Missed or late payments on credit agreements mean that it will be more difficult to borrow money. This is because adverse entries will be registered with all leading credit reference agencies. However, it is still possible to get a bad credit, low interest loan. Bother tenant loans and secured loans are available to those who wish to borrow money.

Where to Get a Bad Credit, Low Interest Loan

  • Homeowners with sufficient equity available may be able to get a secured loan.
  • A tenant loan may also be available from a Credit Union for non-homeowners.

Pawnbroker or Payday loans are further possibilities, although the rate of APR will reflect the risk of default posed to the lender. However, they remain useful ways to borrow money for those with a bad credit rating.

Credit Union Loans

A Credit Union is established on the basis of a common interest, such as work or locality. Low interest loans are available to bad credit customers as they operate solely for the interests of their members, not profit. The maximum APR on a Credit Union loan is 26.8%, but rates tend to be considerably lower. Although the maximum amount that can be borrowed is less, the APR on a tenant loan is often as favourable as on a secured loan.