What should I consider before applying for a loan with bad credit?

Before applying for a loan, it’s important to assess your financial situation and whether you can afford the repayments. Short-term loans can help in emergencies, but they’re not the right option for everyone – so it’s important to borrow responsibly.

Here are some key things to consider:

  • Affordability: Can you comfortably make repayments without financial strain?

  • Loan terms: Understand the repayment schedule and total cost of borrowing

  • Credit impact: Missing payments could further affect your credit score

  • Alternatives: Explore other financial options before taking out a loan

At Moneyboat, we assess applications based on our own lending criteria – not just your credit score. Even if you have good credit, approval depends on our affordability checks to ensure responsible borrowing.

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We do all we can to bring you interesting, practical and valuable information. However, please understand the following:

  • Moneyboat.co.uk are in no way connected or affiliated with the application or affiliate links mentioned in this or any article. We do not receive any commission and are not responsible for any charges that may result from any free trials or paid subscriptions.
  • Moneyboat.co.uk does not provide medical advice It is intended for informational purposes only. It is not a substitute for professional medical advice, diagnosis or treatment. Never ignore professional medical advice in seeking treatment because of something you have read on the site. If you think you may have a medical emergency, seek medical advice immediately or dial 999.
  • Information and data on this blog are for information purposes only. While we work hard to ensure it is accurate, we cannot accept responsibility for the accuracy, completeness, suitability or validity of any information provided on the blog. We will not be liable for any errors, omissions, losses, injuries or damages arising from its display or use. All information is provided with no warranties and confers no rights.

If you feel that any of the information published on our blog is not accurate, please notify us via email at thecrew@moneyboat.co.uk.

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%. 

Compare Moneyboat loans.


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