Bad Credit Loans for Any Purpose – Borrow up to £5,000 Same Day

There is no shame in suffering from bad credit. 40% of adults do so in some way. And credit scoring in general is a somewhat fickle process, particularly when you’re dealing with automated systems, aggregate scoring, and a long reference period (6 years in the UK). The simple fact that a missed payment from 6 years ago can determine your creditworthiness is somewhat unfair. But unfortunately, a reality that hinders a lot of us.

At Uncle Buck, we understand that even those with a bad credit rating need the same access to credit as people with “good credit”. Perhaps even more so. Particularly if you need cash today as an emergency expense has cropped up. This is where bad credit loans come in. We partner with a team of UK based direct lenders who specialise in facilitating short term loans for people with bad credit. So even if you’ve run into financial difficulties in the past, there is still get access to credit.

How much would you like to borrow?

Representative Example: Rates from 12.9% APR to 1625.5% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%. Representative APR: 79.5% (variable).

Uncle Buck – We Specialise in Bad Credit Lending

Our extensive lender network consists of a wealth of bad credit lenders who determine eligibility by looking beyond your aggregate credit score. Most notably, affordability. In addition to assessing your credit risk via traditional means, our lenders also look at the real world specifics of your personal financial situation. For example, how much money you have coming in month to month (income) versus how much you’re paying out (expenditure). They will then determine if you’re able to pay back the loan amount you requested from the money you have left over (surplus income). So regardless of your credit rating, if you have money coming in month to month, there is a high chance you will be accepted for a loan if you have the funds available to make the repayments.

Customer Satisfaction Always Guaranteed

Facilitating and expediting the borrowing process for applicants with a bad credit score is our main goal at Uncle Buck. But it’s our customer service and how we strive for customer satisfaction that keeps customers coming back. That and the fact we operate in a fair, transparent, and highly responsible manner. And we’re experienced.

Here are just a handful of reasons why you should consider Uncle Buck for your next bad credit loan: –

  • UK Based Direct Lenders
  • Low, Poor, Bad Credit Accepted
  • Cash for Any Purpose
  • Borrow up to £5,000 today
  • No Guarantors Required
  • Same Day Transfers
  • Instant Online Approval

Are You Eligible for a Bad Credit Loan?

To be eligible for a bad credit loan from Uncle Buck, you need to meet ALL the following criteria. Our application process is extremely straightforward and takes less than 5 minutes to complete. Be sure to have all your personal details to hand such as name/address/phone number and information regarding your income source, amount, and expenditure estimates. Your bank account details will also be requested. This is so the lender that you’re matched with can transfer you the funds directly. It is not part of the verification process.

  • You must be 18 years old or over to apply.
  • Have a regular income from employment, self-employment, benefits, or pension.
  • Maintain an active UK bank current account. Your income should be paid into this account also.
  • Be a UK resident and able to provide a UK postal address and phone number.

If you meet all the above criteria, we will be happy to welcome your loan application, regardless of your credit score. You may also notice that we request the reason for needing the loan today. This is primarily for reporting and recording purposes. All the loans offered at Uncle Buck are considered cash for any purpose. You will not be required to provide proof of purchase/expenditure. Not will any further details be requested of you in terms of proof of income etc.

Get to know what makes a bad credit score!

Understanding Bad Credit – What You Need to Know

Lots of people suffer from bad credit, unfortunately. But some don’t quite understand why. Sure, some have been unable to repay a debt at a certain point in time and found themselves turning to debt management / repayment solutions as a result. But some also possess a low score even though they believe they’ve satisfied all their financial responsibilities and obligations historically.

Below we’ll run through what makes a bad credit score along with some quick tips on how you can go about improving yours.

What Makes a Bad Credit Score

Whilst a bad credit report or score is calculated based on a variety of different factors, here are a few of the primary elements that combine to form your overall score.

Electoral Register (roll): A lender will look to the electoral register to verify that the address you entered via your loan application is correct. If you do not have an entry on the register or it doesn’t match the address which you’re applying with, it can be viewed as a negative. Fortunately, it’s easy to remedy. You can register for the electoral roll even if you’re renting or living with your parents. So it’s well worth doing if you intend to apply for credit either now or in future. It is also important that you keep your address updated if you move house.

Credit Utilisation: Having lots of loans and/or credit cards and either exceeding or being very close to the agreed limits can also be a red flag to lenders. And a common reason for a lower credit score. If you’re close to your limits, you’ll likely improve your credit score by increasing them. This illustrates to a lender that you don’t exhaust all your available credit simply because you can. This is seen as good financial management to prospective lenders.

Unauthorised Overdrafts: Any kind of over usage is frowned upon by lenders and such is reflected in your credit score. Always make sure you stick within your previously agreed limits. Even getting close to your limits as per the above can dampen your score. If your bank is willing to afford you an unauthorised overdraft in the first place, it’s highly likely they’ll offer you an authorised one with a proper, predefined limit.

Late/Missed Payments: This is the most common cause of a bad credit score and unfortunately not something you can immediately address, as the issues are largely historic. Each time you’re late with a repayment (or miss one entirely), your lender will report it. Credit reference agencies (CRA’s) then use this data to formulate your score and inform other future lenders of the issues that they faced. If you are ever unable to make a repayment, it is important that you speak with your lender directly. They may be able to delay the repayment or roll it over onto the following month. This may well end up saving you from a black mark in your report as it is at their discretion what to report and when.

Debt Management Products/Solutions: Having any kind of debt management product or solution on your credit report is a huge red flag. It clearly shows any lender that you’ve struggled with debt in the past. This is enough for most lenders to outright refuse any kind of loan as they will automatically determine you to be a high credit risk. Fortunately there are lenders out there such as the ones we’re partnered with who can assist those with even the worst credit history providing you’re able to safely afford the repayments.

