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Bad Credit Loans

Bad credit payday loans are intended for unexpected expenses. These types of loans are intended for people who have an unforeseen expense but don’t have access to credit from mainstream lenders. In these situations, you may consider taking out loans for bad credit.

I'd like to borrow
£265
I'll repay inover
14 days
on the
  • Feb 99th 9999 £999.99
Borrowing £265
Interest Rate 292% pa (fixed)
Interest £29.68
Total Repayable £294.68
To repay byTo repay in full by:

This is a bank holiday, are you sure you can repay on this date?

Representative 1270%APR

Minimum 1255%APR

Maximum 1698.1%APR

Representative Example

Amount of credit £250.00 for 30 days
Total amount payable £310.00
Interest rate 292% (fixed)
Interest £60.00

Learn more about APR here

Price Comparison

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Why Choose PiggyBank?

Feefo Gold Trusted Service
  • Direct Lender
  • No Payout Fee
  • No Hidden Costs
  • Fast Online Application
  • Multiple Repayment Options
  • 100% UK Based
  • Fully Authorised by the Financial Conduct Authority

What Is A Bad Credit Loan?

Loans for people with poor credit are often called  “bad credit loans”. These loans have a higher interest and are intended to help people with low credit scores or no credit history get access to money if they cannot borrow from traditional lenders like banks. Short term loan lenders can offer loans for people with poor credit, which are often called bad credit payday loans.

How Do Payday Loans For Bad Credit Work?

People with a low credit score or no credit history are seen by lenders as a riskier person to lend to, which is why bad credit loans direct lenders charge a higher APR. PiggyBank will consider customers with bad credit history, however we will undertake the same affordability checks as we would anyone else. Our payday loans are flexible: you can choose to make repayments weekly, fortnightly, four-weekly or monthly.

How Fast Can I Get A Loan With Bad Credit?

How quick you can get your money will depend on the type of bad credit loan you apply for. If you apply for a guarantor loan, you would have to take the time to find a guarantor, and they would also have to be assessed by the lender. 

Where Can I Get A Loan With Bad Credit?

There are several options for people to get a loan for poor credit. 

Short Term Loans

Lenders can offer simple cash loans that can help if you’ve been turned away elsewhere for having bad credit. These can usually be repaid in one repayment or over several instalments.

Secured Loans

This means borrowing money against an expensive asset like a house. You must consider that if you fail to repay a secured loan your home would be at risk of being repossessed.

Credit Card

Some credit card companies do offer cards to those with a poor credit history.

Guarantor Loans

You would have to find someone to be responsible for paying off your loan if you miss any repayments.

Am I Eligible For An Online Bad Credit Loan?

Even if you have a poor credit history, you may still be eligible for a bad credit loan. At PiggyBank, we understand that nobody has a perfect credit history, and we will look at your individual circumstances when making a loan decision.

PiggyBank do look at your credit file, but we also look at your employment situation, monthly income, and expenses. You may still be eligible for a bad credit short term loan with PiggyBank.

Lenders cannot guarantee that you will be approved for a bad credit loan until you’ve completed an application. All lenders must conduct the proper affordability and credit checks when you apply for a loan, to ensure they are lending responsibly. You shouldn’t trust any companies that have enticing offers like “no credit check loans” as they are unlikely to be regulated by the FCA.

To take out a loan if you have bad credit, you must be aged 18 or over, and in part time or full time employment. As with other direct loan lenders online, with PiggyBank you’ll need a UK bank account to deposit your cash into and also valid email address.You must also have an active mobile phone as we’ll send you a mobile PIN to be verified.

How To Get A Loan With Bad Credit

You could apply either apply for a payday loan with a direct lender like PiggyBank, or you could choose to find a lender through a broker. It is important to know the difference between the two. A broker will share your information with several companies in order to find you a provider, whereas a direct lender is the actual loan provider that will lend you the money.

All lenders will ask for a few personal details, and information about your employment, income and expenditure. Our application is short and simple, so you can reach your decision without navigating through long and complicated forms.

Is There Anything Else To Consider?

It’s always a good idea to check if you are working with a direct lender, not a broker. Direct lenders like PiggyBank will transfer funds straight into your bank account, while brokers can help you find a lender. Some brokers also charge a fee for their service.

If you have bad credit, before taking out a loan you need to assess whether you really need it. You can complete a budget form online, to see whether you can afford to make repayments. If you think you may need help with your debts, you can contact companies like Step Change, who give free, impartial advice.

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