Bad credit loans
Here at Ocean, we specialise in loans for bad credit. Even if you have a less-than-perfect credit history, we may be able to help you.
- Personal and homeowner loans
- Quick and easy to apply
- Loans for almost any purpose
49.9% APR Representative (variable) Homeowner loans: We have helped people with rates from 4.3% APRC to 26.6% APRC.
What is a bad credit secured loan?
If you’re a homeowner and have a poor credit history, you can secure a loan 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. The good news is that with these loans for bad credit, no guarantor is required.
Unsecured loans: 49.9% APR Representative. Ocean, a trading style of Intelligent Lending limited. We are a broker, not a lender. To find you a loan, we work with a preferred lender panel as well as panels operated by other brokers. We will search the lenders in order of who offers the best representative APR, first from our preferred panel and then from the panels of other brokers.
Homeowner loans: We arrange secured loans from a panel of lenders. We will receive a commission from the lender upon completion. A fee of 10% of the net loan amount, set at a minimum of £995 and capped at a maximum of £3995 is payable upon completion and can be added to your loan. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Are bad credit loans safe?
As with any type of lending, bad credit loans are a safe way to borrow providing you can meet the monthly payments you’ve agreed to. If, for any reason, you’re unable to pay back any loans for bad credit you take out, you should get in touch with your lender straightaway to discuss your options.
What can cause a bad credit history?
There are various things that can lead you to have a bad credit history:
- Late or missed repayments on anything from a mortgage, credit card or loan, to a mobile phone bill
- High levels of outstanding debt
- Having defaults or CCJs against your name
- Being declared bankrupt
- Applying for lots of credit in a short space of time
How much can I borrow with a bad credit loan?
What can I use a bad credit loan for?
You can use a bad credit loan for almost any purpose. Whether you need to finance a home improvement project, consolidate outstanding debts, purchase a new car or fund a wedding, we can find loans for bad credit to meet almost any requirement.
Can a bad credit loan improve my credit history?
Yes. If you make all of your monthly loan repayments on time and in full, you’ll prove that you can manage money responsibly. This can indeed improve your credit history, whether you use extremely bad credit loans or less serious options.
It’s important to remember that bad credit loans are often a last resort if you’re struggling to borrow money, so bear in mind that if you fail to stick to the terms or your loan agreement, you may find it even more difficult to borrow money in the future.
Why use Ocean?
We’ve been helping our customers to find poor credit loans for over two decades. We’ll consider all circumstances, including CCJs, defaults and payment arrears.
- No upfront fees
- Homeowner and personal loans
- All credit histories welcome