (and when you would be charged them), and more.

If you are happy to proceed with your lender’s final offer and you agree to their terms, conditions, and charges, you can proceed with them and, in most cases, the money will be sent minutes after you complete your application*.

Ready for a quick loan?

How much can I apply for if I have poor credit?

When you apply through Growing Power, you can apply for loans between £100 and £10,000. You can choose between 3 months and 60 months to repay the loan. If your loan is for less than £1,000, then you’ll have the choice of repaying over 3 months, 6 months, or 12 months. The shorter the length of time you take out a loan, the less interest you’ll pay on it. However long you take a loan out for, please make sure that you can comfortably afford the repayments.

Please note that the APR interest rate displayed on this page is indicative. You may be offered a loan at a different (sometimes higher) rate depending on your personal circumstances.

How fast will I receive the money?

Your loan could be sent within minutes* of accepting your lender’s final offer and agreeing to their terms and conditions.

Do you share my details with marketing companies?

No. We only share your information with the lenders and brokers who may be in a position to offer you a loan based on what you told us on your application form – nobody else. We are fully compliant with the General Data Protection Regulations (GDPR) and we’re registered with the Information Commissioner’s Office.

The best short-term loans for people with poor credit - what are they?

Now that you know that there are hundreds of lenders and brokers out there who want to work with borrowers with poor credit, it’s important to realise that you have a choice – that you’re in control.

Let Growing Power do the hard work for you with our established and reputable panel of lenders.

You should never borrow more than you actually need. If you get an expected bill of £2,000 and you have £500 in savings that you could use to pay the bill off, only ask for a loan of £1,500. Every penny you borrow over and above what you actually need attracts interest and that means you’ll pay more overall.

Lastly, please make sure that any repayments are affordable and that you know where the money’s going to come from. If a repayment is going to swallow up too much of the spare cash you have at the end of the month, you can choose to make repayments over a longer period. Please remember though that the longer you take out a loan for, the more you’ll pay in interest on the loan.

What are the best ways to improve my credit score?

For borrowers with very poor credit and for people with poor credit in general, get in touch with one of the three major credit reference agencies to check that all the details they have on you are correct. The three main agencies are Equifax, Experian, and TransUnion.

There is a great article on the Money Advice Service website here, about how to improve your credit score.

Who should I speak to if I need help with my debts?

Before applying for a poor credit loan through us, please be sure that you can make all of the repayments in time and on full. Missing one or more repayments or defaulting on a loan can make finding new loans or opening new credit card accounts a lot harder in the future.

There are six organisations in the UK which are there to help you if you feel that your debt has got out of control or if it makes you uncomfortable - StepChangePayPlanNational Debtlinethe Money Advice Servicethe Debt Advice Foundation, and Citizens Advice. Their services are free of charge.

To start your application with us for a poor credit loan, please click here. Our service is free of charge to borrowers and there’s absolutely no obligation on you to accept the loan deal we find you.

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