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How to Improve Your Chances of Getting a Loan With Bad Credit

Since the 2008 crash, it's been much more difficult to get finance of any type, especially if you have had financial problems in the past which have left you with a bad credit rating. Considering this difficulty, if you're finding that your loan applications are being rejected, is there anything you can do?

Check Your Credit File

The first thing you should do is request a copy of your credit file from the major credit reference agencies. Examine it carefully and make sure that there is no inaccurate or outdated information on it. Especially ensure that any old debts that have now been settled show this. If there is any incorrect information on your file you have the legal right to have it corrected, providing you can show proof of the correct information. Once your credit file is in order you can proceed to looking for a loan.

Be Realistic

The years of cheap and easy credit are well and truly over, and are unlikely to return any time soon. If you see an advert for a loan at an appetisingly low rate, it's very likely that this offer will only be available to applicants with excellent credit ratings. Applying for one of these loans and being rejected due to adverse information on your file will only make things worse - every finance application made is added to your file along with whether it was approved or not, and as rejections mount up your credit rating will only get worse.

Bad Credit Specialists

So bearing this in mind, look for a loan company or broker who specialise in providing bad credit loans, and be aware that you're going to have to accept an interest rate higher than those touted in the adverts.

Loan Amount

Higher loan amounts are more difficult to be approved for, so only ask for the minimum you can - don't be tempted to bump up the amount as this will lead to a higher chance of rejection.

Consider Loan Types

Unsecured loans are one of the hardest types of finance to be approved for if you have a poor credit rating, so if you are a homeowner consider applying for a secured loan (but be aware of the risks), or if you rent your home and know you will struggle to get a loan, a guarantor loan might be a solution worth looking into.


Finally, be very wary of loan companies offering bad credit loans but only if you pay a fee upfront. While some genuine companies ask for fees, very many are scam artists who will take your money but offer you little in return. These scammers particularly target people with poor credit ratings as they know the applicant will have fewer places to turn to and so will be more easily fleeced. ADM Loans charge no fees!

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