Bad credit personal loans are rarely offered by prime lenders but instead are well and truly the domain of payday lenders.
Companies like Quick Quid and Wonga provide a useful service for those that have bad credit and are unable to turn to their regular lender for a loan.
Payday providers offer bad credit unsecured loans
Unlike prime lenders who are unwilling to take a risk on those
with a bad credit score since the financial crisis, payday lenders are willing to take a risk.
There is a price to pay for the borrower however. The loan amount will be smaller, the duration shorter and the loan fee will be higher than any loan offered to a prime borrower by a prime lender.
