You are here because you need money fast, but your poor credit score has made it virtually impossible to get a loan from a bank or a traditional lender… but now this will be a problem from the past.
We will help you to get a quick loan for bad credit in the UK thanks to our selected brokers, which have a massive network of direct lenders that are willing to lend you money even with a credit score as low as 438 points.
Come with us to check our ranking of the best brokers for quick loans for bad credit in the UK in 2023.
Ranking of the Best Brokers for Quick Loans for Bad Credit in the UK
We’ve selected these brokers because they will make it much easier for you to get a quick loan for bad credit, because they will send your application to their massive networks of direct lenders who can accept bad credit customers. Be it that you only need £100 or well over £1,000+, our brokers can help you to find your ideal quick loan:
- Response Loans: Best Broker for Quick Loans for Bad Credit
- Fancy a Payday: Best Broker for Short Term Quick Loans
- Monarch Loans: Best Broker for a £1000 Quick Loan
- iCash Loans: Best Broker for Extremely Bad Credit
- Abbey Loans: Best Broker for No Credit History
- Loan Cash Now: Best Broker for Fastest Approval
Now you can easily choose the best quick loan broker for you based on approval speed, approval rate, interest rate, etc. Apply now to increase your chances of receiving your loan today.
If you want more information about each broker, then you can find it in the reviews below.
1. Response Loans: Best Broker for Quick Loans for Bad Credit
We’ve selected Response Loans as the #1 credit broker for quick loans for bad credit due to the following exclusive benefits that they can offer you:
- You can borrow anywhere from £50 up to £5,000 even with bad credit
- You can get approved even if you’re unemployed because Response Loans works with direct lenders that accept alternative income sources such as pension, benefits, new business, etc.
- You can obtain the money you need the same day
- You can use the loan you get thanks to Response Loans to improve your credit score because the majority of their direct lenders will report to credit bureaus.
As you can see, this company performs extremely well in the areas that matter when looking for a broker that will help you to get a fast loan with bad credit.
2. Fancy a Payday: Best Broker for Short Term Quick Loans
If you want to get a quick loan and pay it back as soon as possible, then Fancy a Payday might be the ideal broker for you. It specialises in helping people like you to get payday loans even with bad credit, so you can get anywhere from just £50 all the way up to £5,000.
You will have to repay this loan on your next pay day, making it excellent for the short-term. That’s why they will need information about your job and your employer, in order for the direct lenders to review and potentially approve your application.
Fancy a Payday is also one of the fastest brokers for quick loans for bad credit - because their network of direct lenders is available most of the time.
Only keep in mind that you must be currently employed in order to be approved by the direct lenders at Fancy a Payday.
3. Monarch Loans: Best Broker for a £1000 Quick Loan
If you need specifically £1,000 as soon as possible but you have bad credit, then Monarch Loans will be your best choice because they specialise in helping bad credit customers with fast loans up to £1,000.
Most of their direct lenders will only charge a fair interest rate and low fees for a £1,000 loan, and that’s why we specifically recommend this broker for this type of quick loan. And the approval and disbursement speed is amongst the fastest in this sector of the loans industry.
Only keep in mind that their application form will require several details and that they have severe penalties if you fail to pay back the loan.
4. iCash Loans: Best Broker for Extremely Bad Credit
iCash Loans is the best option when you have extremely bad credit according to any of the credit bureaus in the UK. Because this broker works with a network of direct lenders that offers a high approval rate for customers with an extremely low credit score. Be it 400 points or even lower, iCash Loan can help you to find the ideal quick loan offer for you.
Only keep in mind that you can only request a maximum of £1,000 - which might not be enough for your needs at the moment. If this is the case, then you should try a broker like Response Loans that can help you to find a direct lender who can lend you up to £5,000 for any purpose.
5. Abbey Loans: Best Broker for Limited Credit History
If you have bad credit and your credit history is limited, then most brokers won’t be able to help you, but Abbey Loans is here to break the norm. Since they work with direct lenders who can accept customers with limited history, it’s your best choice for getting a quick loan now.
The downside of Abbey Loans is that most direct lenders won’t lend you more than £1,000 at a time, but if it’s been virtually impossible for you to borrow money, then it’s a good solution for emergencies that need quick cash.
6. Loan Cash Now: Best Broker for Fastest Approval
Its name says it all, and that’s why we recommend Loan Cash Now as the best broker for getting a quick loan for bad credit that you need as soon as possible. Thanks to their advanced application review systems, and their network of fast direct lenders, you can expect to be approved within minutes and to receive the money from the lender the same day.
This broker works with the fastest direct lenders in the UK, who can approve your application even if you have bad credit. Only keep in mind that the APR can be higher than average.
How to Apply for Quick Loans for Bad Credit Online
Now you have chosen your favourite lender, it is time to apply for you loan - here is how you can do it:
- Choose a broker from our list
- Fill out the application form with accurate and real information
- Wait for the broker to send your application to their network of direct lenders
- Receive your available offers
- Accept the best available loan to receive the quick cash you need.
Once you send your application, they will automatically share it with their networks of direct lenders to find the best loan for you. Once it’s been found and you’ve been approved, you will be notified and you will receive the money in your bank account.
The best thing is that all of the brokers we recommend use advanced systems that can analyse your application instantly, in order to let direct lenders approve it fast, so you can receive the loan money the same day.
What Are Quick Loans for Bad Credit?
As their name clearly suggests, they are loans especially designed for people with bad credit, whose credit score has been classified as Very Poor, Poor or Fair - and that can be approved and disbursed quickly, preferably the same day.
