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Poor Credit Loans

Looking for a loan but have poor credit? We specialise in helping people who have poor credit ratings gain access to a range of loans for poor credit.

  • Personal and Homeowner loans
  • All credit histories welcome
  • No upfront fees
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:
49.9%
APR Representative (variable)
Homeowner loans: We have helped people with rates from 4.3% APRC to 26.6% APRC.

Don’t let bad credit stop you from getting a loan

There are many reasons why you may have a poor credit rating.

It could be that you’ve previously defaulted on a loan, missed credit card payments or have mortgage arrears or a CCJ against your name. But it doesn’t necessarily mean you can’t get a good deal on a loan. In fact, we specialise in helping people just like you find the ideal poor credit loans for your requirements.

What are the advantages and disadvantages of poor credit loans?

The biggest advantage of a poor credit loan is that it allows you to borrow money, despite the fact you have a bad credit history. For some people, loans for poor credit can be a big help if they need to cover an essential purchase, or consolidate existing debts.

Also, if you’re accepted for a loan, paying it back on time can actually help you rebuild your credit history. It shows lenders that you can borrow money responsibly and this should be reflected in your credit report.

The biggest negative is that poor credit loans are likely to have a higher interest rate compared to a loan for someone with a good credit history. This means that it’s likely to cost you more to pay back than if you had a good credit rating.

Loans for debt consolidation

You could use a debt consolidation loan to pay off your existing debts at a reduced rate, over a longer period. This should make managing your finances simpler each month. You’ll just have to make one payment each month, rather than lots of smaller ones.

However, as you’ll be repaying what you owe over a longer period, you may end up paying more overall.

You can use either a personal loan or a homeowner loan to consolidate your debts. With a personal loan, you can borrow £100 to £10,000 over a 3 month to 5 years period. If you own a property, you can apply for a homeowner loan. These range from £10,000 to £100,000 and can be repaid over 3 to 25 years.

Common questions

What’s the difference between a homeowner and a personal loan?

Homeowner loans

A homeowner loan, or a secured loan, as they’re sometimes called, is secured against your property, so you have to own your own home to be eligible. They’re generally for larger amounts of money (around £10,000 to £100,000) and the repayment period ranges from 3 to 25 years. Because they’re secured against your home, it may be at risk if you don’t keep up your repayments.

Personal loans

A personal loan, or an unsecured loan, isn’t secured against your home, so you don’t have to be a homeowner to be accepted. Compared to homeowner loans, they’re for smaller amounts of money (£100 to £10,000) and the repayment period is shorter too – usually 3 to 60 months, depending on how much you borrow.

How can a debt consolidation loan help?

A debt consolidation loan could help you reduce your monthly debt repayments. You use the loan to pay off your existing debts, and then repay the new loan over a longer period of time.

It can simplify your finances, as you’ll replace multiple payments each month with just one.

Please remember, if you reduce your monthly repayments by extending the repayment period, you may pay more interest in the long run.

Please also be aware that debt consolidation loans are not designed to help if you’re struggling with debts. If you have serious debt problems, you should seek expert help as soon as possible.

Can I get a loan if I’ve missed payments in the past?

If you have a poor credit rating due to missed payments, it can be more difficult to find a loan. That doesn’t mean it’s impossible though.

Our panel of lenders have loans that are designed for people with poor credit ratings and we’ll do our best to find you a good deal. Please be aware that the loan may carry a higher interest rate compared to a loan for someone with a perfect credit history.

Why use Ocean Finance?

We’ve helped hundreds of thousands of people find the right loan, and we can do the same for you.

  • We look at every application on a case-by-case basis – even if you have poor credit, we’ll do our best to find you a loan deal from our panel of lenders.
  • Over 20 years' experience
  • There are no up-front fees to worry about

Other types of loans we offer