Bad credit loans

How much do you want to borrow?

Representative Example: Borrow £400 for 4 months, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Moneyboat's service is rated Excellent

Bad credit loans that are flexible and fair

Are you interested in hearing more about payday loans for bad credit? Apply with Moneyboat and receive up to £1500 today upon approval. New customers can borrow from £200 to £800. Loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the customer’s pay dates) and a maximum of six months. This means 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 £1,500, subject to passing our credit and affordability checks. We do not require full repayment in 60 days, however, customers may pay back their loans early with no penalties or fees for a maximum of six months.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Representative Example: Borrow £400 for 4 months, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%.Compare Moneyboat loans.

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Bad credit loans from Moneyboat

We consider every application on its individual merit. Just because you have poor credit and have been refused loans elsewhere, that doesn’t mean that you are ineligible for a Moneyboat loan.

Unplanned events may arise from time to time, meaning you get caught a little short. Our bad credit loans are designed to help get you back on your feet and our daily interest rate is just 0.7%.

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    Why Moneyboat?

    Our loan decisions are swift and simple with funds often transferred on the same working day. Moneyboat is a trusted UK direct lender and accepts lower credit scores. We allow repayments to be made in a number of instalments, rather than in one go. This means that our short term loans are often more manageable than the alternatives.

    • Fully authorised and regulated
    • Responsible lenders
    • Monthly repayments
    • Apply for free
    • Smart approval
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    How it works

    Representative Example: Borrow £400 for 4 months, 4 monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%.

    Flexible payment & terms

    • Friendly advisors

      Our experienced loan advisors are happy to handle any enquiries applicants may have. All applications for loans are confidential and in compliance with GDPR requirements. We have plenty of positive reviews from happy customers.

    • Quick loan application

      Our application process is short. Simply fill in the online application form and our team will automatically assess your request against our responsible lending criteria. After approval, you could have money in your bank within minutes.

    • Flexible repayments

      We lend cash directly and offer short term flexible online loans to fit individual needs. Our repayment plans allow applicants to continue to choose the amount they need to borrow and select how many manageable monthly instalments they pay it back it back within. Customers may pay back their short term loans early, on their next payday for example, with no penalties or fees.

    • Borrow between £200 and £1,500

      New customers can borrow from £200 to £800. Loans are repayable over a minimum term of two months and a maximum of six months. Existing customers can borrow up to £1,500, subject to passing our credit and affordability checks.

    • No guarantor needed for loans

      No guarantor is required to apply for a payday loan online with Moneyboat. As responsible lenders, we assess your personal financial requirements to provide an affordable loan solution to suit your individual needs.

    • No hidden fees

      Our application process is free with no hidden fees. There are no other borrowing charges applied to your loan when money owed is paid on time, aside from the interest and you can repay your loan early with no penalty. Check out our loans APR and use our loan calculator to help compare us with other credit providers.

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    Bad credit loans from a direct lender

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    We lend directly, we’re not a broker

    Unlike UK brokers who aren’t lenders themselves, we’re an official direct lender of payday loans. This means that we provide the money you need directly to your bank, rather than passing your details on to a third party.


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      Easy application process

      We have made our online application loan application process as easy as possible, allowing credit applicants to understand everything from start to finish. It also means that we don’t ask any unnecessary or complicated questions to confuse the process.


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        Bad credit loans for unexpected costs

        No one expects to be caught short financially and sometimes a loan before payday can help tide you over until you get back on your feet. Talk to our friendly loans team today to see which of our loan options is the best for you.

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          Bad credit loans FAQs

          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.