2014 Lender Lists:
Need a £1000 or £2000 Loan with Bad Credit?
A previous post uncovered guarantor products as being the Cheapest Bad Credit Loans Online. For a £1000, you would be looking at an average charge of between £195 and £240 with them (assuming that you aren’t directed through brokers). Obviously for £2000 you just have to double up these charges. For this option you must know someone who can stand in to support your application that may not be an ideal option for some. If you have really poor score and you do have possession of a car (under 10 years old) then a logbook loan would be a good choice since many of these lenders don’t credit check.
You would pay around £1000 over the year and so you are essentially paying 100% back to them. The Varooma brand is currently the cheapest solution at £668. There are various 12 month lenders around that charge similar amounts at 100% such as Ladder Loans. MyMate boasts the lowest rate at £796.28. Pounds to Pocket is priced higher, but they process applications 24/7 and offer account servicing. If you need a £1000 loan online or even £2000 then even with the guarantor and logbook options you could receive same day funding. The required security for these is a limitation, but you can access very high cash sums.
The guarantor and logbook lenders usually offer terms way past the year that would help to create more manageable payments. This is important to highlight since you don’t want to get yourself into trouble when bulky repayments are due at the end of the month. If no guarantor loans are the only option then you’ll just have to accept the added costs. If you don’t need a full year then QuickQuid FlexCredit is a good option up to 10 months, although they only lend up to £1000 at first (£1500 when returning). Credit cards from Capital One or Vanquis are good long term solutions, but their credit limits usually start small.