Loans for bad credit

Get quotes for a range of bad credit loans from UK lenders, without impacting your credit score. 

  • Personal, homeowner and debt consolidation loans
  • Check your eligibility in 60 seconds
  • No impact on your credit score

Please note this calculator is a guide only. The actual rate offered will be based on individual circumstances. The amount we show you is just an estimate. To get a personalised quote, we’ll ask for a few more details.

What is a bad credit loan?

This is a loan designed for people with a less-than-perfect credit score, often due to past money troubles or lack of experience with credit. There is no specific score you need for a bad credit loan, but they are designed for those with a poor credit score.

Historically, having poor credit can make it harder to borrow, but there are still plenty of options out there from specialist lenders – you just need to know where to look.

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, as anyone who has struggled with debt previously already knows. You need to find the right option to ensure you can keep up with the repayments. 

Loan types: What are the best loans for bad credit?

There are several loan types for bad credit, including a:

Secured loan

This is money you borrow against your home, so you must keep up with the repayments to stop your property being at risk.

You can often borrow more money, for a longer time and at a lower interest rate with a secured loan (compared to a personal loan) – but you must be a homeowner to apply.

At Ocean, we offer secured loans of £10,000 to £100,000 over 3 to 25 years.

Debt consolidation

These are loans specifically for consolidating your existing debts. This means combining your current repayments into one monthly repayment – often at a lower rate than you’re currently paying. If you struggle with multiple payments, this can be a good option, but bear in mind that you could pay back more overall, over a longer period.

At Ocean, it’s possible to get secured or personal debt consolidation loans for bad credit. 

Personal loan

A personal loan isn’t secured to anything, so the rate you’ll receive relies more on your credit history and affordability.

There are many bad credit personal loans available, but you may pay a higher interest rate than with a mainstream lender.

At Ocean, we offer personal loans of £1,000 to £15,000 over 1 to 5 years

How to apply for a bad credit loan

In 4 simple steps, see what you’re eligible for – without impacting your credit score.

  1. Tell us how much you want to borrow and over how long
  2. Fill in a quick and easy eligibility check – it takes less than 3 minutes
  3. We’ll search 100s of loans to see what’s right for you
  4. See your quotes – this could include personal or secured quotes, depending on if you’re a homeowner

From this point, you can decide which loan you’d like to go for. If it’s a secured loan, we’ll phone you to further talk through your options.

You might be wondering what you need for the form, but just your contact details, income and employment details are needed to check your eligibility. 

How long does it take to get a loan?

This depends on the type of loan you apply for.

Personal loan

The personal loan application process is quick, easy and online. You can sometimes even have the money in your bank account the same day. 

Secured loan

The secured loan (aka homeowner loan) process takes longer, due to extra checks and paperwork. The amount of time depends, but it can often be a few weeks.

Does a bad credit loan affect my credit score?

  • Like any borrowing, a bad credit loan can have a positive or negative impact on your credit score – it all depends on your repayment pattern. 
  • 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. 

How to improve your credit rating for a loan


There are plenty of things you can do to boost your score, but here are a few general tips.

  • Keep up with any existing payments. Late or missed payments are a key cause for a declining credit score. 
  • Limit applications – if you’re shopping around, use eligibility checkers to see your options. Remember, every time you make a credit application, the lender will run a hard search on your credit report, which can cause a temporary dip in your credit score.
  • Register on the electoral roll – if you haven’t already, register to vote, this can increase your score almost immediately.