You will find different types of loans under this category. For example, the most popular type of quick loan for bad credit is the famous payday loan - because it allows lenders to use your current income and employment as a decisive factor when reviewing your application, instead of relying on your credit score and history.
In addition to payday loans, you can also find other types of quick loans for bad credit that accept borrowers with alternative income sources such as pensions, freelancing and benefits, in case you’re currently unemployed.
Therefore, the direct lenders that bring quick loans for bad credit rely on verifying and evaluating your income source, in order to determine your creditworthiness. However, you need to make sure to be as detailed and precise as possible when filling out the application form, in order to increase your chances of being approved.
The Link Between Your Credit Score and Quick Loans
The brokers we recommend are capable of connecting you with direct lenders that are likely to approve a quick loan even if you have bad credit. Because they review other factors such as your income source and income level, as well as your education and current employment.
However, it’s important to learn more about your credit score to use this quick loan as the first step to improve your credit, because it will have excellent benefits for your financial life.
What is a Credit Score?
The credit score numerically predicts how likely you are to pay back a loan on time, and hence, it’s a direct representation of your creditworthiness. It’s calculated by using information from your credit report, where they will check your behaviour in regards to paying loans and credit products back on time.
Your credit score can range from 0 to 1000, and you will be assigned a category based on it. The higher your credit score, the more creditworthy you will be, and hence, it will be easier for you to get a loan or other credit products such as credit cards and cash advances.
What are the Credit Score Categories in the UK?
Here you have the list of the most popular credit score categories in the UK:
- Excellent: 811 to 1000
- Very Good: 671 to 810
- Good: 531 to 670
- Poor: Less than 531
Take into account that this can vary depending on the bureau you use, because they manage different categories and ranges of points. Be it Equifax, Experian or TransUnion, it’s always good to check their websites to see the credit score categories they manage.
Can You Improve Your Credit Score with a Quick Loan for Bad Credit?
It’s possible to use this quick loan to improve your credit score, but you need to remember that not all direct lenders will report to credit bureaus, and if they don’t do it, then the loan won’t appear on your credit report. Make sure that the direct lender will report it so you can pay the loan back on time and use this positive behaviour to improve your credit health.
Here you have a table with the positive and negative actions that will impact your credit score, so you can take it into account if your goal is to improve your credit:
|
Positive Actions |
Negative Actions |
|
Repay quick loans, regular loans or credit cards on time |
Applying for new loans or debt |
|
Repay quick loans and regulars loan completely |
Hard credit searches |
|
Moderate to low credit usage |
Failing to pay back quick loans, regular loans or credit cards on time |
|
Paying utility bills on time |
Excessive credit usage |
|
Being on the electoral roll |
Declaring yourself bankrupt |
If you want to improve your credit score, then you need to focus on the positive actions. When used smartly, they can help you to move up categories in record time, so you can get approved for better loans with a lower interest rate and for higher amounts of money.
Pros and Cons of Quick Loans for Bad Credit
Now it is time to explore the pros and cons of quick loans so you can see if this is the type of loan that you need right now or not.
The Pros
Let’s explore all the benefits of quick loans for bad credit to understand why they might be exactly what you need in your life right now:
- Easiest way to borrow from £50 up to £5,000 when you have bad credit
- Fast application process
- Quick approval and disbursement
- You can apply for it even with limited credit history
- Competitive interest rates and fees
- Ideal way to build up your credit score and history
When you are in need for an urgent and quick loan, our brokers can help you get it even with an extremely bad credit score. The benefits tell you all, and why it’s an excellent idea to trust our recommended brokers to find you an ideal loan now.
The Cons
Even though the benefits are clear, it’s also essential to navigate the cons, in order to do a serious analysis and make a good decision:
- The APR can be higher than average
- Approval is not guaranteed.
Because we’ve only chosen the most reputable credit brokers in the UK, the downsides are minimal and will not be an obstacle for you to get the quick loan you need now.
Verdict: Should You Apply for a Quick Loan for Bad Credit?
If your credit score is classified as Very Poor, Poor or Fair on the different credit bureaus, then a quick loan for bad credit from our recommended brokers will be a good choice. You will get access to a massive network of direct lenders in the UK who can lend you money quickly at a fair interest rate.
F.A.Q
If you want to know more about our recommended brokers and the quick loans for bad credit that they offer, then here you have the answers to the most frequently asked questions.
Can I get a loan with really bad credit UK?
Yes, you can get a loan with really bad credit in the UK thanks to our selected brokers. Since they will send your application to thousands of direct lenders who are willing to accept bad credit customers - with a credit score as low as 400 points - you will have a high probability of getting accepted and receiving the money you need.
Can I get a loan with a credit score of 500 UK?
Yes, you can get approved for a quick loan if you have a credit score of 500 points in the UK. In fact, the brokers we recommend work with direct lenders who can approve applications from customers who have an even lower credit score. You can apply with total confidence because our brokers have the highest approval rate for bad credit in the UK. We have written another article here on the best payday loans in the UK
Is there a minimum credit score for a quick loan for bad credit in the UK?
No, there’s no minimum because it will depend on the direct lender. Since we only recommend brokers, the terms and conditions, including the minimum credit score for a quick loan for bad credit will depend on the individual lender. Therefore, we recommend you to compare several offers and to send your application through different brokers because they all work with different groups of direct lenders.
Will my credit score improve if I pay back the quick loan on time?
Yes, it will improve your credit score as long as the direct lender reports the activity to the credit bureaus. Make sure that the direct lender you select will do this, because otherwise you won’t be able to increase your current credit score.
