Most people in this situation will look for a bad credit loan no guarantor required. And the good news is that various companies do offer these bad credit loans. Typical features of these loans are:
A relatively low borrowing amount, at least for your first loan. This is to allow you to show you can handle your loan and meet the repayments on time
A quick and easy application process which can usually be done online
A higher interest rate than you might find on the high street because this is a higher-risk lending product
The ability to repay early without any penalties
The option to make weekly or fortnightly repayments rather than monthly repayments
Quick payment of your loan, often within 24 hours. This is because bad credit loans tend to be for emergencies, so lenders work quickly to release the relatively small funds
A short repayment timeframe that reflects the shorter sum that you borrow and the emergency nature of the loan
The good news is that as you repay your bad credit loans on time and in full, you will build up your credit rating, making it possible for you to borrow more, more easily and to take on regular loans with lower interest repayments. Remember that if you feel you cannot repay a loan, it is important that you do not take one out. If you take out a loan and cannot repay it, you will damage your credit score and find yourself with extra fees and the risk of CCJs against your name.