£900 Loans for Bad Credit

Updated: July 28, 2024 Author:

Key Takeaways: A bad credit score doesn’t mean you can’t get a loan for £900. Specialists in bad credit financing may give you a personal loan for the money you need. Alternatively, you could seek out a line of credit, a credit builder credit card, a payday loan, a secured or guarantor loan, a pawnbroker loan, or approach a credit union to borrow the funds you require. These options may consider your financial circumstances rather than your credit history when deciding if approval is possible.

    Don’t let a poor credit history stop you from getting your hands on the funds you need. Even with a low credit score, you can still find £900 loans for bad credit if you know where to look. While traditional high street lenders may see you as a risk because of your financial past, there are still plenty of avenues to explore to secure a loan amount for the exact amount you need to cover living costs in an emergency, or be pay off multiple loans to conspolidate them into a single loan of £900. 

    Can I Borrow Money With Poor Credit?

    Many lenders are prepared to offer bad credit loans to people with either no credit history or a less than perfect financial background. Although a regular personal loan from a bank may be out of the question, there are multiple companies that specialise in poor credit lending and who will focus more on affordability than on your credit score when deciding whether to lend you money. 

    Is It Possible To Get A Loan Under £1000?

    A lot of personal loans start at £1,000, but if your credit history isn’t great, it’s a bad idea to borrow more than you need. There is the option to borrow amounts under £1,000 as long as you’re searching in the right places. Small loans allow you to borrow small amounts of money, often starting at £300 or £500, which is ideal if you only need to borrow £900 to get you through an urgent situation. These are often available from bad credit lenders and can be easier to obtain than a loan for a larger amount. 

    Explore the Lending Options for Those with Bad Credit Scores

    There are several loan options, no matter how low your credit score. These include: 

    • Unsecured personal loans from specialist bad credit lenders
    • Payday loans
    • Credit union borrowing 
    • Pawnbroker loans 
    • Secured personal loans 
    • Credit builder credit cards
    • Guarantor loans 

    Unsecured Personal Loans

    Unsecured personal loans are the standard type of loan that might come to mind when you think about borrowing from a bank. No asset is used as security for this type of loan, so the lender relies on the information you provide to make a lending decision. 

    Payday Loans

    Although payday loans have had a poor reputation in the past, these days they are better regulated. They could be an option so long as you can pay the entire amount back within the specified timescale, which may be around three months. Preferable is to repay in full the same month it was approved because is accrued daily.

    Lines Of Credit

    This concept is similar to an overdraft, allowing you to borrow up to a specified amount whenever necessary. Once you have a line of credit, it remains in place, allowing you to borrow again in the future without making another application. 

    Credit Union Borrowing

    A credit union is a possible alternative to a high street bank or online lender. Generally, they are more likely to consider you as an individual rather than just your credit score, focusing on your current circumstances instead of your credit history. Bear in mind, though, that you may need to meet other criteria to borrow money from a credit union, such as having a certain occupation, or living in a particular part of the country. 

    Pawnbroker Loans

    Pawnbroker loans are one of the most traditional ways to borrow money, involving leaving an asset with the pawnbroker in exchange for funds. When you pay the money back, you get your item returned. On the other hand, if you fail to pay back the pawnbroker, they could sell your item and use the money to pay themselves back. This is an option to consider if you only need to borrow a small amount of money, have some valuable assets, and don’t want to be credit checked, but it may be difficult to find assets worth over £900 to borrow against. 

    Secured Personal Loans

    A secured personal loan is secured on a specific asset, such as your property or your car. If you fail to make your payments in full and on time, you could lose your asset to the lender. It is, however, often easier to get this type of loan if you have a bad credit history since the lender will see you as less of a risk because of the loan being secured against something of higher value to cover the total loan repayments.

    Credit Builder Credit Cards

    A credit builder credit card is a credit card with a low limit, typically under £1,000. The interest rate will almost certainly be high, but if you can make your repayments on time, you could build your credit score back up again so that you can benefit from better deals in the future. 

    Guarantor Loans 

    If you have a friend or family member who is willing to act as your guarantor, you could apply for a guarantor loan. This type of loan requires another person with a good credit score to agree to pay off your loan if you fail to do so. While this can be a good way to get your hands on the money you need, it could cause serious personal issues if you default on your loan. 

    Am I Eligible To Get A £900 Bad Credit Loan?

    The basic eligibility criteria for bad credit loans require you to be aged 18 or over, resident in the UK with at least three years of address history, and have a current account in the UK. All lenders have their own specific requirements too that you’ll need to meet, but for bad credit lenders, those usually centre around affordability rather than your specific credit score. As long as you can demonstrate that you have the means to meet your repayments, you could be eligible for the loan. That means that, even if you are on benefits, it’s still possible to obtain the loan you need through specific lenders. Be sure to check with them before applying that they accept income from benefits either wholly or partially. Not all do. 

    However bad your credit is, there are still options open for you to get the £900 you need. Once approved, ensure you make your repayments on time and in full so that you can avoid further financial difficulties in the future.