Swift Money

I would like to borrow £100

Min £100 Max £1000

Over a 1 month term.

Min 1 Months Max 12 Months

Representative APR 91%*

Apply Now For An Instant decision With No Obligation & No Credit Check.
On average Swift Money® approve over 97.5% of all UK same day loan applications.

Representative Example: Borrow £500 for 6 months. Interest: £160.27 - Interest rate: 65% per annum (fixed). Representative APR: 91% - Total payable: £660.27

Bad Credit Loans.

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

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Can I get a loan if I have bad credit?

If you have a bad credit rating, you may find it more difficult to qualify for a loan from a traditional lender such as a bank or building society. However, having a less-than-perfect credit history doesn’t mean that you automatically won’t be able to borrow money. It usually just means that your options are more limited. For example, you may be subject to higher interest payments than you’d have if you had a perfect credit score and you probably won’t be able to get loans with the most appealing terms and rates.

What is a bad credit loan?

Strictly speaking, there’s no such thing as a bad credit loan. However, lenders might use this term when advertising loans to attract people who have poor credit histories. The interest rates levied on bad credit loans tend to be higher than if the borrower had a good credit rating. This high rate on loans for people with bad credit is a reflection of the fact that borrowers’ muddied credit histories make them a higher risk to lenders and such borrowers are unlikely to have other options.

Why do people search for loans for bad credit?

People search for loans for bad credit for many different reasons. They may have been refused a loan in the past due to missed or late credit card, store card or mortgage repayments. If a borrower has repeatedly failed to make credit repayments, they may be considered to have defaulted on their loan. This is more damaging to your credit score than missing one or two payments and can have a serious negative effect on your ability to get credit in the future. Some people may even have a County Court Judgement (CCJ) against their name or have declared themselves bankrupt.

What’s the difference between bad credit and no credit?

Having a poor credit history and no credit history at all are very different things. If you have no credit history, it usually means you have never taken out a credit card, mortgage or other type of loan. Many young people find that they have no credit score when they come to borrow money for the first time. Having no credit rating can put you at a serious disadvantage when it comes to taking out a loan because a lender cannot tell whether you are capable of managing your money well and repaying your debts on time.

Having bad credit, on the other hand, means that you have borrowed in the past but you haven’t always repaid your debts on schedule. This sends a bad signal to creditors, who probably won’t be willing to offer you the best rates available and may refuse to lend to you altogether.

What can I do to improve my credit rating?

A bad credit rating is not irreparable. If you’ve struggled with your finances in the past and find yourself with a poor credit history as a result, all hope is not lost. There are actions you can take to improve your situation. Firstly, it’s a good idea to refrain from borrowing until you have achieved a better credit rating. If you have credit cards that you don’t use, cancel them instead of letting them gather dust. Enrolling on the electoral register can also help you to improve your score. In the long term, you should ensure that any existing or future debts are repaid on time as this tells lenders that you can handle debt responsibly.

Borrowing with Swift Money

Here at Swift Money, we believe in lending responsibly. All of our lenders will carry out a credit check and the majority will base their decision on your score. However, they will also take your current financial situation into account.

Frequently Asked Questions