Find a bad credit loan with Ocean

If you’ve got a bad credit history, it’s true that lenders may see you as more of a risk to lend to, but here at Ocean, we specialise in helping people just like you find a loan.

There are lots of different reasons why your credit rating may not be perfect – perhaps you’ve missed or made late payments in the past, or have a CCJ. You may even have a poor credit rating simply because you’ve never borrowed before.

Loans for people with a bad credit history do typically come with a higher APR, which means you’ll pay a higher interest rate, but they can also be very helpful in rebuilding your credit rating.

Loan applications are assessed subject to your status, but if you're accepted for a loan, paying it back on time each month can help improve your credit rating.

Personal Loans and Homeowner Loans from Ocean

We offer two types of loan at Ocean – personal loans and homeowner loans.

Homeowner Loans

A homeowner loan, also known as a secured loan, is secured against your home, which gives the lender extra security in case you fail to meet your repayments. Because it’s secured against your home, your property will be at risk if you fail to meet your repayments.

Secured loans are usually for larger amounts of money compared to a personal loan (£10,000 to £250,000), and can be repaid over a longer time period (usually 3 to 30 years).

We arrange secured loans from a panel of lenders. We will receive a commission from the lender upon completion. A fee of 12.5% of the net loan amount, capped at £2975, is payable upon completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Personal Loans

A personal loan isn’t secured against your property, so is sometimes referred to as an unsecured loan. You don’t have to be a homeowner to apply. They’re generally for smaller amounts of money (between £2,000 and £5,000) and can be repaid over 2 to 4 years.

If you have bad credit history, an unsecured loan can sometimes be harder to find, in this situation a homeowner loan may be a more sensible option if you meet all of the requirements.

Unsecured loans : 44.9% APR Representative. Ocean is part of Intelligent Lending Limited. We are a broker for the Ocean personal loan. R Raphael & Sons Plc are the lender. We will not charge you for arranging your personal loan but, if your application completes, the lender will pay us for our services.

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.

Sorry but we don't offer loans of more than £250,000

Estimated monthly payments:

Based on your loan request you could be suitable for an

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Representative Example
If you borrow £25,000 over 10 years at an annual interest rate of 9.4% (variable) you would make 120 payments of £366.22 per month. The total amount repayable will be £43,946 (This includes an average Lender fee of £495 & Broker fee of £2,975). The overall cost for comparison is 13.3% APR Representative.
Subject to status, the rate we offer you will depend on your circumstances.

Representative Example
If you borrow £3,000 over 36 months at an annual interest rate of 37.7% (fixed), Representative 44.9% APR, you would pay £140.27 per month. The total amount repayable will be £5049.72.

Sorry, we don't offer loans for

We offer Ocean Personal Loans from £2,000 to £5,000 and Ocean Homeowner Loans from £10,000 to £250,000

Sorry we can't help with this loan amount / term

Ocean Personal Loans (£2,000 - £5,000) are available between 2-4 years only

Ocean Homeowner Loans (£10,000 - £250,000) are available between 3-30 years only