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Long term loans for bad credit


  • See loans you’re pre-approved for before you apply


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What is considered a poor credit score?

What is considered a poor credit score?

The lower your credit score the less likely you are to be accepted for the most competitive deals and low interest rates on loans, credit cards and mortgages.

MoneySuperMarket’s credit monitor service uses TransUnion, which is one of the three main credit reference agencies alongside Experian and Equifax. Transunion scores range from 0 to 710 and anything lower than 550 is considered a low credit rating.

Check your credit score and get free tips on how to improve it with our free credit monitor tool. You can check your rating as often as you like and it won’t affect your credit rating in any way.

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Can I get a long term loan with bad credit?

It may still be possible to get a long term loan, even if your credit score is low. But you’re likely to find:

  • You cannot borrow as much

  • The interest rate will be higher

  • There might be less choice of loan deals available

If you have struggled with debts in the past or you have a low credit score because you’ve not borrowed before, then specialist lenders are available. They offer a range of loans for bad credit, but expect interest rates to be high compared to standard loans. Another option to consider might be guarantor loans or secured loans


Is a long term bad credit loan right for me?

Taking out a long term loan with bad credit is not a decision to take lightly. There are pros and cons to consider.

  • Tick


    • Spreading a loan over a long term can make monthly repayments more affordable

    • The right deal could help you consolidate other debts 

    • Repaying the loan responsibly shows you can handle credit and could improve your credit score

  • Cross


    • You might face high interest rates and not be able to borrow as much as you would like

    • A long term loan usually means you’ll pay more interest overall  - so it’s more expensive

    • If you cannot keep up with repayments you could further damage your credit rating. If your loan is secured your home could be at risk

With a pre-approved loan, the deal you see is the deal you get

When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.

  • Apply with confidence

    When you’re pre-approved, theloan amount, duration and interestrate are all confirmed

  • Tailored to you

    When you know what you’ll be able toborrow and how much it will cost, youcan choose a loan that’s right for you

  • You’re in safe hands

    This helps protect your credit score asyou’re less likely to be rejected whenyou apply

How to apply for a long term bad credit loan with MoneySuperMarket

We’re here to help find the right bad credit loan for you, tailoring the results to your specific situation

  • It won’t take long

    Tell us a little about yourself, your finances and what you’re looking for. For secured loans register yourself as a homeowner in the search.

  • We’ll browse the market

    We’ll compare deals from our leading panel of loan providers to find ones that suit you from across the market.

  • Compare loans

    You’ll be able to sort long term loans through overall cost and your chances of being accepted. Then you can click through to your chosen provider.

APR stands for annual percentage rate, and it essentially means the interest rate at which you’ll pay back the long term loan. It includes the main interest rate of the loan, but also takes any other fees and charges into account so you get a better picture of the loan’s overall cost.

When you see a Representative APR advertised on a loan, it means this rate must be offered to at least 51% of all applicants. You won’t be guaranteed to get this rate yourself, as this will be based on your personal circumstances and credit score.

A soft search is a check on your finances to see your chances of getting a loan – without it affecting your credit report.

The soft search should reveal loans that you’re likely to be accepted for, so when you complete the full application you’ve every chance of being successful.

There are some simple steps you can take which can have a quick impact on your credit score. These include registering on the electoral roll and checking your credit file to see if there are any errors that can be corrected. Other ways to improve your credit score take longer, but can help you borrow at lower interest rates in the future. Our guide on how to improve your credit score should help. 

The most you can borrow will depend on your personal financial situation, your credit score and the policy of individual lenders. Generally, the better your credit score the more you’ll be able to borrow, but if you have a steady and reliable income and low overheads you might be able to borrow more even with a bad credit score. Specialist lenders are available who can offer loans to those with poor credit.

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

  • Whip your credit score into shape with Credit Monitor

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