How to Get a Loan with Bad Credit

  • Focus on Your Purpose
  • Learn from Past Mistakes
  • Show Your Repay Capacity
  • Always Seek for Improvement

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If your credit report is shabby, you are likely to face rejection as your lender will have qualms about your repayment capacity. Getting a loan with bad credit at reasonable terms may seem very difficult, but it is not all up. There are some ways to get a loan.

“Bad credit history is a result of missed repayments in the past. However, your score may be less-than-perfect because you have no credit history behind.”

You might not get an ideal loan that aligns with your budget or a lender may ask you to arrange collateral and a guarantor with a good credit record. Such restrictions may hold you back from taking out a bad credit loan. This is when Forever Finances outstretches a helping hand to financially support you.

Quick Loans

You may not be eligible for getting the loan with most attractive interest rates as they are exclusively available for good credit borrowers. Forever Finances will help you get the deal at lower interest rate than the market rate.

“These loans will help you build your credit if you continue to repay your debt timely.”


Look over your credit score

Before you apply for a short-term loan with a disappointing score, you should ask credit reference agencies to have your credit report to see all of the details are correct and updated. Make sure that there are no derogatory remarks on your report and all defaults appearing on the report are in your knowledge. If you find a default that you do not identify, contact the bureau to get it rectified.

Build your credit

You have looked over your credit report, so you have a clear idea of where you stand. Of course, you will not get the best deal if your score is below average. It is time to start improving your credit health. A lender calculates your credit score not only based on the one factor: your repayment history but also other factors. Focus on all factors that can affect your credit score and throw you out of the eligibility of getting the best deal.

  •   Payment history

    The lender will look at your repayment history to ensure that you are financially responsible. You cannot reverse your past defaults, but you can manage to pay off your current dues on time. Try to settle outstanding credit card accounts and pay all utility bills on the due date. This will help you build your credit score.
  •   Credit usage

    Try to keep credit utilisation ratio as much lower as possible. If you consume your entire credit limit, it will allow of the only interpretation that you rely on debt. You are likely not to have your application approved if the credit utilisation ratio is higher. Ideally, it should not exceed 30%. Try to use cash to make purchases.
  •   Length of credit history

    The length of your credit plays a paramount role to build your score. Do not close any unused account as it will decrease your credit utilisation ratio. Let your unused credit card accounts open as long as you do not end up paying higher maintenance fees. If you are flummoxed, talk to your lender or a credit card company to take financial guidance.
  •   Credit types

    A lender examines your credit report to assess your reimbursement capacity and for this purpose, it will know about your incomings and outgoings. If you have already taken out personal loan or any other long-term loan, your chances of getting the loan may go down.
  •   Recent credit

    Applying for a loan or a new credit card in a recent period can make you seem risky. As a result, the lender may reject your application. Take out a loan only when it is urgent.

Shop around multiple lenders

Now that you have improved your credit report, the next step is to find out a lender who offers the poor credit loan at competitive interest rates. Different lenders charge different interest rates and they follow different criteria. Before you apply for the loan, you must know that you meet the eligibility criteria set by the lender. Ask for the quote and choose the one that offers lower interest rates. Forever Finances provides personalised loans for people with bad credit that fit your budget.


Any short-term loan or personal you take out with an adverse credit history is known as a bad credit loan. These loans have been specifically designed for helping people meet financial emergencies. Since the default risk is high, you are likely to pay a bit higher interest rates than good credit borrowers.

These loans require neither collateral nor guarantor. You just have to fill out the application form online and you will get the loan same day if approved. If you want to get the best deal, you may put security against the loan. You can also arrange a guarantor with a good credit score.

Forever Finances provides bad credit loans at competitive interest rates. If you are struggling to get a loan due to poor credit performance in the past, you should apply here.


How to Get a Loan with Bad Credit FAQs

  • How Do I Get Start the Loan Process?

    Starting the loan process is easy at Forever Finances because we follow the only online procedure with minimum need for legwork and paperwork. Follow these steps to begin the loan process:
    > Come to our website and find out an online form
    > Fill the form with personal details
    > Submit it and wait for approval

  • How Much Safe is My Personal Details at Forever Finances?

    At Forever Finances, every personal detail is safe and secure. You can read our terms and conditions to eradicate any doubt. We guarantee our borrowers that their personal information and credit scores will not be revealed to any third party without their prior knowledge.

    If you still have a doubt, then you can read our testimonials section where our previous borrowers have expressed their views.

  • Can I Renew My Loan for Another Purpose?

    You can renew your loan deal with us anytime. We give liberty to our borrowers to use our loan offers for their financial benefits whenever they needed. Most of the time, the terms and conditions remain the same, but slight change may be expected according to the current income capacity.