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Adverse Credit Loans

If you’ve struggled with managing money in the past then you might be worried about securing credit in the future, and that’s where an adverse credit loan can help. We don’t believe in holding people’s past mistakes against them, so we could help you secure the funds you’re after today.

  • Personal and Homeowner loans
  • Loans for almost any purpose
  • Won’t affect your credit rating
Did you know we can offer personal loans from £100-10k and homeowner loans for £10k-£100k?
Are you a homeowner?
You can also borrow this amount as a homeowner loan, available over 3 to 25 years. Would you prefer this?

Unsecured loans:
APR Representative (variable)

What is adverse credit?

Adverse credit is a way to describe a less-than-perfect credit history. If you’ve had difficulty keeping up with repayments on credit in the past - whether that’s a loan, credit card or even a mobile phone payment - this will show on your file and impact your score.

When considering any loan application, lenders will check your credit report and might view adverse credit as a red flag. That’s because it could indicate you’re not good at handling money, making it risky to lend to you again.

Don’t worry though, it’s not all doom and gloom. There are lenders who specialise in lending to people with adverse credit (and we’ll help you find them), whether that’s mortgage arrears or a CCJ. After all, everyone deserves a second chance, right?

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How to apply for an adverse credit loan

Every lender’s application process will be slightly different, but with us, applying couldn’t be simpler and will look something a bit like this:

  • Let us know how much you’re hoping to borrow and for how long,
  • Give us a few personal details like your name, address and occupation,
  • We’ll pop the info into our eligibility checker,
  • You’ll get an answer there and then.

Our eligibility checker will give you a rough idea of how much you might be able to borrow and what your monthly repayments could look like. Better yet, it won’t affect your credit score.

Then, if you like what you see, you can continue with the application process and leave the legwork to us - we’ll scour our panel of trusted lenders to secure you the best possible adverse credit loan.

Try our loan calculator to see what your payments could be

The amount we show you is just an estimate. To get a personalised quote, we’ll ask for a few more details.

Estimated monthly payments:£0

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How can an adverse credit loan help me?

There are a few ways securing an adverse credit loan could help you, like:

  • Consolidating your debts - use your loan to pay off multiple outstanding debts and reduce stress with one lender and one repayment sum.
  • Start rebuilding your credit score - by sticking to the terms of your agreement - i.e. making your repayments on time and in full.
  • Securing funds - where you’ve previously been unsuccessful - at Ocean Finance, we won’t hold your past mistakes against you.

What’s the difference between a secured and unsecured loan?

Secured loans

A secured loan is exactly that, ‘secured’ to your property, and therefore you’ve got to be a homeowner to be eligible to apply for one. Lenders have more security because they know if you fail to make repayments they’ve got your home to fall back on. This can make it ‘easier’ to get your hands on a secured loan if you’ve got a patchy credit record and also means there tends to be more money on offer.

With Ocean Finance, you could borrow between £10,000 and £100,000 with a secured loan for up to 25 years.

Just remember, if you fail to keep up with your repayments on a secured loan your house could be at risk. So if you’ve struggled with credit in the past it’s important you’re confident you’ll be able to make your repayments not only now but in the future as well.

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Unsecured loans

These are sometimes also called personal loans and that’s because they aren’t secured to anything but you. This can make unsecured loans trickier (but not impossible) to get your hands on with adverse credit because lenders don’t have the security net of your home as back up.

With an unsecured loan arranged by Ocean Finance, you could borrow between £100 and £10,000 for up to five years.

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How can I rebuild my credit score with a loan?

There are no two ways about it, when you first take out any loan it will have a small negative impact on your credit record, and that’s because one of the things that affect your score is how much debt you have in your name. By taking out a loan you’ll be increasing that total, but from then on it can start to improve your report.

Why? Because if you make your loan repayments on time and in full this will act as a little green tick on your record each month and demonstrate an ability to manage money.

Here are a few other things you can do to ensure your credit report is in tip-top shape:

  • Get yourself on the electoral roll by registering to vote
  • Check your credit file for errors and dispute any you find
  • Stick to any existing credit agreements
  • Don’t make lots of applications for credit over a short time
  • Make use of soft search facilities when comparing the market (they won’t affect your score).

After more on this? Check out our ultimate guide for lots more hints and tips on how to improve your credit score.

Frequently Asked Questions

What can I use an adverse credit loan for?

The short answer is, it’s entirely up to you! We’re here to help you secure an adverse credit loan and after that the world’s your oyster. You can use the money to consolidate existing debts and cut out the hassle of keeping up with monthly repayments, to pay for a holiday, a wedding, a car or whatever it is you need. Remember though, borrow responsibly and only ever as much as you need.

Can I get a loan if I’ve missed payments?

If your credit score’s patchy because you’ve missed credit repayments in the past you might be concerned you’ll struggle to secure money in the future. Don’t be. Adverse credit loans are designed for people with a less than perfect financial past and we specialise in finding loans for people just like you.

How will this loan affect my credit score?

Taking out an adverse credit loan will increase the amount of debt you have in your name (known as your credit utilisation ratio) and this will leave a short-term dent in your score. However, as soon as you start making your repayments on time and in full each month you’ll be boosting your score back up.

Will applying for an adverse credit loan show on my credit report?

Our soft search facility allows you to check if you’re likely to be accepted for a loan without affecting your credit score. So, you can have a look at how much you could borrow and how much it’s likely to cost you before you go ahead and apply with confidence. You will be able to see soft searches on your credit report, but only a hard search (which will happen when you complete the application) will affect your score.

Will an adverse credit loan be more expensive?

In some cases, lenders charge a higher interest rate in exchange for lending to people with adverse credit, and that’s because in their eyes they’re taking a risk. However, the interest you’re charged isn’t likely to be as high if your patchy credit is due to a missed phone repayment compared to having a CCJ, for example.

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