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Bad credit loans

Here at Ocean Finance, 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
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)

Bad credit loans are like any other loan – except they’re specially designed for people with less-than-perfect credit. If you’re finding it tricky to get accepted for credit and keep being turned down by lenders, a personal loan for bad credit could be the answer. Here at Ocean Finance, we make it our mission to help people with lower credit scores find the finance they need.

Without a crystal ball, it’s hard to tell what life has in store. An unexpected bill, a faulty boiler on the blink or even a family emergency could throw you off track in an instant. And if you don’t have a great credit history, finding the money to cover those surprise costs can be pretty tough – not to mention stressful. That’s where our loans for bad credit can provide a helping hand where you need it most.

There are loads of reasons why you might want to take out a loan. Got your eyes on a new car? Does the kitchen need sprucing up? Looking to consolidate your existing debts? Maybe you’re even planning your dream wedding? Like any other loan, poor credit loans are a safe way to borrow – as long as you stick to your monthly payments.

One way to make sure you get the best deal and service is by only applying to a loan provider that you can depend on. That’s why, when we look for your loan, we’ll only ever search from a panel of trusted UK lenders – so you can find credit with a company you trust.

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.

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Turned down by high street lenders? Struggling to borrow money elsewhere? First time you’ve ever applied for credit? If you’ve answered “yes” to any of these questions, let us help you get the finance you need. We can’t always guarantee you’ll be accepted for a loan with bad credit, but you can be sure that we’ll be doing everything we can to find you a deal that works for you.

Your credit score is just one thing that lenders will look at when you apply for a loan. They’ll also look at loads of other bits of information such as:

  • How you’ve managed your money before
  • What you earn and what you do for a living
  • How old you are
  • Where you live and how long you’ve been there

At the end of the day, there’s no such thing as a ‘one-size-fits-all’ loan. You won’t have to tick the “right boxes”. Instead, your application will be judged on its own merits and based on your personal situation. It’s our way of making sure you get the right deal for the finance you need.

If you’d like us to help you find the finance you need, all we ask is that you:

  • Are at least 18 years old
  • Have a permanent UK address

It’s important to bear in mind that being late with a repayment – or missing one completely – could make it harder for you to borrow money in the future.

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You may need a loan for poor credit if your credit rating is a little worse for wear. One way to tell is if you’re always being turned down by high street lenders. Your ‘rating’ – or credit ‘score’ – is a number used to help banks and lenders decide if you’ll be accepted for credit. The higher this number is, the better your score will be.

Your score is based on your credit file. This is like a financial CV covering the last six years. It includes lots of information like where you’ve lived, who you’ve worked for and your marital status. Not only that, but it also shows whenever you’ve applied for credit. It could’ve been for anything from a credit card to a loan or even a mobile phone contract.

Having ‘bad’ credit is a way of saying that your credit score isn’t great for whatever reason. It tells lenders there is something from your credit file that may put them off.

Do I have bad credit?

If you think you have less-than-perfect credit, there are many reasons why this could be the case:

  • Being late/missing payments on a mortgage, credit card, loan or a bill
  • Applying for lots of credit in a short space of time
  • Having lots of outstanding debt
  • Having defaults or County Court Judgements (CCJs) against your name
  • Being declared bankrupt
  • Being the victim of identity theft
  • Not applying for credit before

How can I find my credit score?

You can find out your credit score from the three main UK credit reference agencies:

It’s free to check your credit score and, with Equifax and CallCredit, you can gain unlimited access to your credit file, too. Bear in mind they each work out your score for you using the different bits of your information they choose to use, which is why your credit score will vary from agency to agency.

Why can’t I get a loan with bad credit?

Banks and lenders use information from credit reference agencies to work out their own score. This is how they decide who to lend to. If you’ve got a poor credit history, your credit score will be lower. To a lender, this could mean the risk of you not sticking to your monthly payments is higher. And this means they could be less likely to accept you for a loan – particularly one with lower interest rates.

Can a bad credit loan improve my credit score?

Taking out a loan for poor credit doesn’t improve your score right away – in fact, you could make your situation worse by applying for too many loans. But what will help improve your credit rating is using one of our trusted lenders and making your repayments on time. It’ll prove you can manage your money responsibly and show future lenders you’re less of a risk.

What are the advantages of a bad credit loan?

A huge plus point of a poor credit loan is that it lets you find the finance you want – even if you have less-than-perfect credit. Typically, poor credit loans have a higher approval rate than other loans you might see. And that’s great news when you need money in a hurry.

Don’t forget that sticking to your payments works wonders for your credit score, too!

At Ocean Finance, we’ll also show you if you’re likely to be accepted for a loan before you apply – so checking won’t hurt your credit score. And you’ll even be able to apply for your loan on our chosen partner’s site in confidence, too!

What are the disadvantages of a bad credit loan?

