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Poor Credit Loans

Looking for a loan but have poor credit? We specialise in helping people get access to a range of loans, no matter what your credit score.

  • 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:
APR Representative (variable)

Where to get a loan with poor credit

Everyone makes mistakes, and poor credit loans are designed for people who’ve struggled to manage money in the past. Whether you’ve got a CCJ against your name or failed to make repayments on previous credit, you might be worried you won’t be able to access funds going forward, and that’s where we can help.

Here at Ocean Finance, we specialise in finding loans for people with poor credit and believe everyone deserves a second chance. There are loads of reasons you might have ended up with a patchy credit history, but we work with a panel of trusted lenders to find the best deal on a range of loans to suit every situation.

What loans can I get with poor credit?

There are two main types of poor credit loan and which you opt for will depend on your circumstances, as well as how much you’d like to borrow.

Secured loan

A secured loan means you’re borrowing money against the value of your property so you must be a homeowner to be eligible. Using your house as an asset gives lenders the reassurance that they can fall back on it should you fail to make your repayments.

With a secured loan (also known as a homeowner loan) arranged by Ocean Finance, you could borrow between £10,000 and £100,000, for up to 25 years.

Because of the added security net a secured loan offers, they can sometimes be ‘easier’ to access with poor credit as lenders are more reassured they’ll recoup their money one way or another.

When considering a secured loan it’s important you’re confident you’ll be able to keep up with your repayments both now and in the future. If you don’t, your home could be at risk.

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Unsecured loan

An unsecured loan, on the other hand, isn’t fixed to any asset other than you and for this reason, it’s sometimes called a personal loan.

Since lenders are relying on you alone to repay the sum they’re likely to be more particular about your credit history, making it trickier (but certainly not impossible) to access an unsecured loan with poor credit. On the flip side, you won’t be risking your home by taking one out.

With an Ocean Finance unsecured loan, you could borrow between £100 and £10,000 for up to five years.

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How to apply for a poor credit loan

Every lender will have their own application process but with us, it couldn’t be easier. To get an idea of how much your ideal loan might cost head over to our loan calculator which will tell you what your monthly repayments could look like.

Want to know if you’re likely to be accepted? Here’s what the process will look like:

  • Tell us how much you want to borrow and for how long
  • Give us a few personal details like your name, address and occupation
  • We’ll pop them into our eligibility checker (which won’t affect your credit score)
  • You’ll get a ‘yes’ or ‘no’ on the spot.

It really is as simple as that. If you want to proceed just continue with your application in full and we’ll do all the hard work, scouring our panel of lenders to find your perfect loan.

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.

Estimated monthly payments:£0

Based on your loan request, you could be suitable for an

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Can I get a poor credit loan with no guarantor?

Using a guarantor on your loan can be useful if your credit’s so poor you’ve struggled to secure a loan on your own. With a guarantor loan a friend or family member with a good credit score puts their name on your loan and agrees to make your repayments should you fail to.

Can I get a debt consolidation loan?

The quick answer to this question is yes. Once you’ve successfully applied for your poor credit loan, whether it’s secured or unsecured, you can use it for whatever you want.

If you’re feeling bogged down by multiple outstanding lines of credit - store cards, overdrafts, credit cards or otherwise - using your loan to consolidate those debts can be a great solution. Why? Because you’ll cut out the stress of dealing with several lenders and keeping up with multiple repayments and instead be left with one monthly payment and a single lender. However, be careful as you may end up paying back more interest over all or over a longer term.

How can I rebuild my credit history with a loan?

Taking out a poor credit loan can actually be used to boost your credit score in the long run, but that’s after the initial knock it’ll give when you first secure it.

One factor which influences your score is how much debt you have in your name, and by taking out a loan you’ll increase that sum. Hence the small negative immediate effect.

After that though, by keeping up with the terms of your loan agreement - i.e. making your repayments on time and in full - you’ll be demonstrating your ability to manage money. This should start to improve your credit score.

For more help on boosting your credit score, check out our complete guide.

Frequently asked questions

What can I use a poor credit loan for?

Once the money hits your account it’s yours to spend as you see fit. So, whether you want to make some home improvements, need a new car, or decide to consolidate your debts, it’s entirely up to you.

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

Missing credit repayments in the past is one of the main reasons people end up with a less than perfect credit record, and so a poor credit loan could be the ideal fit.

It’s not the end of the road though. If your credit report isn’t as peachy as you’d like our panel of lenders have loans designed for people like you so while it might be harder, it’s not impossible.

Will this loan affect my credit score?

Initially, yes. Because you’ll be increasing the amount of debt in your name a poor credit loan will have a short-term negative effect on your score. But, keep up with your repayments on time and in full, and you’ll start to build it back up over the duration of your loan.

Will a poor credit loan be more expensive?

In order to take the plunge and lend to someone with poor credit lenders generally charge more in interest to compensate for that risk, so your loan might cost you more than someone with a pristine record.

Other types of loans we offer