Loans for Bad Credit | Direct Lender | Instant Payouts

Urgent Loans for Very Bad Credit

As a direct lender, we specialise in offering urgent loans for those with very bad credit, enabling us to approve bad credit loans when other lenders can’t.

Representative example: Borrow £700 for 6 months. 6 monthly repayments of £199.85. Total repayment £1199.00. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74% Our APR includes all applicable fees. Daily interest is capped at 0.798%

Warning: Late repayment can cause you serious money problems. For help, please go to

Types of Loans We Offer If You Have Very Bad Credit

If you have poor credit, finding the right lender that is willing to look past your bad credit can be tough. But don’t worry, we’ve got you covered. We offer three different types of loans designed for people with bad credit. Select the loan option that best suits your needs from the three options below:

Unsecured Personal Loans

If you have poor credit and need money fast, our Unsecured Personal Loans can help. You can borrow small amounts without needing collateral to secure the loan like property or other assets. This makes it a convenient option, especially if you find it challenging to access traditional forms of credit.

£300 up to £1,500

Secured Loans

When your poor credit makes it tough to get large loans from traditional lenders, our Secured Loans, also known as Homeowner Loans, offer a practical solution. With these loans, you can borrow significant amounts by using the equity in your property as collateral. This option is ideal if you need a larger loan and have assets to secure the loan.

 £5,000 up to £1,500,000

Payday Loans for Bad Credit

When unexpected expenses arise and your poor credit limits your ability to get a conventional loan, our Payday Loans for Bad Credit are here to help you. Tailored for urgent financial needs, these loans enable you to borrow manageable amounts of money to to cover short-term expenses until your next payday.

£300 up to £500

Bad Credit Scores And Our Credit Approval Policy

Our credit approval policy focuses on confirming that you can afford to repay the loan without financial stress. When you apply, we conduct an affordability test, examining your income and expenses. This is to see if you have enough disposable income to easily meet loan repayments without straining your finances. Below is a table that breaks down credit scores and how likely we are to approve your loan based on your credit score.

Credit Score RangeRatingConsidered Bad CreditOur Credit Approval Policy
TransUnion: 300-600
Experian: 0-560
Equifax: N/A
Very PoorYesWe consider very poor credit and approve if you can pass an affordability test.
TransUnion: 601-660
Experian: 561-720
Equifax: 0-438
PoorYesWe consider very poor credit and approve if you can pass an affordability test.
TransUnion: 661-720
Experian: 721-880
Equifax: 439-530
FairBorderlineHigh approval rates.
TransUnion: 721-780
Experian: 881-960
Equifax: 531-670
GoodNoHigh approval rates.
TransUnion: 781-850
Experian: 961-999
Equifax: 671-1000
ExcellentNoHigh approval rates.

As you can see from the table above, understanding how credit scoring works and improving your credit score can lead to easier loan approvals and much better interest rates and terms.

How to Apply

We’ve streamlined our application process to ensure it’s fast as possible so you can get the money you need urgently.

Choose Your Loan Type

Pick the loan that’s right for you: our Unsecured Personal Loans, Secured Loans, or Payday Loans for Bad Credit.

Complete the Application Form

Fill in your details on our application form, including loan amount, income, and monthly expenses. We conduct a soft credit check as part of our affordability test, which won’t affect your credit score.

Receive Your Funds

Following loan approval, we quickly deposit the funds into your bank account, often within minutes. We ensure same-day funding so you can access the cash you need promptly.

Who Is is a direct lending website that is part of the Western Circle LTD group of websites, a direct payday loan lender operating in the UK since 2016.

Our company registration number is 7581337, and our headquarters are located at Office 8, 2A Highfield Avenue, London, NW11 9ET, United Kingdom.

We have funded over £19 million pounds in online payday loans and helped over 115,000 customers through so to-date.

You can learn more about PaydayLoansOnline on our about us page.

ICO Registration Details

We are also registered with the Information Commissioner’s Office (ICO), registration number Z3305234.

