A loan for bad credit is not for everyone and it is important, to assess your personal and financial circumstances before applying. We try to help find you the loan that can work best for your specific needs and requirements and as a direct lender of bad credit loans, the decision is ours, with no broker to worry about.

Our loans are designed to provide quick cash once approved, often with same-day funding. As long as customers meet our lending criteria, they can apply for a Moneyboat loan to get you back on track for the future. If you have a poor credit history and need some extra money to tide you over, having been refused previously, we may have the perfect loan option for you.

Repayments for our loans work by the borrower being able to repay their loan in a number of manageable repayments, as opposed to in one lump sum. This means that each repayment pays off a chunk of the total loan amount plus interest, until the end of the term by which time the entire loan is repaid, as long as repayments are made on time. Our daily interest rate is lower than the industry maximum of 0.9%, with Moneyboat charging only 0.7%.

There are a number of reasons why someone may have bad credit. Generally, having a bad credit score is due to having been subject to negative credit behaviour and practices that may have harmed and impacted your credit score:

Late Repayments

You may have been late repaying other loans, bills and credit facilities in the past. This could include the likes of credit cards and household bills.

Bankruptcy

If you have ever been declared bankrupt in the past, for example if your business has gone under, this will show up on your credit history and is likely to negatively impact your credit score for the future.

Missed Payments

If you have every defaulted on any payments, from loans, credit cards, bills and even your mortgage, this will likely contribute to your future bad credit score. Missing payments in any form indicates to lenders that you may be susceptible to future missed payments, increasing their risk.

Repossession of Home or Vehicle

If you have ever had your home or vehicle repossessed, this will show up negatively on your credit rating. It may be the case that you missed too many mortgage payments or defaulted on a logbook loan and so your property or vehicle was repossessed.

Loans for bad credit are small, unsecured loan amounts specifically for bad credit customers. These loans range in size with from £200 – £1,500 and much-needed funding can be provided swiftly to customers upon acceptance. Furthermore, as a direct lender, Moneyboat make the lending decision, so you will only ever deal with us and no third parties.

Our loans work via a number of straightforward and efficient steps. Designed to help get you out of a financial rut, they can be funded on the same day, with money being available in your nominated account. Borrowers simply apply for a loan via our website’s application form, submitting the necessary and required details and an instant decision for your loan can be made.

As with all other forms of short term credit, before you apply for a poor credit loan online you should consider whether or not this type of loan is for you and whether you are likely to be able to repay on time. Repaying late could further damage your credit rating for the future.

As a direct lender, we have our own lending criteria, which if you meet, you are more likely to be accepted for your loan.

You may be finding it hard to get a loan with a bad credit history and we understand that this can be incredibly frustrating and stressful. It is therefore important to understand why it may be the case that you are being refused the loan you need and there are various reasons why this may be the case.

Generally, lenders assess credit scores and credit files to calculate their lending risk. Ultimately, the lender needs to ensure the best chances of timely repayments being made by the borrower. If you have previously undertaken actions which have negatively impacted your credit score, you are a less appealing prospect for lenders as you appear more likely to miss repayments, even default on the loan altogether.

This makes lenders more likely to refuse your application for the loan you need. We however, assess each and every application on its own merit, so as long as you meet our lending criteria, you may be accepted.

Whilst we provide poor credit loans, some lenders offer what are known as ‘no credit check loans.’ These are loans where the lenders do not carry out a hard credit check; a check that leaves a record in your credit history. Rather, they ask sets of questions to qualify the customer for their desired loan. Responsible loan providers however, will very often conduct hard credit checks and these checks are visible to other prospective lenders.

Our bad credit loans however, are designed for those that may have many credit checks on their file and who have been declined in the past. Our loans, simply have fewer eligibility requirements than other loan products, to help you secure the money you need.

You should not take out a loan in order to improve your credit rating. By repaying your loan on time and meeting the repayment schedule, you are however demonstrating positive financial and credit behaviour.

New customers can borrow from £200 to £800. Our loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.7% per day (representive APR 939.5%) and is only calculated on the outstanding capital balance at any given time.