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We don't focus on your credit score! Home > Personal Loans > Bad Credit Personal Loans

Bad credit personal loans

Bad credit personal loans explained

For many people with bad credit, applying for a loan can be a difficult and daunting challenge. This is because the decision of banks and other lenders when evaluating a loan application is often predominantly based on a person’s credit score. If that score is less-than-perfect then the applicant may struggle to gain approval, even if their current financial situation is stable.

A bad credit loan is designed to allow people with a poor credit history to apply for a personal loan. We hear from so many people who have missed occasional mortgage repayments, credit card or phone bills, all of which have had an adverse effect on their credit score and subsequent loan application.

Once a credit score is lowered, it’s often a very time-consuming process to restore it to the level required by many banks and high-street lenders. We understand the frustration this can cause, which is why we are committed to helping people with a poor credit history to find a loan agreement that works for them.

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Helping you secure the credit you need

At Progressive Money, we believe in taking a person’s entire financial situation into account when evaluating any loan application. Even if you have been refused credit elsewhere due to a poor credit score, we may still be able to help.

Our team of bad credit personal loan experts put your individual needs and financial situation first, and never rely solely on automated credit checks when coming to a final decision. This approach sets us apart from other lenders and has already allowed us to help thousands of people get access to the credit they need.

If you’re looking to talk through your options for a bad credit unsecured loan, get in touch with us today – we’re more than happy to help.

Do I qualify for a bad credit personal loan?

To apply for a bad credit unsecured or personal loan through Progressive Money, you must meet the following criteria:

  • Aged 18-70
  • A homeowner
  • Live in the UK
  • Able to afford monthly repayments comfortably from your regular income

How much can I borrow?

Progressive Money offer personal loans from £1,000 up to the value of £15,000.

How long do I have to repay my loan?

We offer flexible personal loan repayment periods up to 10 years, and our team of expert loan advisers can talk you through all repayment options available to you.

Although opting for a longer repayment schedule may reduce the amount you are due to pay back each month, remember that it also means that you are in debt for a longer period of time.

How much interest will I have to pay on my bad credit loan?

We believe in being completely transparent about all fees involved in your bad credit loan application. Interest rates vary with each application, and is dependent on various factors such as loan amount, repayment term, and credit score.

Progressive Money charge an acceptance fee of 10% of the loan amount and an administration fee of £390.00 for the administration of the loan, which you can pay up front or choose to add into the loan amount. For example, if you are applying for a £7,500 loan, you may expect to pay an acceptance fee of £750 and an administration fee of £390.

Can I pay off my bad credit personal loan earlier than agreed?

A customer’s settlement is calculated in accordance with the early settlement regulations.

Unlike many other loan providers, with a personal homeowner loan through Progressive Money you can pay back a bigger instalment or make a lump sum payment when required. This will also reduce the amount of total interest repaid on the loan.

Does negative equity matter?

We will not turn you away if you have negative equity in your property. Please be aware that we cannot guarantee your personal homeowner loan until we have reviewed your current circumstances and what repayments you can afford.

At Progressive Money, we listen to you. Your application will be individually assessed by your personal account manager, not by a computer. They will also be there for you from your first discussion, right through until the money is in your account. If you have any questions during your loan term, your personal account manager is always just a quick call away.

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Progressive Money is an Award Winning UK finance company with thousands of happy customers!

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Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

0161 814 9283

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