How to get a short term loan with bad credit?

If you have a poor credit rating, you may struggle to get a short term loan. This is because responsible short term lenders need to make sure borrowers are able to repay their loans in full, within the loan term, before approving an application. You wouldn’t want to join those who were missold short-term loans in the past and who built up piles of debt they couldn’t afford to repay.

The industry has changed for the better, but we are still more flexible with our criteria than more traditional lenders like banks. We might consider offering you a loan even if you have a less-than-perfect credit record, providing we can see evidence that you have a steady, healthy income and manageable outgoing, for example.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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