Loans for Bad Credit

Bad credit score? Poor credit history? That's OK! With our specialized bad-credit loan product, people with all credit scores can apply for up to £1,500 online. If you can afford the loan repayments comfortably, your chances of approval are already high.
Representative example: borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments of £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Our loans are available for 3 to 9 months depending on the loan amount - rates between 295.58% APR and a maximum APR of 1294%.
Warning: Late repayments can cause you serious money problems. For help, go to

Have a bad credit score but need a loan?

Here is a Cashfloat bad credit loan example:
Jake L from Newcastle
Loan: £550 for five months
Credit score: Poor 551-565 (TransUnion).
Repayments:5 monthly instalments of £183.35
Personal APR:831.98%
Total Interest Paid: £366.70
All credit scores considered
You can apply for a loan regardless of your credit score. Join thousands of happy customers who have received a loan from us with a less than perfect credit score.
Easy & flexible repayments
Repay your loan in easy instalments that suit your budget. Repay early and save money too!

What are bad credit loans?

Bad credit loans are unsecured personal loans or payday loans for people in the UK with poor credit scores.

Luckily, even if you have a very bad credit score, there are lenders who will lend to you if you can prove you have a good enough income to make repayments. Just be aware that you may be asked to provide copies of your bank statements or payment slips to prove your income. Even if a proportion of your income is earned through benefits, you can apply today for bad credit finance with – no guarantor necessary.

Can I get a loan with no credit check at all?

At Cashfloat, we conduct a thorough credit check on all our applicants. Credit checks help us to assess whether an applicant can afford a loan or not.

Although no credit check loans do exist, we do not recommend applying for a loan from a lender that offers a loan with no credit check. Lenders and credit brokers that offer this are often irresponsible and may not even be authorised by the FCA. As well as this, it’s likely that these loans will be more expensive than the more responsible alternatives that include a credit check.

Use our loan calculator to find out the cost of borrowing

Check out our loan calculator here. Our loan calculator will tell you how much it’ll cost to borrow from us, whatever your credit score.

It’s important to think about how much it will cost to borrow money before you sign an agreement. With some lenders, borrowing money with a bad credit score is more expensive. Not with Cashfloat! Our loans come at the same rate whatever your credit score.

You can use our free loan calculator to find out how much it will cost to borrow money whatever your credit score. Enter the amount you wish to borrow, how long you need to borrow the money, and we’ll give you all the basic figures:

Bad credit loans from a direct lender

Cashfloat is a bad credit direct lender in the UK, and we’re fully authorized
to provide bad credit loans to people with poor credit that need access to loans.


How to apply for a bad credit loan

Loans for bad credit

Understanding the risks and exploring alternatives

At Cashfloat, we understand that having bad credit can be a significant obstacle when it comes to borrowing money. While we specialize in payday loans for bad credit, we want our customers to understand the risks associated with these types of loans. Our loans often have high-interest rates and fees, and they should only be used as a last resort.

What alternative ways are there to borrow if I have poor credit?

If you’re in need of a loan quickly and have concerns about your poor credit score, there are other loan options available to you. Here are some other loans you can consider:

  • Guarantor loans – These loans are an easier approval option than bank personal loans and tend to be cheaper. However, the application process is lengthier, and you’ll need to find a guarantor.

  • Secured loans – Similar to guarantor loans, secured loans are easier to get approved for with bad credit and tend to be cheaper. However, the risks are higher because you’ll lose the assets you use to secure the loan if you default.

At Cashfloat, we always encourage exploring all available loan options before signing any credit agreement. It’s essential to shop around and compare rates and terms from different lenders before making a decision. However, if you do decide that a payday loan for bad credit is the best option for you, we’re here to help. We offer transparent fees and rates and are committed to responsible lending practices.


What is a bad credit score vs a good credit score?

