Bad credit loans
How much do you want to borrow?
Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 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
Loans for bad credit - flexible & fair borrowing
A bad credit score doesn’t mean a loan is out of reach. At Moneyboat, we consider more than just your credit history – helping you access funds when needed. Acceptance is based on a number of factors, and you can use the funds in an emergency or to cover any unexpected costs.
Having a bad credit history doesn’t always mean you’ll be declined for a loan. We consider more than just your credit score when reviewing applications, so even if you’ve struggled with bad credit in the past, you may still be eligible. Our loans come with clear terms and flexible repayment options, helping you borrow responsibly when unexpected expenses arise.
Bad credit loans explained
While ‘bad credit loans’ is a commonly used term, it doesn’t refer to a specific financial product. It’s often used to describe short-term loans available to those with a lower credit score. Moneyboat provides a short-term loan which you can apply for if you’ve got bad credit or struggled to borrow elsewhere.
As a direct lender, we assess applications fairly and offer flexible repayment loans with clear terms. Repayments are spread across two to six instalments, aligned with your payday for easier budgeting.
Apply for a loan - even with bad credit
Need a loan but worried about your credit score? With Moneyboat, you can apply for up to £1,500, even if you’ve been declined elsewhere. New customers can borrow between £200 and £800.
Our direct lender loans come with a transparent process and no hidden fees, helping you borrow responsibly. You can repay them over a minimum of two instalments and up to a maximum of six months, giving you flexibility so you don’t have to clear the full amount on your next payday. The first instalment must be at least five days after borrowing.
- Fully authorised and regulated
- Responsible lender
- Monthly repayments
- Apply for free
- Smart approval
Existing customers can borrow up to £1,500, subject to passing our credit and affordability checks. Unlike other lenders, we do not require full repayment in 60 days – and you can pay back your loan 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.
Moneyboat loans for people with bad credit
We know that your circumstances will be unique, so we consider every application on its own merit. If you have poor credit or have been refused a loan elsewhere – whether that’s a high-street, short-term or payday loan – you can still apply for a Moneyboat loan.
Unexpected costs can arise at any time, making it difficult to manage your finances. Our loans provide quick access to funds when you need them most, with flexible repayment options and a competitive daily interest rate of 0.79%.
We take multiple factors into account when reviewing applications and will always assess yours fairly, even if you have a low credit score. As a responsible lender, we’ll ensure you have clear repayment terms and the flexibility to repay your loan in a way that works for you.
Why choose Moneyboat for your loan?
Our loan decisions are quick and straightforward, with funds often transferred on the same working day. We provide quick loans with no guarantor, giving borrowers access to cash without needing anyone to co-sign.
As a trusted UK direct lender, Moneyboat considers applications from people with lower credit scores. Our short-term loans are designed to be repaid in instalments rather than a lump sum, making them a more manageable option compared to some alternatives.
Responsible lending approach
Flexible repayment terms
No application fees
Fast & easy application process
How our loans work
Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%.
Flexible payment & terms
Friendly crew
Our crew members are here to help with any questions you might have and provide support through every step of your journey with us. Each loan application is handled securely, confidentially, and in full compliance with GDPR. Plus, our many positive customer reviews reflect our commitment to great service.
Quick & simple loan application
Our application process is quick and simple. No matter your credit score, complete our online form and we’ll assess your application against our responsible lending criteria. Funds could be in your bank account within minutes of us accepting your application.
Repay on your terms - no hidden fees
We lend cash directly, offering short-term loans with flexible repayment options. Borrow the amount you need and choose a repayment plan that works for you, spreading the cost over manageable instalments. You can also repay early – whether on your next payday or sooner – without penalties or hidden fees.
Borrow between £200 and £1,500
New customers can borrow between £200 and £800, with repayment terms ranging from two to six instalments. Existing customers may be eligible to borrow up to £1,500, subject to our credit and affordability checks.
No guarantor needed for loans
You don’t need a guarantor to apply for a loan with Moneyboat. As a responsible lender, we assess your financial situation to offer a loan that’s affordable and suited to your individual needs.
No hidden fees
Our application process is free with no hidden fees. There are no other borrowing charges applied
Applying is free, with no hidden fees. As long as you repay on time, the only cost is the interest – no extra charges. Plus, you can pay off your loan early without any penalties, as well as saving on interest.
Direct lender loans for people with bad credit
We're a direct lender - we’re not a broker
Unlike brokers who pass your details to third parties, we lend directly – meaning a faster, more transparent process with no third party involved.
Cover unexpected costs with low credit
Unexpected expenses can happen to anyone. If you need help bridging the gap until your next payday, our short-term loans could be the right solution for you.
Hassle-free online application form
Our simple online application makes borrowing straightforward. You’ll get a quick decision with clear information. No unnecessary questions or confusing steps – just a smooth and hassle-free process.
Bad credit loan FAQs
Applying for a loan with bad credit
Yes, you can apply for a loan even if you have bad credit. Moneyboat looks at multiple factors beyond just your credit score when assessing applications.
Having a low credit score or being declined elsewhere doesn’t automatically mean you won’t qualify for a loan. At Moneyboat, we assess each application on an individual basis, considering affordability and overall financial circumstances.
