WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

The Very Best Loans with Loantra

Short-Term Loans

Apply Today to Borrow up to £995

*Online decision

*Responsible lenders

*Rates from 278% to 1576%

*3-12 month repayment

Personal Loans

Apply Today to Borrow up to £25,000

*Instant Decision

*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

What Loantra can do for You

Direct Lenders for Bad Credit Loans

Going through direct lenders for bad credit loans could be more beneficial for you and possibly get you a better deal on your bad credit loan. Not only is this way more personal, but you could also cut out the middle man and not have to pay inflated fees which go to the higher power behind your loan. We all go through a financial rough patch at one point or another in our lives, and sometimes, this can result in us getting a bad credit score. While the banks won’t want to do business with someone who has a bad credit score, there are lenders who specialize in bad credit loans.

What Are Direct Lenders for Bad Credit Loans?

Direct lenders for bad credit loans are lenders who issue loans to people with bad credit. Unlike the banks who will base your loan application predominately on your credit score, a bad credit loan lender instead bases your application on your income level. This means that your application is based on your ability to make the repayments and how much you can afford to repay at a time. You can even negotiate different repayment terms with your lender, and some will let you pay on a monthly basis too.

Why Should I Go Through One?

When you go through direct lenders for bad credit loans, you are cutting out the middle man or a higher entity. Some lenders actually don’t have the money that you presumably borrow from them and they sell your loan on the secondary market. Others act as an affiliate or intermediary and organize your loan through another company. All of this can significantly add to the cost of your loan because there are more entities that need to profit. When you go through a direct lender, the money for your loan is coming straight from them.

Should I Get A Bad Credit Loan With A Direct Lender?

If you have come into a bad situation like John did above, or if you need fast cash for any reason but have bad credit, then this loan could be your best option. Not only are you dealing with the original and only source for your loan, but you could also be saving a lot of money by doing so too. If you have bad credit and need money quick, then a bad credit loan through a direct lender is something you should definitely look into.

How Could I Ever Need to Get A Bad Credit Loan?

There are many reasons as to how someone can get a bad credit score, and it’s not always under circumstances that they can control. Take a look at this example below with John and how a series of events in his life led to him getting a bad credit score and a loan. John has a bad credit score because 4 years ago his former employer made him redundant. He became unemployed as a result and found the job market incredibly difficult to crack. Because of this, he needed to use his credit card to survive and unfortunately maxed out the limit in a few months. John did thankfully get a job, but his credit card went into arrears, and the debt got sold off to a collection agency for pennies in the dollar. John was getting hounded by this collection agency and refused to pay them because he believed the debt should rightfully be with the bank and not an agency. This doesn’t matter, as the bank is legally allowed to sell your debt and a collection agency can purchase it and seek its payment as the new owner. John never paid the agency, and his credit score kept getting worse as time progressed. He did, however, get a very nice promotion and now earns an above average income. He has a job in the government sector, and it’s a very safe position in addition to some great employee benefits. Unfortunately, John’s wife has had a terrible accident and requires some medical care. He has to front the bill now and pay for her treatment but doesn’t have any savings or get paid for a while. He can’t go back to the bank which sold his debt, so he tries another one and makes a loan application. They refuse him due to his bad credit score and tell him it doesn’t matter who he works for or how much he is making. Outraged at the treatment he has just received from the bank, John seeks out direct lenders for bad credit loans and finds a lender he wants to go through. He makes an application and supplies his identification and proof of income. The lender can see that John has a great job and is more than capable of making the loan repayments, so he approves John that same day and John gets access to much-needed funds.

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
CUSTOMERSCORES
Excellent
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.