Bad credit loans

Find a personal or homeowner loan with Ocean. Even if you’ve got bad credit, we may be able to help. Get a quote now.

  • Borrow £2,000 to £250,000
  • Quick and easy to apply
  • We can help if you’ve got bad credit

Homeowner loans

Start from £10,000 - £250,000
  • Check if you'll be accepted before you apply
  • Smart Search will NOT affect your credit score
  • We compare 100s of loans with competitive rates
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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.

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  • Get credit - up to £1,500
  • QuickCheck won’t affect your credit rating
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  • 34.9% APR Representative (variable)
Check Now Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender

Common questions

What is a bad credit loan?

Bad credit loans are designed for people with poor credit histories.

If you’ve had problems with credit in the past, or are currently going through financial difficulties, you may think you won’t be accepted for a loan. However, we specialise in finding loans for people with bad credit ratings.

What can I use a bad credit loan for?

You can use a bad credit loan for almost any purpose - whether you need to make some home improvements, want to consolidate your debts, or perhaps buy a new car, we can help.

Is a secured loan the best type of loan for people with bad credit?

If you have bad credit, you may be more likely to be accepted for a homeowner loan, rather than an unsecured personal loan. This is because the lender will have the extra security of your property being secured against the loan in case you fail to meet your repayments.

How does a homeowner loan work?

Once your homeowner loan is agreed and your money is transferred into your account, you’ll make monthly repayments to your lender until it’s been paid off.

We’ll tell you what your monthly repayments are likely to be before you apply so you can make sure they’re affordable for you.

Can I get a loan if I’ve got bad credit?

If you’ve got bad credit, you may find getting a loan harder, or more expensive than if your credit rating was good. That doesn’t mean you can’t get a loan though. At Ocean, we specialise in helping people with poor credit ratings find a loan that’s right for them.

Is a homeowner loan similar to a personal loan?

In some ways, yes, personal and homeowner loans are similar. But, the main difference between them is that to apply for a homeowner loan, you need to own your own home.

Homeowner loans are usually for larger amounts of money compared to an unsecured personal loan. you can also repay them over a longer period of time.

Can a bad credit loan boost my credit rating?

Yes, if you make your repayments on time every month, a bad credit loan can help improve your credit rating. That’s because you’ll be showing lenders that you’re a responsible borrower.

Why use Ocean?

We’ve been helping our customers to find loans for over two decades. We’ll consider all circumstances, including CCJs, defaults and payment arrears.

  • No up-front fees
  • Borrow from £2,000 to £250,000
  • Loans available over 2 to 30 years
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Based on reviews - 99% of customers who left an Ocean Finance review recommend us with an average rating of 4.9 out of 5 from 528 reviews left by Ocean Finance customers (as of June, 2016)