TransUnion Score Experian Score Equifax Score Credit Rating What that means
300–600 0–560 N/A Very Poor Most lenders will reject your credit application
601–660 561–720 0–438 Poor You’ll likely be accepted for bad credit loans, but may be offered high interest rates and low credit limits
661–720 721–880 439–530 Fair You’ll qualify for fair credit score loans with reasonable rates, but you’ll still have a low limit
721–780 881–960 531–670 Good You’ll be able to access a higher credit limit, but not the most competitive rates
781–850 961–999 811–1000 Excellent You’ll probably get competitive credit offers with excellent rates and high limits

As long as we see from your budget that you can afford the loan, we’re happy to help you access the emergency funds you need.

Does Cashfloat provide loans to people with no credit history?


What is a soft search for a loan?

Lenders might use soft searches on your credit file to offer you pre-approved credit offers or to allow you to check your eligibility for a certain credit product without impacting your credit history.

If you complete an actual credit application, however, lenders will perform a ’hard credit check’. Hard searches entail a more thorough review of your credit profile and they do leave an imprint on your file. Hard searches can potentially affect your credit score, especially if the search is from a creditor for a loan or from a credit card application.

Understanding the UK credit scoring system

  • Percentage of people with poor credit:
    The proportion of the UK population with a poor credit rating is approximately 15%.
  • Average debt for those with bad credit:
    The average debt carried by people with a poor credit rating is approximately £9,000. High debt levels can further reduce the chances of loan approval and lead to higher interest rates for borrowing.
  • Reasons for bad credit scores:
    Lenders look for indications of financial instabilitywhen assessing a person’s credit score. This is because these indicators suggest that the person is a higher-risk borrower. Here are some typical indicators of financial instability that come with a bad credit score:
  • What this means for borrowing money:
    People with poor credit ratings often only get approved for loans that come with higher interest rates. As well as this, they will likely be offered smaller loan amounts. Otherwise, they may be completely declined for a loan. Traditional bank loans are often unavailable, meaning that specialist bad credit lenders are used. Over 25% of people we approve at Cashfloat have low credit scores.
  • Loan approval rate for bad credit: The percentage of loan applications approved for those with poor credit is approximately 50-60%. As we said, this is usually through specialist bad credit lenders.
What our customers say
A really good money lender. I got the money within a few hours of applying and they were so easy to communicate with. Would absolutely recommend Cashfloat if you need money quickly. Also, I have very poor credit and that was no problem with them.
Emily, May 2021,
Quick replying, quick payment, the most easiest web site to use and keep track of your loan. Always advised you to make small payments when you can to keep interest down. 5 star from me!
Mr Craig W, May 2021,
With having a low credit score I wasnt holding out much hope of being accepted by Cashfloat. So when my application went through to a review I anticipated the usual rejections. However, I was pleasantly surprised to be accepted with a £500 loan. Definitely helped me during a bad time and will definitely use them again if needs be. The app is basic and easy to use and my money was in the bank within an hour of applying. No brainer
Sharona, December 2020,
Zero hassle. Accepted me with poor credit file and got me out of a right financial muddle, thank you so much!
Anonymous, July 2020,
Why choose Cashfloat
Frequently Asked Questions

How fast can I get a loan for bad credit?

If you need an urgent loan for bad credit, you can apply with Cashfloat and get the money funded to your bank account within one hour*, if approved. The application form is simple and quick to complete. Most people complete it within 2-3 minutes. Once you’ve applied, you’ll get an instant decision. Cashfloat are here to help you get the urgent loan you need.

Can I get a cheap loan for bad credit?

Low apr loans with bad credit can be hard to find because poor credit loans often come with higher interest rates. The good news is that Cashfloat offers lower interest loans for bad credit than many lenders on the market. We believe in giving everyone a fair chance to obtain credit at reasonable rates, even if you have a lower credit score. The good news is that Cashflboat offers lower interest rate loans for bad credit than many lenders on the market. We always try to give everyone credit at reasonable rates, even when they have a low credit score.

Why is it better to borrow from a direct lender?

