Can I get a loan if I have bad credit?
A bad credit loan (or an adverse credit loan) is designed especially for people who have got a poor or low credit history. A poor credit rating can make it more difficult or more expensive for someone to get credit, because lenders view customers with a poor credit history as a higher risk.
Not all lenders offer this kind of service, which is why you might have been turned down for a loan from your high street bank or building society or other mainstream lenders.
If you’re one of the millions of people who have found it hard to get credit in the past, it could mean that you’ve got a bad credit history.
Why do I have a bad credit history?
There are lots of reasons why you may find yourself with a poor credit history which could contribute to a poor credit rating, all of which are taken from a person’s credit history.
- It may be that you’ve; missed a few payments, made some late payments, or defaulted on an agreement in the past.
- Even applying for too much credit can have an affect your score.
- At the other end of the scale, it might be that you have never had credit before so you’ve not so much got a poor credit file, but rather no credit record at all. In this case, the lender can’t learn enough about you to decide whether to lend to you or not.
If you are thinking about applying for credit, it’s really important to make sure you’ve got everything you need and you fit the lenders criteria before submitting your application to improve your chances of being accepted.
How can Satsuma Loans help?
Just because you’ve had bad credit or little or no credit in the past, it doesn’t mean that you can’t get a loan with us today.
In fact, if we do accept you for a loan, fund you and you keep on top of your payments; this could help to improve your credit rating as well.
If you want to understand your credit history and rating in advance of applying Experian do a 30 day free trial which allows you to see your score and history.
Three things you need to know about us:
- You’ll only pay what you’ve agreed to pay. We don’t charge late fees. Ever.
- We don’t do payday loans. We will check that you can afford the payments. You’ll pay in small segments that suit your finances and over a period of time that suits you too.
- You can apply for between £100 - £1000 as a first time Satsuma Loans customer. And if you need it, we could go up to £2,000 once we get to know you a bit better. What’s more, if everything on your application goes well, you could have the money within the hour.
Find more about how to apply for a Satsuma loan today
We've got history!
We may have a fresh new look, but we’ve been around for years, since 1880 to be exact. We’re pleased to be part of Provident Personal Credit Limited who have been lending a helping hand when others don’t for over a century. So we really do know our stuff.
Rest assured, if you need a helping hand, you’ve come to the right place.
Representative example: £400 loan repayable over 6 months. 6 monthly payments of £126.40. Rate of interest 179% p.a. fixed. Representative 991% APR. Total amount payable is £758.40.