Credit Scoring

How to Borrow Money with a Very Low Credit Rating?


Almost everyone will have to borrow money, at one point or another. When it comes to getting smaller amounts of money, people tend to borrow from family or friends, however, larger expenses may require getting a fully-fledged loan. This is not a problem for individuals who have had great relationships with banks and have slowly built up their credit rating. This having been said, not everyone has a perfect credit score and this means that some people simply do not have access to proper banking services.

Luckily, banks are not the only ones who can offer loans. While they are the most popular choice, there are other ways to legally borrow money, regardless of one’s credit rating. Please note that we won’t look at traditional lenders such as pawnshops or community lending associations. Instead, we will talk about reliably borrowing money online.

The Main Online Lending Platforms

There are 3 main ways through which individuals with low credit ratings can borrow money online:

P2P Lending Websites

P2P lending websites work by putting lenders in contact with borrowers. The platform itself only oversees the transactions, ensuring that all parties follow the terms and conditions. Generally speaking, these websites allow users to buy moderate amounts of money (up to £2,000), for up to 60 days. However, these terms can vary from one platform to another.


  • The platforms do not perform credit checks or report the loans to credit registers;
  • Very few requirements for signing up;


  • It can take up to one week to have your loan request approved;
  • Loans are limited to certain amounts;

Online Lenders

These are similar to banks, in the sense that they regularly come up with specific deals that they then market to anyone interested. However, they do come with several advantages when compared to traditional lenders. First of all, they do not perform any credit score checks. This enables individuals with low credit rating to borrow money without worrying that they might not be eligible.


  • They are a good alternative to banks;
  • No credit checks are performed to determine if the user is eligible or not for a loan;
  • Can be used to borrow large amounts of money;


  • The loans come with higher interest rates than those from banks;

Lending Apps

For the Android as well as the Apple Appstore are filled with apps that enable people to get micro-loans. These apps are great because they only require proof of identity, proof of address, and an active bank account to work. Furthermore, requests are processed instantaneously, turning them into useful tools for situations when you need a few extra pounds to pay a utility bill or the rent.


  • They are an easy way to borrow money in a matter of seconds;
  • Low-interest rates;
  • Great substitutes for credit cards;


  • Only suited for borrowing small amounts of money;
  • Most apps are riddled with ads, making it difficult to navigate through the menus;

Each of these platforms is useful in its own right and all of them can be used by individuals who have low credit scores. Please keep in mind that none of them performs credit score checks, however, you will need an active bank account to get the loans. This having been said, the money that you borrow from the apps will not show up on your bank statement as a loan, but as a regular transaction. Furthermore, all three of these types of platforms are heavily regulated by the government, so your personal and financial data will not be disclosed to third parties without your consent.

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