Payday Loans UK
Apply For Up to £5,000*

Representative Example:

  • Loan amount £200 for 35 days.
  • Payable in One total repayment of £256.00
  • Interest charged is £56.00,
  • interest rate 292% pa (variable).
  • Representative 1212% APR.

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Representative Example:

  • Loan amount £400 for 90 days.
  • Payable in 3 monthly instalments of £187.31
  • Total amount repayable £561.92
  • Interest charged is £161.92,
  • interest rate 161.9% pa (variable).
  • Representative 305.9% APR.
Warning: Late repayments can cause you serious money problems. For help, go to

Poor Credit Loans

Can You Get a Loan With Poor Credit?

When you have poor credit scores, it can be tough to get a loan. Most lenders want good credit ratings before they approve loan applications.  While this may not be a bad thing, this can be awkward once you find yourself needing some extra cash for some necessary purchases or payments. 

People with bad credit ratings often shy away from legitimate lenders because they think that they will not be able to get loan approval with their bad credit history. Fortunately, there are now loans with bad credits that people with poor credit ratings can apply for when they need emergency funds. 

How Do You Get Poor redit?

Poor credit scores can happen due to several reasons. It could be due to a struggle in repaying previous loans or when you have not used much credit in the past few years. Yes, it may be a bit strange but people who have not applied for loans or credits will not show any data of their capacity to pay for loans. 

Credit scores can also be affected by other factors but the most common ones include – mortgage payments, loans, overdrafts, missing out payments and credit cards. If you pay your dues on time all the time, you will have a good credit rating. And if you miss out some payment deadlines, it can start off your poor credit ratings.

Types of Loans for Poor Credit

While having a good credit rating is essential in getting most types of loans from traditional lenders, you can still get various types of loans for poor credit. The only difference, of course, is that it can be more difficult to find creditors offering an advantageous contract. This is why secured loans can be popular. These loans are not very dependent on credit scores like other lenders. 

This doesn’t necessarily mean that unsecured loans are reserved only for those with the best credit scores.  It just means that people seeking bad credit loans should expect to find more expensive terms to cover the risk that lenders will take. 

Some lending institutions today take a more lenient view of credit scores than others. These lenders are likely to take a look at the borrower’s present affordability such as current financial status, employment, and other criteria. 


There are multiple lenders offering different types of loan with bad credit for people with poor and bad credit ratings. In most cases, these are short-term loans that need to be paid within a short time. 

Are There Other Alternatives to Loans with Poor Credit?


One common alternative to the loan with bad credit is a credit line. Some financial brokers offer this type of service to people with poor credit scores as an alternative to the traditional unsecured loan offers. These kinds of loan offers are not very popular because of the various requirements that come with it.


Another alternative that many people use is the credit builder cards, which is actually credit cards with a slightly higher than the usual APR. These cards can be more expensive to use, but people who are responsible for their debts and pays the outstanding amount per month can take advantage of these cards to repair their credit ratings. However, those who are unsure about being able to pay religiously should think twice about getting this type of alternative. 


How To Apply for Loans with Poor Credit?


Compared with other loan offers, applying for loans with poor credit can be fairly easy, fast and convenient. There are many online lending companies that offer the best deals and matches your financial status. When applying through an online loan portal, applicants will be required to fill in an application form with all the necessary details. Some lenders will require you to submit documents, but most will not even bother with it. 


Once you decide to apply for a loan, the company will look into your information and assess your capability to pay. They may conduct short validation but usually, applicants get an instant decision for their loans with bad credit. 


After 24 hours, you can access your funds from the account you gave the lending company you applied for. This is a very easy and upfront means to apply for loans despite your bad credit scores. 


Common FAQs About Loan with Bad Credit


To help you understand more about loans with bad credit here are the most frequently answered questions:


What are loans with bad credit?


There are loans designed for people with poor or adverse credit rating. These loans are often more expensive than regular loan offers.


Can I apply for a loan with bad credit?


If you have a poor credit rating, you can still get a loan although it can be more challenging to find lenders who will approve your loan. Some lenders are specific about your overall financial standing.


What are the benefits of getting loans with bad credit?


There are not a lot of advantages or benefits that you can gain with a loan for bad credit. But for those who do not have a lot of choices. Most bad credit loans tend to have shorter repayment terms from a few weeks to a few months. The major crowd drawer of these types of loan is that the fund is easily available and you can apply for a loan online. 


What are the disadvantages of loans with bad credit?


The major drawback of loans with bad credit is the cost. These types of loans are often more expensive than regular loans or those loans offered for people with better credit ratings. Thus it is very important that you will be able to afford any offers for loans with bad credit. 


Is a Loan with Poor Credit Good For You?


Not everyone is blessed with a great financial situation and a perfect credit history. This is why New Horizons welcome borrowers with less than perfect credit rates. A lot can happen in life and some mistakes committed years ago still affects one’s credit score despite efforts in improving it. In some cases, poor credit scores are just mistakenly incurred. These things happen to the best people thus, having poor credit score should not be the reason why a person cannot get a loan. 


New Horizons has developed different loan types to accommodate people with poor credit scores. While we cannot promise to approve all, each application is a fresh application that warrants a chance at approval. Our loans with bad credit give a lot of chances to people with poor credit ratings and will work on finding the best match for possible loan approval. 


We also understand that people apply for loans because the need is immediate and waiting for approval can be tedious and frustrating. This is why we also offer instantaneous approval for applications that passed our assessment and processing. We also endeavor to find a lender for you in just a few minutes. Should your loan get approval, you will get the loan on the same day or after 24 hours. With a loan with bad credit,  you’d be able to access your funds straight from your bank account!