Lending is a quirky world when you don’t need the money, they all line up to give it to you, and when you do need it, there’s not a banker who’ll return your calls. People with poor, bad or fair credit sometimes feel like they don’t have borrowing options. Luckily, there are still companies that lend money quickly such as BadCreditsite, to people who have less than perfect credit scores.
If you’re looking for the best bank to get a personal loan if you have bad credit UK, there are few factors to consider. Every lender comes to the table with its own offers, and might have different annual percentage rates, longer or shorter repayment periods, or otherwise varied loan specifics.
The best bank for a bad credit loan, therefore, varies based on the borrower’s specific circumstances. A personal loan that’s good for one person might not be the best option for someone else. Here are a few of the best banks to get a personal loan if you have bad credit in the UK:
My Community Bank
This first bank is actually a credit union, called Brent Shrine Credit Union Ltd., which makes bad credit personal loans and varies APRs and other terms based on creditworthiness. Because it’s a credit union, people have to meet certain requirements before they can borrow money from My Community Bank. The requirements are quite broad; people in most lines of work are invited to join.
The rates charged by My Community Bank range from 5.9 percent to 42.6 percent. This personal loan option offers loans between £1500 to £25000, and the borrower can select a term of between 12 and 60 months to repay. My Community Bank is authorised by the Prudential Regulation Authority and regulated by the PRA and the Financial Conduct Authority.
Getting an immediate quote on a bad or poor credit personal loan with Shawbrook Bank doesn’t impact the applicant’s credit score. The bank runs a ‘soft credit search’ so your credit file isn’t impacted unless you decide to go ahead with the application. Shawbrook says it’s committed to fair and transparent personal loans.
Borrowers can get loans as low as £1,000 or as high as £35,000. Like the other options on this list, Shawbrook offers fixed monthly payments throughout the term of the loan, which can be personalised to last between 12 and 84 months. Like My Community Bank, Shawbrook is authorised by the PRA and regulated by the PRA and the FCA.
If you have a poor credit history and own a home and need cash quickly, AvantCredit might be a good option. This lender claims a five-minute application process, offers loan terms from 12 to 72 months and APRs between 11.8 percent and 49.8 percent. Secured personal loans range between £1,000 and £25,000, delivered to you as quickly as the same day.
AvantCredit also offers unsecured loans for borrowers who don’t have a house to offer as collateral. It’s certainly among the best UK banks to get a personal loan if you have bad credit. It’s authorized and regulated by the FCA.
There are other UK options for bad credit personal loans; these three are among the best when it comes to personalised loan terms, immediate quotes, and delivering cash quickly. If you’re interested in rebuilding your credit, repaying loans from these lenders on time may help your credit score.