High Volume of Credit Applications: Each time you apply for a short term loan or credit card, your credit record will be pulled by the lender and a record of such will be entered. Having too many of these pulls (or searches), particularly if they’ve resulted in rejections or declines will depict you as a high risk in the eyes of a prospective lender.

Takes These Steps to Improve Your Credit Score

Understanding what makes a bad credit score as per the above should effectively illustrate what you also need to do to improve it. But here are some steps you can take in addition to addressing the above to start improving your credit score right now: –

Take on Credit: Taking on credit of any kind, be it a loan or credit card and then making all your repayments on time etc is by far the best way of increasing your credit score. This will demonstrate to other, future lenders than you can handle credit/debt in a responsible manner and meet all your financial obligations without issue.

Check Your Credit Report: Credit reporting isn’t always entirely accurate. Inconsistencies occur from time to time which could be having an adverse effect on your score. You should check for falsely reported late or missed payments. Accounts which should be closed or even accounts that are listed on your report that you’re unaware of.

Close Old/Inactive Accounts: Having lots of accounts open that aren’t actively used can also be seen as a negative. You should look to close any old or inactive accounts that you’re no longer using (or don’t intend to). Older accounts in general are seen as a good thing when it comes to credit scoring. So don’t close old accounts you’re actively using. Just ones which you are not.

Pay Off Some Debt: This might sound obvious but clearing even a small amount of debt can see huge improvements in your overall score. Particularly if you’ve maxed out your overdraft and credit cards. Likewise borrowing more and consolidating some debts can also be deemed an improvement. The overall debt to credit utilisation ratio will remain largely unchanged, but it may result in you having less open/active accounts which is favourable.

Why Use Uncle Buck?

  • High Acceptance
  • Easy Application
  • Quick Decision
  • £5,000 Loans
  • Responsible Lenders
  • Repay Over 36 Months
  • No Hassle
  • No Guarantor
  • No Hidden Fees
  • No Paperwork
  • No Phone Calls
  • No Delays
  • UK Based
  • Poor Credit OK
  • Reputable Lenders
  • Established Broker
  • Fair Treatment
  • Instant Transfer

Credit Checks, Scoring and Reference Agencies

Knowing the ins and outs of bad credit is one thing, but it’s also important to know why credit checks are important for both you as a borrower as well as the obvious benefits for the lender. It also helps to know how credit scores are formulated and how the reporting agencies collect, utilise, and report such info. Below we’ll provide an overview of how it all works.

The Importance of a Credit Check for Both Lenders and Borrowers

On occasion, a customer will come to us wanting to take out a bad credit loan with no credit check. There are numerous reasons for this. Often, it’s due to the fear of being refused because of them knowing they’ve suffered from bad credit historically. Or perhaps they have a bad credit record and don’t want to further compound their issues by having more credit search entries logged. Whatever the reasoning, it’s important to know that a credit search is performed with your protection in mind as well as the lenders.

All the lenders we partner with at Buck practice what is known as responsible lending. In a nutshell, means that they only want to lend you money that they know you can both afford to pay back and most importantly, have no issue doing so i.e. not creating affordability issues elsewhere. It is for this reason why a credit check also benefits you, the applicant.

How Credit Scores Are Calculated

The formula used is different from agency to agency, but they’re all largely based on the same factors and metrics. Essentially, points are awarded (and lost) for each positive and negative element of your report. Being late or missing payments removes points, and successfully making a repayment increases them. Likewise, some elements are worth more than others. At the extreme ends of the scale, filing for bankruptcy would remove a lot of points versus successfully repaying a loan in full across 5 years with zero issues would be a huge plus.

Credit Reference Agencies (CRA’s)

In the UK there are several credit reference agencies or CRA’s that can provide you with your credit report. The main ones being Equifax, Experian and TransUnion. All these agencies will allow you access to the same report that lenders will see on a soft pull of your record. It will list all your personal details such as name/address etc along with information of the accounts you hold, open and closed for the past 6 years. It will also list the amount of debt outstanding, what has been repaid along with any details of missed/late payments.

Bad Credit Loans for Students

Taking out a loan, credit card or borrowing of any kind is often a real struggle for students. Primarily because they have not been afforded the chance yet to build a strong credit record simply because they’ve been unable to take on the necessary credit to do so. We understand this which is why we partner with lenders who are able to facilitate loans for students or loans for people with no credit rating whatsoever.

I have no credit rating; can I still take out a loan?

In short, yes. Our lenders look towards affordability as opposed to regular credit scoring/reporting. So if you have an income of sorts and do have some surplus income which could be used to repay a loan, your application will most definitely be considered. You will still be required to meet all of the eligibility criteria mentioned above, but the fact that you’re a student will not have any bearing on your ability to apply.

Free Debt Advice, Guidance and Tools

If you’re struggling with debt, it’s imperative that you get the right advice with regards to the handling your current situation. Whether you want help dealing with a lender or you’re worried about your debts become unmanageable, there are people out there who are ready and willing to help. The 3 sites below are a mixture of government backed initiatives and debt charities. All of whom can assist you with all your debt related needs.

Apply Now

How much would you like to borrow?

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum loan length is 1 month. Maximum loan length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Uncle Buck is a registered trading name of Chojin Ltd. Chojin Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number 732880. Licensed by the Information Commissioners Office (registration number ZA214952).

Chojin Ltd is registered in England and Wales (Company number 07339611), with a registered office located at 241 Highland Drive, Loughborough, Leicestershire, LE11 2QF.