Low Credit Score Loans

£50 £2,000
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due Saturday 28th May
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Representative example:

Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.

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

Compare high cost short term quick loans at www.choosewisely.co.uk

When you need to find loans online whilst having a poor or low credit rating, it can mean having to settle for high-interest rates and less than desirable payment terms. This is where Fast Loan UK work differently to the rest, as we provide loans for people with a low credit score that provide an instant decision and a quick payout. For anywhere between £50 and £2000, you’ll find the right low credit score loans through us, designed with poor credit applicants in mind - Apply Now!

What Are Low Credit Score Loans?

Low credit score loans can provide financial relief to customers who have experienced being turned away by other direct lenders. Designed specifically to help you if your credit score is currently lower than “Excellent” or “Good”, you’ll find many options available when looking online for this type of short term cash loans. However, when you start to look at the terms being offered and the interest rates involved, even for a small amount, it can work out to be less than ideal for your situation.

We understand that not everyone will have that perfect credit rating and whether it’s because of financial difficulties in the past or a lack of credit history because you’ve never borrowed before, we feel it’s unfair to penalise you in present circumstances. If you have now found the affordability and your financial issues are in the past, an instant loan for low credit score applicants are something we can help you with.

Apply for a Loan with a Low Credit Score

Whilst your credit score may be currently low, at Fast Loan UK we can still offer financial help that considers this. We take a personal approach to making lending decisions unlike many other lenders out there, with many opting to use automated processes that filter out any applicants that don’t meet certain criteria. This can mean you could be declined unnecessarily by a lender due to this method before you have the chance to prove your current situation. That’s why at Fast Loan UK we assign all our applicants with a personal Customer Care Manager whose job is to ensure we fully assess your current circumstances. If we can see that you have the income and the affordability to make the repayments you have requested, we’ll be able to offer an instant loan for a low credit score.

All you have to do is fill in our quick application form online after clicking apply now, where you’ll then be given a pre-approved decision. This involves a soft check of your credit file for us to determine your current situation and whether the loan amount and terms you have requested is acceptable. If pre-approved, your Customer Care Manager will then call you to verify some details and fully assess your finances. As we take the time to consider your situation, we are best placed to make an informed lending decision. If after a hard search of your credit file and assessment we can approve your loan, you can receive the funds directly into your bank account in 15 minutes.

Low Credit Score Loans Eligibility

We hope to be able to offer our very low credit score loans to a wide range of people, if you can meet the following minimum requirements:

  • Aged 18 years or older
  • Current UK Resident
  • Full-Time, Part-Time, or Self-Employed
  • Receive a regular income
  • Have a Bank Account and Debit Card

Whilst meeting the above does not guarantee you will be approved for an instant loan for a low credit score, it does mean we can help a broader range of people. If you want to find out if you can be approved for low credit score instant loans, then Apply Now and we can look to approve you in minutes. If you have any questions about how it works, or you wish to speak to a member of our customer care team, please do get in touch today.

Useful Additional Information on Low Credit Score Loans

I am Ex-Bankrupt, Can Your Loans for a Low Credit Rating Help Me?

We can help many different customers with our low credit score loans and if you were made bankrupt in the past and this has now been completely resolved, there is still a chance we can help. However, there are certain situations we cannot help with our low credit score instant loans, so if you are currently declared bankrupt or filing for bankruptcy, unfortunately, we will not be able to help. This is the same if you have entered a Debt Relief Order or have any IVA’s on your credit file. If you have any queries, please do contact us.

 

What is the Longest I Can Repay for If I Apply for a Loan with a Low Credit Score?

If you have never borrowed from us before, as a new customer the maximum loan term you can choose is 365 days (12 months). Our low credit score loans are a flexible option for many people and during your application, we can work with you to decide on the best loan terms for your circumstances.

Representative Example

Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.

 

Will an Instant Loan for a Low Credit Score Help Improve My Credit Rating?

This will vary depending on individual circumstances, but our loans for people with a low credit score can help your credit rating in the long term if repayments are maintained and you’ve not applied for many different lending products in a short space of time. Each credit application you make will leave a footprint on your credit file, especially if many hard searches are made in a short space of time. If you maintain repayments on your existing borrowing and pay off on time as per the credit agreement, this can have a positive effect on your credit file. This is because it will show to other lenders you are a trusted borrower, and it will help reduce the risk they have in lending to you. Remember, short term loans should not be used to help pay for long term financial issues and can have the opposite effect if you become reliant on this form of borrowing. If you are experiencing financial difficulties, we recommend seeking help from the Money Advice Service or Citizens Advice.


Do Low Credit Score Loans Still Require a Credit Check?


Yes, all applicants no matter the type of loan require a credit check. As responsible lenders, we need to ensure the loan is affordable for you. This means checking your financial history to determine if you are in current financial difficulties. This isn’t the only factor when providing a lending decision at Fast Loan UK, as we will focus on your current finances and what you can afford towards repayments.


Are Low Credit Score Loans the Same as Payday Loans?


Whereas a traditional payday loan would require repayment in full on your next salary date, our loans provide added flexibility. You can apply for a low credit score loan and choose a repayment term over a number of months if you need to. This helps applicants choose affordable repayments for the loan amount they need. In the same way as a payday loan, you will benefit from a fast application process and same day payout if approved. As a form of high-cost, short-term credit, you’ll need to ensure you are happy with the interest and repayment terms before proceeding. Use our loan calculator and adjust the sliders to see the approximate costs before clicking apply now.


Do You Provide 100% Acceptance with Low Credit Score Loans?


We do not provide 100% acceptance loans, so all applicants are subject to credit and affordability checks before approval. As we do provide low credit loans, we can help those with a less than perfect credit rating, but this is not guaranteed. If you can prove you can afford the loan you need and we determine it will not cause financial difficulty, there is every chance your application could be successful.


How Much Can I Borrow as a New Customer?


If it is your first loan with us, the maximum you can borrow is £800. We need to ensure a low credit score loan is affordable first, so the maximum amount available will be subject to status. If you have used Fast Loan UK previously, you can apply again if your first loan has been repaid in full. You may be able to borrow up to £2,000, subject to credit and affordability checks. We do not encourage applicants to apply for the maximum amount available, so only apply for the loan amount you require and can afford.


Can I Use a Low Credit Score Loan to Repay Other Debt?


A low credit score loan is designed for short term use and is not suitable to cover any existing debt or other credit commitments you may have. If you are experiencing financial difficulties, you should consider if further borrowing is suitable for your situation. If you need further financial advice or help, please visit Money Helper for more information.


Can I Repay My Low Credit Score Loan Early?


Yes, if you are in a position to repay the full amount of your loan early, we can help. All you have to do is contact your Customer Care Manager or email us, and we’ll be able to provide an early settlement figure. Please note, this will include an early settlement fee of £10, depending on if the daily interest charge of 0.8% is exceeded. You will only be charged interest for the days you have borrowed, so you may save some money by repaying early.


What Happens if I Miss a Repayment?


You should ensure that before continuing with a loan application that you can maintain the monthly repayments required. If your circumstances do change during the loan agreement, please contact us as soon as possible to discuss. Whilst we do not charge any late payment fees, missing repayments may impact your credit rating and have a negative effect on borrowing again in future. If you feel you will miss an upcoming repayment, please speak to your Customer Care Manager as early as possible.