The majority of banks, building societies and other financial service providers offer unsecured loans. The amounts available vary from lender to lender, as does the criteria they use to asses borrower’s suitability for a loan.

High street lenders tend to offer a better APR on their loans than other types of lenders, which means that usually the ultimate cost of the loan is lower than companies offering other, less mainstream credit solutions (which tend to have higher APRs).

Most high street lenders rely on credit checks and borrowers with a poor credit history are unlikely to qualify for loans of more than £1000. Those with a good credit history may be able to borrow up to £30,000 or more.



Apply for a Personal Loan

Payday loans are short-term loans, usually for a period of 30 days – or until payday. Borrowers can take small loans, up to £1000, the most common loan amounts are between £300 - £500.
Payday loans are sometime referred, to as quick loans, bad credit personal loans or loans where often the lender will not consult external credit agencies but will conduct their own credit assessments.

The APR on a payday loan is high because they are designed to cover short periods of time and not years. Typically, for every £80 that is taken the borrower is charged £20 over a period of 30 days. The total repayment for a loan of £300, if paid within 30 days, will normally be £375.

Applying for a payday loan is quick, normally done on line and requires borrowers to supply basic information, including monthly salary, contact and employment details.

There are less credit checks than other ways of obtaining credit and acceptance rates are high, even if borrowers have a bad credit history, including CCJs. Borrowers must be 18 or over, live in the UK and receive a regular salary into their bank account.



Apply for a Payday Loan

Credit cards are a very flexible way of borrowing over a short term. They can be used for to cover bills in an emergency, spreading the cost of your spending on big items or just to have in your purse or wallet as security. Generally credit cards should not be used as a means of borrowing over a longer term as you will end up paying more. There are other, more cost effective ways of borrowing money over a longer term. Also, different rates often apply to different types of transactions you carry out using your credit card. Be sure you understand this, how your card works and that it is suited to your needs before entering into a credit card agreement.

Many credit card companies offer specialy targeted cards for people with a bad credit histories. These cards can used for day-to-day payments and can help improve your credit rating.

APR on these specialy targeted cards ranges from 15.9% to 39.9%, the APR or cost of borrowing on these cards will vary depending on the borrowers circumstances. Credit cards at the higher end of this scale may not offer the best value borrowing and are best used as part of a credit repair plan.

Most specially targeted cards have an upper limit of £200 - £300, which may be raised over time, with the approval of the lender, if the borrower makes repayments in full and on time and manages their finances well.



Apply for a Credit Card

Debt consolidation loans are used to turn a number of loans into one single loan with more manageable monthly repayments.

Debt consolidation loans are usually paid to the lenders the borrower owes money to rather than being paid into the borrower's account.

A debt consolidation loan is like taking out one loan to clear all other outstanding debts. Borrowers then pay off the loan, plus interest, borrowed from the debt consolidation loan provider.
For many people, debt consolidation loans offer a good solution to money problems and allow people struggling with many debts to take control of their finances.

It’s very important to get advice before taking out a debt consolidation loan. National Debtline offers an excellent, free counselling service. Talk to them to find out about all your options before committing to any debt consolidation loans.



Apply for Debt Consolation Loan

For borrowers with a bad credit history getting a loan with low APR (APR refers to the amount you pay back over the period of the loan) is near impossible. A guarantor loan can help overcome this.

To get a guarantor loan the borrower needs someone with a reasonable credit history to guarantee the loan. If the borrower defaults on the loan then the guarantor takes over the debt.

Anyone can act as guarantor - friend, partner or family, but the borrower’s credit history may then be connected to the guarantor. Missed payments on a guarantor loan will be noted on the credit score of the person providing the guarantee and may affect their ability to find loans and credit in the future.

Borrowers can apply for a loan of up to £7000 with a guarantor loan.



Apply for a Guarantor Loan

Tenant loans are a type of unsecured loan, designed for people who do not own their own property. Borrowers could be council tenants, housing association tenants, private tenants or living with their parents.

Tenant loans cover longer periods than other unsecured loans, larger amounts are available for borrowers and the APR is more competitive than short term loans

Borrowers with a bad credit history may qualify for some tenant loans for small amounts, less than £1000. Borrowers can access the maximum loan available, up to £10,000 in some cases, however a bad credit rating will count against them.



Apply for a Tenant Loan

Logbook Loans are also known as V5C loans, which usually don’t require checks with credit referencing agencies as you use your car as security for the amount you borrow.

Depending on the age, make and condition of your car you can borrow between £500 and £50,000 for a short period of time, usually up to 6 months. If you default on your payments you may may lose the car you put up as security for the loan.

APR for logbook loans vary but usually begin around 430% APR, which seems high but these loans are designd to cover short periods of time.

Applications for Logbook Loans are made online or by telephone and are often paid within 24 hours of application.



Apply for a Logbook Loan

The term asset finance usually covers business borrowing but it is also used to describe forms of pawn broking, hire purchase, conditional sale and other forms of asset secured lending common in the consumer market. Borrowers present valuable goods, which could anything from jewellery to antiques, or anything of high value.

The loan can then be paid back in instalments over an agreed amount of time or cleared in total on an agreed date.

Loan rates vary from lender to lender, so it’s important to shop around for the best deal.




Apply for Asset Finance

A relatively new form of lending with only a few companies providing a social lending service, but it has grown in popularity over the last 5 years.

Social lending cuts out the involvement of banks or big companies and allows one person with money to lend to someone who is looking to borrow.

The amounts available to borrow are usually small, often less than £500, and are only available for limited time, 3 to 6 months.Rates are often competitive, beginning around 8%, but lenders can be cautious when it comes to lending to people with poor credit rating.




Apply for Social Lending

Not to be confused with doorstep lending loan sharks, home collection loans are handled by an agent from the loan providers along the same lines as catalogue and Avon agents.

Applicants with a poor credit history or CCJs, as well as tenants and unemployed, are often approved.

Amounts available are usually less than £500 for up to 1 year or more. Due to the risk involved for the lenders APR is often high, a typical rate of around 272.2% APR.



Apply for Home Collection / Door to Door Loan