FCA and Regulation Details

Since 13/05/2016 we have been fully authorised and regulated by the Financial Conduct Authority (FCA). Our FCA full permission license is 714479.

Ready to Apply for a Bad Credit Loan?

Or learn more about Payday Loans

Cost of Borrowing £500 Example

Here’s a breakdown of the full cost of getting an instant loan of  £500 from us. The table includes your repayment period, interest rate, repayment structure, interest paid, total repayment, and representative APR.

For more cost breakdowns on different loan amounts, check our list of loan cost examples.

Loan Amount£500
Loan Period6 Months
Interest Rate P.A. (fixed)185.39%
6 Monthly Repayments£142.30
Total Interest Paid£353.60
Total Repayment£853.60
Representative APR611.74%
Representative Example

Is a Bad Credit Loan Right for You?

If you have been declined for a loan, our bad credit loans may be suitable for you because as a bad credit lender, we focus on your ability to repay the loan rather than solely relying on your credit score to make our loan decisions.

Our loans are not suitable for individuals facing long-term financial difficulties due to poor credit, as they are designed for those who have bad credit but the ability to repay their loans without causing further financial distress.

Bad credit loans also come with higher interest rates and APRs, so you should always compare them to other lower interest loan alternatives before making a final decision.

Frequently Asked Questions

How do I know if I have bad credit?

To see if you have bad credit, check your credit score with agencies like Equifax, Experian, or Call Credit. They offer a free one-month peek at your credit report and tips for making it better. When you apply for a bad credit loan with us, you don’t need to know your credit score – we don’t ask for it. Instead, we do a soft credit check to find out your current score, which doesn’t affect your existing credit rating.

What is considered a bad credit score?

Credit reporting agencies use the term “poor credit” instead of “bad credit.” Each agency has its own range for poor credit values. For example, an Experian score from 561 to 720 is considered poor credit, Equifax has a range of 280 to 559, and Transunion sees scores from 561 to 565 as poor credit.

How long does bad credit last?

On your credit report, bad credit incidents like defaults, County Court Judgments (CCJs), bankruptcies, Individual Voluntary Arrangements (IVAs), Debt Relief Orders (DROs), and late payments are recorded for six years. It’s important to note that if you pay off a CCJ within a month after it’s issued, it will be removed from your report sooner.

Do you perform a credit check when I apply?

Yes. We perform a credit check on every incoming application, even if it’s from a returning customer. This is to check what current credit commitments you have so we can make sure we’re lending responsibly.

Will a bad credit loan affect my credit score?

Borrowing credit can have repercussions on your credit score indirectly, depending on how you repay it. If the loan is paid back on time, it can improve your credit. Likewise, if a loan is paid back late or not at all, it can damage your credit score. It’s important to mention as well that most mortgage lenders may be hesitant to approve you for a mortgage if you’ve borrowed a bad credit loan in the past year.

How much can I borrow if I have poor credit?

If you’re looking for an unsecured loan online and you have bad credit, you should be able to borrow up to £1,500 without any trouble.

Nowadays, people with poor credit can access almost the same amounts as people with good credit, thanks to other factors besides creditworthiness that lenders take into account (like affordability, for example). Although some lenders charge different interest rates for different credit scores.

Are only secured loans available to people with bad credit?

The type of loan you can qualify for is not always determined by your credit score. In general, secured loans such as “homeowner loans” are used for larger amounts and at lower interest rates. If you need a quick solution for a short-term financial shortcut, unsecured loans may be available for you.

With a low credit score, do I need a guarantor?

An affordable bad credit loan does not require a guarantor. Guarantor loans are a different financial instrument invented by banks to reduce lending risk. There is one crucial thing you need to remember: Guarantor is not a replacement for payment! You still need to ensure you can repay the loan per your contract.

Ready to Apply Online Now?

No Hidden Costs or Fees

No Paperwork

Flexible Repayments

Bad Credit Considered

No Obligation to Accept

FCA Authorized Direct Lender