Low Credit Score Loans

For Everyday Lives

If you have never borrowed from us before, as a new customer the maximum loan term you can choose is 365 days (12 months). Our low credit score loans are a flexible option for many people and during your application, we can work with you to decide on the best loan terms for your circumstances.

Representative Example

Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.

This will vary depending on individual circumstances, but our loans for people with a low credit score can help your credit rating in the long term if repayments are maintained and you’ve not applied for many different lending products in a short space of time. Each credit application you make will leave a footprint on your credit file, especially if many hard searches are made in a short space of time. If you maintain repayments on your existing borrowing and pay off on time as per the credit agreement, this can have a positive effect on your credit file. This is because it will show to other lenders you are a trusted borrower, and it will help reduce the risk they have in lending to you. Remember, short term loans should not be used to help pay for long term financial issues and can have the opposite effect if you become reliant on this form of borrowing. If you are experiencing financial difficulties, we recommend seeking help from the Money Advice Service or Citizens Advice.

Yes, all applicants no matter the type of loan require a credit check. As responsible lenders, we need to ensure the loan is affordable for you. This means checking your financial history to determine if you are in current financial difficulties. This isn’t the only factor when providing a lending decision at Fast Loan UK, as we will focus on your current finances and what you can afford towards repayments.

Whereas a traditional payday loan would require repayment in full on your next salary date, our loans provide added flexibility. You can apply for a low credit score loan and choose a repayment term over a number of months if you need to. This helps applicants choose affordable repayments for the loan amount they need. In the same way as a payday loan, you will benefit from a fast application process and same day payout if approved. As a form of high-cost, short-term credit, you’ll need to ensure you are happy with the interest and repayment terms before proceeding. Use our loan calculator and adjust the sliders to see the approximate costs before clicking apply now.

We do not provide 100% acceptance loans, so all applicants are subject to credit and affordability checks before approval. As we do provide low credit loans, we can help those with a less than perfect credit rating, but this is not guaranteed. If you can prove you can afford the loan you need and we determine it will not cause financial difficulty, there is every chance your application could be successful.

If it is your first loan with us, the maximum you can borrow is £800. We need to ensure a low credit score loan is affordable first, so the maximum amount available will be subject to status. If you have used Fast Loan UK previously, you can apply again if your first loan has been repaid in full. You may be able to borrow up to £2,000, subject to credit and affordability checks. We do not encourage applicants to apply for the maximum amount available, so only apply for the loan amount you require and can afford.

A low credit score loan is designed for short term use and is not suitable to cover any existing debt or other credit commitments you may have. If you are experiencing financial difficulties, you should consider if further borrowing is suitable for your situation. If you need further financial advice or help, please visit Money Helper for more information.

Yes, if you are in a position to repay the full amount of your loan early, we can help. All you have to do is contact your Customer Care Manager or email us, and we’ll be able to provide an early settlement figure. Please note, this will include an early settlement fee of £10, depending on if the daily interest charge of 0.8% is exceeded. You will only be charged interest for the days you have borrowed, so you may save some money by repaying early.

You should ensure that before continuing with a loan application that you can maintain the monthly repayments required. If your circumstances do change during the loan agreement, please contact us as soon as possible to discuss. Whilst we do not charge any late payment fees, missing repayments may impact your credit rating and have a negative effect on borrowing again in future. If you feel you will miss an upcoming repayment, please speak to your Customer Care Manager as early as possible.