skip to Main Content

Here we’ve compared the best known loan brokers for bad credit and measured them against a variety of factors including APR, late fees, rollovers, terms, and levels of acceptance.

Piggy Bank has a great APR% representative of 1270% compared to other providers.

It also has great online customer reviews from 3rd parties. A good quality loan broker

Wonga used to have a bad reputation, but they may well have improved on their reputation. Their APR% is around 1286% representative, and they have good online reviews.

Sunny is a smaller loan broker but offers a good  deal at 1291% APR representative for people looking for reliable loan brokers.

They also have a fantastic online reputation, with no late fees.

Lowest APR Loan Broker for bad credit

The APR is a good measure of the overall cost effectiveness of your payday loan, and so here we have our lowest APR loan broker for people with bad credit.

Wizzcash represent the best APR% representative at the rates we checked around 1265%. However their online reputation on 3rd party sites is non-existent (minimum reviews) and so it’s hard to recommend them as we have no factual data to assess them against. Borrower beware.

Why may you need a loan for bad credit?

Your credit rating isn’t a permanent thing. A very poor credit rating can be improved in a few months, especially if you take deliberate steps to fix it. A powerful part of repairing a poor credit rating is securing some credit – even a small amount – and paying it back as agreed. This can be a small loan, or it can be using a credit card and paying off the balance each month. Even if you don’t need the money, a small loan can be worth it just to improve your credit rating.

Bad credit loans can improve your credit rating

As I wrote above, a credit rating isn’t a permanent thing. It looks back over your past financial dealings and your rating increases or decreases depending on the record. No record or financial dealings at all will result in a very poor credit rating – even if you’ve never borrowed money or had any financial problems!

The more you take on and pay off credit, pay your bills on time, and don’t go into unplanned overdraft, the higher your rating will rise. If you miss a payment, have a County Court Judgment against you, or have some other indication of irresponsible money management, the rating will fall.

A negative financial past might not disappear overnight – but it can disappear. Taking out and paying off a small loan may help.

What loans for bad credit are available to you?

Because a poor credit rating indicates that you are a higher risk for lenders, they will ask for a higher rate of interest, and may offer less money in loans than they would for a higher credit rating, but that doesn’t mean there aren’t options. Many people have poor credit ratings, and lenders have responded by making products that allow you to improve your scores, and compensating the lenders for taking a risk on you. In other words, you will pay more for your loan than you would if you had a better credit rating, and you may not be able to borrow as much as you otherwise would – but you can still get a loan.

How can we help you get a loan for bad credit

It could take days or weeks to visit each of the lenders in your area to find someone offering a product to help you improve your credit through a small loan. Looking further abroad for the best deals would be practically impossible.

By searching through our comparisons though, you can see a broad range of products and lenders who are willing to lend to people with credit rating damage, or who wish to build up a credit rating from nothing.

Securing a loan like this, and paying it back as agreed, will improve your score in as little as a month or two, depending on the severity of past problems. Even with serious credit issues on your record, a positive credit transaction will improve your score over time.

Do you have a bad credit history but need money now?

So far we’ve talked about getting a loan to improve credit, but what if fixing your credit is only part of the issue, and you need money now?

Online loans are not only a great way to improve credit, they are a very quick way to get a loan into your bank account. These loans often don’t need a guarantor, or any security, so no time is used up arranging for either of these. You don’t even need to take the time to go to the bank! Apply online and have your answer within a couple of hours or less. Once approved, the money will hit your bank account in as little as ten minutes.

How can I apply to a loan broker with a bad credit rating

First, you need to be at least 18 years of age, have a steady income, be a UK resident, and have a UK bank account. Then compare what is available (you can do that right on our site). When you find a loan that suits your needs, fill in the necessary information and wait for the result.

Don’t apply to more than one loan at a time though. Your chances of success are increased if you choose only one, and don’t apply for a second one unless declined by the first.

Loans for bad credit no guarantor

Having a guarantor (someone who will pay the debt if you don’t) will increase your chances of getting a loan, but there are loans available even if you don’t have a guarantor.


Be sure to read this guide on borrowing for the short term to ensure you do not end up in trouble financially from missing payments.

Back To Top