As a direct lender, we make our own lending decisions – no brokers involved. If approved, funds are often transferred the same day. However, it’s important to ensure that repayments are manageable before applying.
Before applying for a loan, it’s important to assess your financial situation and whether you can afford the repayments. Short-term loans can help in emergencies, but they’re not the right option for everyone – so it’s important to borrow responsibly.
Here are some key things to consider:
Affordability: Can you comfortably make repayments without financial strain?
Loan terms: Understand the repayment schedule and total cost of borrowing
Credit impact: Missing payments could further affect your credit score
Alternatives: Explore other financial options before taking out a loan
At Moneyboat, we assess applications based on our own lending criteria – not just your credit score. Even if you have good credit, approval depends on our affordability checks to ensure responsible borrowing.
Yes, most lenders – including Moneyboat – carry out credit checks to ensure responsible lending. Be cautious of ‘no credit check loans’ as they may come with high fees or risks, they’re also a legal requirement. Without proper checks, you could be offered a loan you can’t afford and without proper protections, leading to potential financial difficulty.
At Moneyboat, we prioritise responsible lending, and our approach includes:
Fair assessment: We review applications based on multiple factors, not just credit scores
Affordability checks: We ensure repayments are manageable before approving a loan
Support for past declines: We consider people who may have had multiple credit checks or been declined elsewhere
If you’re concerned about eligibility, we assess each application individually to ensure a loan from us works for your circumstances.
Understanding bad credit & loan eligibility
A bad credit score is often caused by missed payments, high debt levels, defaults, or financial difficulties like bankruptcy or repossession.
A credit score reflects your financial history and how reliably you manage debt. Some common causes of a low credit score include:
Late or missed payments: Paying credit cards, loans, or bills late can negatively impact your score
Defaults and debt write-offs: Failing to repay debts can lead to defaults, which lower your credit rating
High credit utilisation: Using too much of your available credit limit may indicate financial strain
Bankruptcy or IVAs: These legal arrangements stay on your record for years and can make borrowing harder
Repossession of assets: Losing a home or car due to non-payment suggests serious financial difficulty
If your credit score is low, improving financial habits – like making payments on time and reducing outstanding debt – can help rebuild your rating over time.
Lenders may decline bad credit applications if they believe repayments could be unaffordable or if there’s a history of missed payments. Each lender has different approval criteria, but the most common reasons for rejection include:
Poor credit history: If you’ve missed payments in the past, your credit score may indicate a higher risk of future missed payments or even defaulting on the loan
Affordability concerns: Lenders assess whether you can realistically afford repayments – if they determine that a loan might put you under financial strain, they may decline the application
Existing debt levels: If you already have multiple outstanding loans or a high level of debt, lenders may see this as a risk factor
Limited credit history: Having little or no credit history can make it harder for lenders to assess your ability to manage repayments
At Moneyboat, we assess every application on its own merit. A lower credit score doesn’t automatically mean a rejection. We may consider additional factors, such as bank statements or payslips, to determine if a loan is manageable for you.
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.
Loan repayments & affordability
You repay a bad credit loan in fixed instalments over an agreed term. Each repayment includes part of the loan amount and interest.
At Moneyboat, repayments are spread across manageable instalments rather than being due in one lump sum. This helps reduce financial pressure and makes budgeting easier.
Each repayment contributes toward both the loan amount and interest. As a responsible lender, our daily interest rate is 0.79%, which is below the industry maximum of 0.9%. You can also repay early without penalties.
If you’re struggling to afford your loan repayments, it’s important to act quickly to avoid additional financial stress. Missing payments can lead to extra charges, negatively impact your credit score, and make it harder to borrow in the future.
At Moneyboat, we encourage customers to contact us as soon as possible if they’re having difficulties. We may be able to offer support, such as:
Flexible repayment options: In some cases, we may be able to adjust your repayment plan to make it more manageable
Further financial support: We can direct you to independent debt advice organisations for free expert support
Preventing further financial strain: Communicating early can help you avoid extra fees or further financial challenges
If you’re experiencing financial difficulties, contact us as soon as possible. We’re here to help and will do our best to find a solution that works for you.
To avoid late fees and penalties, make sure you have enough funds for loan payments on the established dates. If you need extra time, contact us to discuss a better repayment plan or check out our guide to repaying Moneyboat loans. If your payday is going to be later than usual, let us know in advance so we can assess your circumstances to see how we can best support you.
How bad credit loans work
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.
No, it’s not recommended to take out a loan just to improve your credit score. However, responsible borrowing can have a positive impact over time. Examples of this include:
On-time repayments help build a stronger repayment history
Managing debt responsibly can contribute to a better credit profile
Good financial habits increase lender confidence in the long run
While repaying a loan on time can support credit health, it’s important to borrow only if you genuinely need the funds and can afford the repayments.
Still have questions?
We’re here to help! If you need more information about our loans or the application process, check out our FAQs or contact our friendly crew:
Email us: thecrew@moneyboat.co.uk
Call us: 020 3818 7470
We’re open Monday to Friday, 8am–5pm (excluding Bank Holidays).