With poor credit, you won’t be able to get the same low interest rates as someone with good credit. The interest rates on a bad credit loan are higher because lower credit scores are a bigger risk to lenders. There are also fewer lenders for you to choose from when you’re looking to get finance, as you’ll be limited to those lenders who help people with bad credit. With our panel of reputable loan companies, you’ll only ever receive the best service.

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Loans for bad credit work just like any other loan. You borrow an amount of money from a lender and then pay it back in fixed payments each month over an agreed period.

Before getting started, you’ll need to think about which type of loan is right for you: secured or unsecured. You don’t have to decide alone, though – we can help you make the right call.

The type of loan that’s right for you could well depend on several factors. Are you a homeowner? How much would you like to borrow? Would you prefer not to have a guarantor?

If you’re a homeowner and have less-than-perfect credit, you can secure your loan against the value of your home. It gives lenders extra security, but it does mean your home is at risk if you don’t stick to your payments. You also don’t need a guarantor for a secured loan and you’re able to borrow more than you could with a personal loan – up to £100,000 with us.

The other option is an unsecured loan, which is great if you don’t want to take a loan out that’s not secured against your home. While this means there will be less risk to you, the amount you can borrow is lower. At Ocean Finance, we can help you get an unsecured loan from £100 up to £10,000 with a representative APR of 49.9%APR variable, from a panel of lenders.

You won’t necessarily need a guarantor either – this will come down to your personal situation.

How do I get a bad credit loan?

At Ocean Finance, we want to make it easy for you to get a loan, even if your credit history isn’t perfect. To get started, just enter how much you’d like to borrow in the box above and click “Find My Loan”.

We won’t ask you for your life story. All we need are a few simple details such as your address, work history and current outgoings, as well as how long you’d like the loan for and what you’re using the loan for.

With the details you give us, we’ll do all the legwork – we’ll search through 100s of loans and let you know if you’re eligible on the spot, without affecting your credit score!

If it’s a personal loan you’re after, we’ll hand you over to the website of our partner lender to complete your application. Just fill in a few details and you’ll get an instant decision! Once accepted, you could have the money in as little as 15 minutes – though this will come down to the lender or your bank’s policies.

And, no – you won’t have to dig any paperwork out! We’ll talk to the credit reference agencies and check your credit file on your behalf. All we need from you are a few simple details and that’s it.

After a secured loan instead? We’ll tell you if you’re accepted on the spot for the amount you want. If you’re happy with the quote we give you, we’ll set the wheels in motion to secure your loan as smoothly and quickly as possible.

How will taking out a loan affect my credit score?

When you take out a bad credit loan, as with every type of loan, the application will show on your credit file. But don’t worry about this too much, by staying on track with your payments each month you will get your credit score bouncing back. And it could actually help you improve your score in the long run!

Here at Ocean, you’ll know if you’re accepted for a loan with our lenders before you apply, so you won’t need to make multiple applications for credit. Like any other form of borrowing, taking out a loan isn’t a decision to be taken lightly, so it’s always important to do your homework before you sign the dotted line.

What if I get into difficulties paying back my loan?

If you’re starting to feel like you can’t pay back any loans you take out, speak to your lender straight away. If you think it’s only a short-term issue, the lender might be able to give you extra time to make a repayment. It’s also possible they won’t report a late or missed payment to the credit reference agencies, which means it wouldn’t be shown on your credit history.

Some things don’t just blow over, though. If you think you’re going to struggle to stick to your repayments for a longer period of time, talk to your lender. They may give you some breathing space to get independent help from organisations such as:

Keep in mind that your home is at risk if you do not stick to your repayments on a secured loan.

A late or missed payment can be very bad for your credit history. This will make it harder to get finance in the future. If you miss more than one payment, a lender could take legal action. This could be a default notice or a County Court Judgement (CCJ) – neither of which are things you’ll want to have on your credit file for the next six years.

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There are loads of companies offering specialised loans online to choose from, many of which will give you an instant decision too. Bear in mind that some might be too good to be true and could have hidden fees that add to your debt. That’s why we’ll only ever go to our panel of trusted UK lenders when looking for your loan. With us, you’ll only ever borrow from a company you can trust.

Did you know that Ocean Finance considers all financial circumstances? Even if you have CCJs, defaults or payment arrears against your name, we can help you. No matter what your credit score is, our mission is to help you get the finance you need. We don’t make false promises and we don’t leave you hanging around. Our eligibility checker for loans will tell you in minutes if you’re likely to get the thumbs up.

Our quick and simple way to apply isn’t the only reason to choose Ocean Finance. We’ll do all we can to find the best loans for you – and we’ve been doing it for over 25 years, helping more than 250,000 people in the process. How can we help you?

  • Homeowner and unsecured loans
  • Big panel of trusted UK lenders
  • All credit histories welcome

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Other types of loan we offer