Here are some of the pros of getting a loan from a direct lender:

  • Know who you’re borrowing money from!
  • Have any queries? Ask your lender directly.
  • You won’t pay any broker fees.
  • You only have to share your details with the lender, meaning they’ll be kept secure.

Can I pay back my loan in easy to manage instalments?

Yes! At Cashfloat, we provide flexible repayment instalment loans that can be paid back over a 3–9 month period. With an instalment loan, you can repay your bad credit loan in regular instalments over a few months. This makes loan repayments simple and easy to manage and removes any uncertainty about what payments you need to make.

If you’re looking to apply for a bad credit instalment loan up to £1,500 from a UK direct lender today, we can help. Our straightforward application form ensures a hassle-free process, and if you’re approved, we’ll deposit the money in your account within an hour*.

Am I eligible for a bad credit score loan if I’m on benefits?

You can apply for a loan for bad credit from Cashfloat if you:

  • A UK resident
  • Have a UK bank account
  • Above the age of 18
  • Have a steady source of income – this can includes benefits

Your income can include benefits, but you will need to have another source of income besides this. If the only income you get is from benefits, you won’t be able to apply for a loan with Cashfloat.

If you get a salary or have another regular source of income, and you get additional income from benefits, you can apply for a loan with us. Keep in mind, however, that we might ask you for information about your benefit payments alongside information about your other sources of income.

As a trustworthy direct lender, we want to make sure that you can afford a loan before we’ll fund it. Therefore, we’ll make a comprehensive check of your financial details before giving you a loan. This will include carrying out a credit check amongst other things. To see if you could qualify for a Cashfloat loan today, you can do a quick affordability test with our loan affordability calculator.

If you’re unemployed or living on benefits and you’re struggling to pay for essentials, please don’t apply for a loan from Cashfloat. It’s much better to:

You may also be eligible for additional benefits from the government. You can read our complete guide to the UK benefits system here for further information.

Can I get a loan with poor credit without using a credit broker?

Yes, definitely! Cashfloat is a leading direct lender, and we offer bad credit loans with no brokers involved. All you need to do is make sure not to tick the ‘brokerage’ tick box on the application form and we will not share your application with anyone else!

Can getting bad credit finance improve my credit rating?

Yes! In contrast to what most people think, getting bad credit financing can improve your credit score. If you show that you can pay back your loan on time after you take it out, your credit score will improve.

Another type of loan provided to people with poor credit scores is a ‘credit-builder loan’. These are loans that can be used to repair a damaged credit score. You can find out more about credit builder loans here.

Should I try to improve my credit rating before applying?

If you don’t need to borrow money urgently, you should look at trying to improve your credit score. Check out our advice here.

You can get a credit report from different credit reference agencies to see how your credit rating changes as you take steps to improve it. If you manage to improve your credit score enough, you might find that you’re accepted for a personal loan with lower interest rates. If you do need a loan quickly, however, you can apply here with Cashfloat!

Can I get a bad credit loan with guaranteed approval from a direct lender?

People who are worried about getting rejected for a loan because of their poor credit score often look for loans with guaranteed approval. We don’t recommend guaranteed approval loans, however, because lenders that offer them take an irresponsible attitude towards their customers’ financial wellbeing.

A lender should always assess your personal situation to see if you can afford to borrow money, just like Cashfloat do.

Unfortunately, we can’t guarantee you’ll be approved for a Cashfloat loan. The good news, however, is that we can lend to people with all types of credit scores. Even if you have a very bad credit history, we’ll do our best to get you the funds you need. We also won’t ask for a guarantor or collateral, and you can also get funded in one hour if you’re approved*. Beat that!

Where can I get help with my application form?

Need some help completing your application form or just want to chat about your loan with us? Cashfloat are always here for you! Our customer service representatives are available for you via phone or email.

How much do you need?
Other amount
Ready for a Cashfloat loan?
Repayment total

Repay over 3 months, 2 monthly repayments of £230.26 , last month repayment of £230.27