LAST UPDATE 27.06.2018

Frequently Asked Questions - Bad Credit Loans

Q: What are the benefits of having a good credit score?

With a good credit score you will be able to:

  • Get low-interest rates on loans and credit cards.
  • Have a higher chance of approval for unsecured loans for bad credit in the UK and credit cards.
  • Get approved for higher limits.
  • Have more negotiating power.
  • Get an easier approval for apartments and rental houses.
  • Get better rates on your car insurance.

Q: Can I get home improvement loans with bad credit from Personal Loans Now?

Yes, we can help you find home improvement loans for bad credit with an instant decision online. These loans do tend to be a tad more expensive if you have a poor credit score. This is because someone applying with a bad credit history is a higher risk to the lender than lending to someone with good credit. It’s a good idea to brush up your credit score before applying for a home improvement loan with bad credit as then you are likely to get a better interest rate.

Q: Can I repay long term loans for bad credit from abroad?

Yes, You can repay your long term loan for bad credit from abroad like you were in the UK. However, if you have moved to live abroad, you won't be able to borrow with Personal Loans Now, since we only lend to UK residents.

Q: Can I get a personal loan with poor credit and no bank account?

Some lenders are prepared to ignore a person's poor credit history. If you need short term loans for bad credit and with no bank account you can relax – there are lenders who don't require a bank account. But make sure to use these loans with caution and only accept them from FCA authorised lenders.

Q: What is a credit report?

A credit report is a file that shows a summary of a persons financial status and background. It is based on all the information that's in your credit profile, which has been compiled by a UK credit-reference agency. Everyone has a credit profile which affects how they are dealt with by financial organisations. There are a few companies where you can access your credit profile from. You may need to check your credit profile for a couple of reasons:

  • To open a bank account
  • To apply for a loan
  • When applying for certain types of insurance
  • To take out contract-based services (eg, mobile phone or utility contracts).
Therefore, before taking out long term personal loans, remember that this will always show up on your credit report and can affect your finances in the future.

Q: Do loans for bad credit appear on or affect my credit score?

Taking out a long term personal loan for bad credit will always show up on your credit report. But this isn’t necessarily bad, on the contrary if you make your regular monthly repayments on time this will actually help to build your credit rating.

Q: Can I get personal loans with no credit check?

Personal Loans Now works with Monevo, an FCA regulated company to find you the best and safest personal loans on the market. According to the FCA, a pre-approved loan with no credit check is not recommended. Credit checks are carried out for your safety and to ensure that lenders act fairly and responsibly. If you are offered guaranteed loans with no credit check, we suggest that you report the lender to the FCA and use an FCA authorised lender or broker instead. You can still apply for personal loans even if you have very bad credit and we will do our best to find a lender that will accommodate your request.

Q: Do you offer bad credit car loans?

Yes, you have come to the right place! Apply today, and Personal Loans Now will try and get you the best offer available, although bad credit car loans do tend to be a little more expensive than a car loan with a good credit score. It is a great idea to try and repair your credit score before applying for a car loan. In this way, you will have a better chance of getting a bad credit car finance loan with a lower interest rate.

Q: Can I get loans for bad credit with no guarantor and no fees?

Yes. We work with Monevo Ltd. lending platform to process your application for a bad credit loan with no guarantor and no fees and find you the most suitable lender. Each lender has their specific loan agreement once your bad credit short term loan with no guarantor and no fees has been approved. Many of our lenders offer instant decisions and same day payouts if they approve your application, if you apply during normal business hours. This includes quick loans for bad credit with no guarantor.

Q: Do you offer best rate loans with poor credit?

Yes! We will do our best to find the most suitable lenders who offer personal loans for bad credit with the best interest rates available. If approved, it is better to only take out small loans for bad credit and always make sure that you can repay as this can actually improve your credit score. Apply now for our best rate loans for bad credit.

Personal Loans Now

We like to keep things simple. If you have any questions about the way we work, take a look at the FAQs below, or contact us. Ready to go ahead? Apply now and get an instant decision!

  • Guarantor loans
  • Unsecured loans
  • Same day payment
  • Get up to £250,000
  • Long term loans
  • Personal loans
Personal Loans Now is a registered Trading Name of Western Circle Ltd
It is registered on the Financial Services Register under reference number 714479.