Bad Credit Loan Process

If you have a poor credit history it can be difficult to find a lender willing to offer you a loan. You may have missed payments in the past or received County Court Judgements resulting in a negative effect on your credit score. This may cause eligibility issues when it comes to applying for loans or other credit based products.

How can I get a loan with bad credit?

At Progressive Money, we have heard from many customers with similar experiences of bad credit and we know there is much more to your financial situation than just numbers on a computer screen. We try to understand your situation and strive to offer a range of flexible loans to suit your individual needs, such as a no guarantor loan or a bad credit loan.

What can I use a bad credit loan for?

A bad credit loan is a type of personal loan that is suitable for customers who have what is considered to be a bad credit rating or even limited credit history.

Our bad credit loans could help to rebuild your credit rating and be used to pay for home improvements and car repair, pay for a wedding or family holiday, or even be used to consolidate existing debts into one monthly repayment.

We may be able to offer you a bad credit loan from £1,000 to a maximum amount of £15,000. Our repayment periods range from 18 months up to 10 years.

Use our personal loan calculator to find a suitable loan amount. We have made calculating potential repayments as simple as possible. To begin, simply visit our Loan Calculator page, enter your credit rating status, how much you would like to borrow and for how long you’d like to repay the loan.

Can I apply if I have not been accepted by other lenders?

If you require a loan, then we may be able to help regardless of if you have been turned down by other lenders in the past. We treat each application as a unique situation and take into account other factors besides credit to help us decide whether to offer a loan.

What is the bad credit loan process?

This page is a simple guide to the bad credit loan process and the stages of an application. This includes the criteria we require in order for you to be eligible for a loan with bad credit, what documents we will need from you, and if your application is successful, when you will receive your funds.

What criteria do I need to meet?

There are a few requirements that we must ask our customers to meet before we can begin the process of application for a bad credit loan in order to ensure our loan is the right option for you.

Customers  must be:

Aged between 18 and 70

We ask that all customers interested in our bad credit loans are aged 18-70.

Employed or Self-employed

We ask that customers are either employed or self-employed. As a responsible lender we cannot offer a loan to an individual if they cannot afford the repayments. For self-employed applicants, we may ask for some additional details regarding your financial history.

A homeowner

Although our personal loans, including our bad credit loan range, are unsecured (not secured against your property) we still ask that you are a homeowner. You also need to live in the property you own in order to be eligible for a loan with us.

Living in England, Scotland or Wales

Our loans are currently only available to applicants who live in England, Scotland or Wales.

Progressive Money is unable to offer a bad credit loan to a customer until we have reviewed your current circumstances and affordability regarding the monthly repayments.

What documents do I need?

When applying for a loan online with Progressive Money, the data you provide will be checked for authenticity through 3^rd party applications.

Before beginning an application for a bad credit loan, you will need:

Your address history

We require your last 3 years of address history in order to ensure your details are correct. We will also need to confirm your status as a homeowner.

Your bank details

In order to continue with the application, we will need your bank account number and sort code.

Your online banking login details

You will also require your online or digital banking login details to check your affordability.

It usually takes around 20 minutes to receive your pre-contract documents and if successful we are able to hold your quote for 30 days.

Progressive Money may contact you to conduct a security and verification check which is required to support your loan application. This will only be if and when necessary however if you would like to discuss any part of the application process you can contact our qualified advisors on 0161 814 9383.

What is a soft search?

As part of our eligibility checks, Progressive Money will conduct a ‘soft search’, also known as a ‘quotation search’. A soft search leaves a soft footprint on your credit file as opposed to a hard footprint that comes with a full credit application.

A soft footprint will not affect your credit rating and is used so that we can make a credit decision for you. If your loan is fully approved, we will complete a ‘hard search’ which will leave a footprint on your credit file letting other lenders see that you have made a full credit application. This will affect your credit score.

It is important to note that as specialist direct lender of bad credit loans, Progressive Money will not make a decision on your application based solely on a credit history. We take a range of factors into consideration, including your current financial situation and may be able to offer you a loan with bad credit.

How do I send my bank statements over?

If you successfully pass our online verification checks, we will then require 30 consecutive days’ worth of bank transactions. If you have multiple bank accounts, then we will ask for the transactions from all of your currently active accounts. The transactions will be reviewed in order to assess your income and expenditure in order to determine whether you will be able to afford and sustain the monthly repayments.

There is an option to upload your bank statements directly to the online loan application or you can email them to customer.service@progressivemoney.co.uk.

How long does it take to receive my bad credit loan?

We treat each application individually and take time to understand personal circumstances, we will carry out some final reviews using your bank statements. (This means we are unable to guarantee how long it takes for you to receive a bad credit loan, once approved it normally can take 72 hours to release the amount into your bank account. However, it may be credited in 24 hours)

If you are looking for further information about our range of bad credit loans and cannot find an answer on our bad credit loans page or FAQ section, you can get in touch with our friendly and qualified loan advisors on 0161 814 9383 and they will be happy to answer your questions.