Bad Credit Loans FAQ

Finding a lender for a bad credit loan can be challenging at the best of times, however, at Progressive Money, we strive to provide a range of loans, even to customers who have a poor credit history.

Whether you’re looking to take out a bad credit loan to consolidate a number of existing debts and payments into one payment, or finance the repair of essentials such as your vehicle or boiler, or even treating the family to a much-needed holiday, we may be able to help.

We strive to ensure each customer for our bad credit loans is examined and treated individually, as we know that each situation is more than what appears on our computer screen. That’s why we offer a range of lending options, to suit the circumstances of each customer.

If you’re looking for more information about our bad credit loans and you haven’t been able to find an answer on our main bad credit loans page, we’ve added this extra section, so we can cover some more of the frequently asked questions we receive in relation to bad credit loans.

If you’re still unable to find the answers you’re looking for after browsing the bad credit loans FAQ section below, you can contact our expert loan advisors on 0161 814 9383 with any further questions.

I have been declined for credit in the past, can I apply?

Yes, you can! At Progressive Money, we specialise in loans for those who may have been declined credit in the past, meaning we may be able to lend you money where other lenders may not. We take the time to understand your current situation, as we know personal circumstances aren’t as simple as what appears on our computer screens during our checks.

What is a soft search?

As part of our bad credit loan eligibility checks, we will conduct a ‘soft search’, also known as a ‘quotation search’. Essentially, this leaves a soft footprint on your credit file rather than a hard footprint that would be left by a full credit application. A soft footprint does not affect a person’s credit score and allows the customer the freedom to shop around without the worry of affecting their creditworthiness, which may be ideal for those who may have a poor credit history.

We complete a quotation search on every application so that we can make a credit decision for you.

Prior to funding your loan, we will complete a Full Search which is also known as a ‘Hard search’ so that we can leave a footprint on your credit file so other lenders can see that you have made a full credit application, which may affect your credit score. We will only do this once your loan has been fully approved and the money is ready to be transferred to you.

Are bad credit loans a good idea?

After many years being direct lenders of bad credit loans, we know all too well how each customers circumstances differ from case to case. That’s why in certain cases bad credit loans are an ideal solution.

Bad credit loans can be a good idea for customers looking for finance, who may have been turned down by other lenders. As we’re direct lenders of bad credit loans, we’re often able to offer more flexibility when it comes to who we can lend to, meaning even if you’ve been turned down elsewhere, you may be successful when applying with Progressive Money.

Also, because we initially conduct a ‘soft search’ check, rather than a ‘hard search’, our eligibility checks won’t affect your credit history and means you’re able to shop around at your convenience.

Whether you’re looking to fund the repair of your vehicle or home, or simply consolidate a number of debts into one simpler and more convenient payment, a bad credit loan from Progressive Money may be the solution.

Are Progressive Money direct lenders of bad credit loans?

Yes, we are a direct lender of bad credit loans. We look at your personal circumstances and may help find a loan that is an affordable option.

We pride ourselves on being direct lenders, because it allows us to study and understand the specific needs and circumstances of each customer, and offer a lending option which suits them.

If you’re looking for a direct lender of bad credit loans, look no further than Progressive Money!

What do I need to apply for a bad credit loan?

We strive to make our range of bad credit loans available to as many customers as possible, offering a range of payment terms and agreements that suit our various customers. However, we do have some criteria and requirements to meet, to ensure that our loans are right for you.

Here are the criteria you need to meet in order to be able to apply for a bad credit loan:

Aged 18-70
To apply for our bad credit loans, you must be aged 18-70.
Your loan must be repaid by your 70^th birthday.

Employed or self-employed
We require secure employment or history of self-employment. For self-employed people we may require some additional details on the past and current performance of your business.

Homeowner (not tenant)
While we do not secure our loans against your property for security, we do ask that you own and live in your home, and aren’t tenants.

Live in England, Scotland or Wales
Our bad credit loans are only available if you live in England, Scotland or Wales.

Here’s what you’ll need to make your application for a bad credit loan:

Address history
We will need to see your last 3 years of address history.

Bank details
You’ll also need a few simple bank details to hand in order to proceed with the bad credit loan application. Firstly, you’ll need your bank account number and sort code, and secondly, your digital banking login details.

These will allow you to send us the required bank transaction history, and allow us to ensure the loan is right for you in terms of what level of monthly payments are affordable for you.

Can I pay off a bad credit loan early?

Yes, you can. Details of the payment to settle the loan must be requested by contacting our Relationship Management team.

For further information about our bad credit loans (or any other lending options), you can call our friendly and knowledgeable team today on 0161 814 9383.