What is an adverse credit loan?
‘Adverse Credit’ is a term used to describe a less-than-perfect record of repaying the credit that they have taken out. Any company that allows you to borrow money, reports back to credit reference agencies. When applying for credit, the company will perform a credit check and can see your credit history.
If you have made late payments, had a default or a CCJ, this will show on your credit file. Some lenders will not approve customers who need an adverse credit loan as they only approve customers with a good or excellent credit rating, however, our broker partner works with a panel of lenders who specialise in providing adverse credit loans.
Adverse credit loan questions:
Q1 – Can I get a loan with adverse credit?
Q2 – Am I guaranteed to be accepted?
Q3 – Will applying for a loan hurt my credit score?
Q4 – Are adverse credit loans expensive?
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Are adverse credit loans expensive?
If you need an adverse credit loan it is clear that you will pay a higher interest rate than someone who has a perfect credit rating. This is because lenders will assess the level of risk you pose in paying the loan back. Loans for bad credit are available in the UK at various interest rates. CUJ Loans’ broker partner works with a large panel of direct lenders to make sure that you get the best adverse credit loan for your circumstances.
As all lenders are now authorised and regulated by The Financial Conduct Authority the maximum amount of interest that they can charge is 0.8% per day, this means that you will know that your loan is fully regulated and you are protected against lenders charging extortionate interest rates, even if you have adverse credit.