Do you want to compare loans for fair credit? At Personal Loans Now, we can do exactly that and show you the best loans for people with fair credit, all with one easy to use application that will provide you with an overview of the entire market. With loans available from £1,000 up to £15,000, you’ll find the best rates and same day funding with our loans for fair credit. Click apply now and see how we can help you today.
What are Loans for a Fair Credit Rating?
If you have found getting approved for a loan hard to come by due to having a fair to poor credit rating, at Personal Loans Now we can help show you the best loans for people with fair credit from direct lenders willing to help. As much as everybody would like to have that perfect credit score, this can be difficult to obtain especially if you do not have much of a credit history to your name or very poor credit. We can connect you with the lenders who can take into consideration your lower credit rating and still look to approve you for the best rate loans. Much like our personal loans, you can compare loans for fair credit easily with just a few details. Click apply now and in just 3 minutes you can compare loans for fair credit, all without needing a credit search performed.
How Can I Be Eligible to Compare Loans for Fair Credit Online?
To be able to find loans for people with fair credit, you will need to meet our eligibility requirements:
- You are aged 18 years or older
- You are a current UK resident
- You have a UK bank account
- You have a regular source of income
By meeting the above requirements, you will be able to apply for loans for fair credit through us. Although you may be eligible to apply, this does not guarantee that you will be approved for the loan you want. You will still need to go through a credit check and affordability assessment to ensure that you can afford the loan you have applied for and are not in current financial difficulties.
Loans for a Fair Credit Rating Through Personal Loans Now
We can help you compare loans for fair credit easily online using our credit on demand system. Providing a quick and convenient service is just one of the main ways we can help you get the funds you want, with other advantages including:
- Complete Online Application – you can apply for loans for fair credit fully online, with no need to wait for paperwork to be signed.
- Low Apr Rates – we offer low rates of interest and search the market to find the lenders who can offer this,
- High Approval Rates – we are proud to offer high acceptance rates with our loans, helping 50,000 people already just like you get the loan they want.
- Instant Approval – once you have submitted an application, we can give you instant approval in 90 seconds.
- Same Day Funding – once approved, we can credit your bank account on the very same day.
- FCA Authorised – we are a fully FCA authorised direct lender, as are all of the lenders we can connect you with.
Click apply now to see how we can help you find the best loans for people with fair credit, searching the entire market to show you the best deals without needing a credit check.
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Get the Best Rates on Loans for Fair Credit
To be able to get the best rates when applying through us for loans for fair credit, you will need to ensure you have assessed your current financial position. Although we can offer you the best rates, normally the very best deals are reserved for people with good to excellent credit. Even if you have the affordability, if you have bad credit this will affect not only how much you can borrow, but also the amount of interest you will pay. If you have bad credit, the rates of interest will be higher due to the lender taking a bigger risk to lend to you. You will need to consider whether the amounts of interest being offered on a loan works for you and if you can afford to make the repayments without struggling.
If you find that your affordability is low after comparing your income against your expenditure, then you may need to adjust how much you want to borrow. You can use our loan calculator to see how much the repayments would be including the interest charge, but remember, this can vary depending on the lender. Additionally, where we do offer loans for higher amounts, if you have bad credit, you may only be able to apply for up to £7,500.
Loans for Fair Credit FAQs
Do I Need a Credit Check to Apply for Loans for Fair Credit?
Yes, as per FCA guidelines, we will need to perform a credit check as part of your loan application. You won’t need a credit check to see your personalised table of offers, but once you do choose to apply with a lender, a credit check will be carried out. If you find any lenders willing to lend to you without a credit check you should report them to the FCA and not use them. A search of your credit file is designed to help protect you as much as the lender. Without having one, you could borrow too much and negatively impact your finances or struggle to maintain the repayments. Also, a lender would be taking a much larger risk with you without checking your credit score.
What is the Interest Charge on Loans for Fair Credit?
At Personal Loans Now, we charge a fixed rate of interest at 39.7% RAPR (representative annual percentage rate). This means that your interest charge will remain the same throughout the loan term. Some lenders may charge up to 99.9% and offer not just a fixed rate of interest, but also a variable-rate one. With a variable rate, the interest amount can increase as well as decrease during the loan term. This is similar to how interest works on a credit card and it can mean it is much more difficult to manage or budget for regular payments. With a fixed rate, you can see how much interest you need to pay in total upfront and what your monthly repayments will be.
Can I Apply for Loans for Fair Credit Whilst in Financial Difficulty?
We can’t stop you from applying for a loan through us, however, if you are in financial difficulty, we may not be able to help. As responsible lenders, we cannot lend to someone in financial difficulties as it will mean you could overextend yourself with further borrowing. You will need to carefully think about whether applying for more funding is the right thing to do in your situation. We recommend that if you are in financial difficulties that you look at long term solutions and speak to one of the free organisations, such as the Money Advice Service or Citizens Advice, who can offer impartial financial advice to help.
Can I Get Loans for Fair Credit without a Guarantor?
You do not need to have a guarantor to be approved for loans for fair credit, however, some lenders may require you to have one. If you currently have a poor credit rating, a guarantor loan may be a great option for you. Having a guarantor will mean somebody will co-sign your agreement to help increase the chances of being approved and provide the lender with a bigger guarantee against the loan. If you have fair to good credit and the affordability to make repayments, you may not need a guarantor.
How Can I Check My Credit Score?
We recommend that you check your credit score before applying for borrowing, especially if you don’t know what it currently is. You can check your current credit rating by using a credit reference agency, such as Experian or Equifax. You will be able to see not only your current score but also see exactly what a lender will see when searching your credit file. This way, if you have fair to bad credit, you will be able to see what areas you would need to make improvements to so that you can increase the chances of being approved. Improving your credit score can take time, but if you currently have no credit history, by starting to apply for credit you may see a quick change. However, you should try to avoid applying for multiple loans as this can have a negative impact on your credit.