This is a loan designed for people with a poor credit score. Having poor credit can make it harder to borrow, but there are still plenty of options out there from specialist lenders.
A bad credit loan works just like any other loan - you borrow a certain amount and pay that back in set monthly instalments (which include the loan balance and interest). You can use your loan for almost any purpose, including an emergency, home improvements or debt consolidation.
Taking out a loan is a big decision. You need to find the right option to ensure you can keep up with the repayments. Bear in mind that with a secured loan, the money is borrowed against your home, so if you fall behind with your repayments your home could be put at risk (in the worst-case scenario).
Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £4,495. Loans are subject to status, and the rate you are offered may change based on your individual circumstances. 12.40% APRC Representative.
Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 79.5% APR Representative (fixed).
See if you're eligible in four simple steps - without affecting your credit score.
To check your eligibility, we just need your contact, income and employment details.
This depends on the type of loan you apply for.
Applying online for a personal loan is quick and easy. You can sometimes even have the money in your bank account the same day.
The secured loan (or homeowner loan) application process takes longer due to extra checks and paperwork, but using our app to submit documents can speed up the process.
Like any borrowing, a bad credit loan can have a positive or negative impact on your credit score – it all depends on how you manage repayments.
If you keep up with your repayments on time, each month, this can have a positive impact on your credit score and cause it to increase over time.
However, if you miss payments or are late, this will have a negative impact, further lowering your score.
There are plenty of things you can do to boost your credit score, but here are a few general tips.
If your credit history is less-than-ideal, a bad credit loan may help you secure the finance you need. Just make sure you can afford the repayments over the whole loan term, as interest rates tend to be on the high side.”
You can learn more about Ocean on our about us page.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.