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What is the repayment period for a quick loan for bad credit?

Author: Harry Jones And Facted Checked by : Shanie Capper
Last updated on : 3 August 2023

If you’re thinking about applying for a quick loan, you might be wondering if having bad credit means that you’ll end up paying more in interest, or if you’ll have to take out a longer repayment schedule.

The truth is, repayment schedules will vary from lender to lender, some lenders like Quickquid will also be determined by your own financial circumstances, and your ability to pay back the sum in full (alongside interest) without the repayments impacting your essential spending.

In this blog, we’re going to take a look at what kind of repayment plans are offered by quick loan providers, and how these are assessed on a case-by-case basis. Let’s take a look.

What is a quick loan?

A quick loan is a short-term loan for a fixed sum of money, which will usually be paid off between 3 and 36 months. Quick loans are usually much faster to obtain than traditional loans (such as bank loans) although the interest rates do tend to be higher.

What is bad credit? Understanding your credit history

Put in the simplest terms, your credit score is a way for providers to determine your risk level when it comes to lending; your credit score plays an important role when it comes to taking out any credit agreement, whether it be a mortgage, a quick loan, or even a mobile phone contract.

If you have a good credit score (anywhere between 881-999) you’re generally considered as someone with a low risk of non-payment, making it easier for you to take out credit agreements. To have a good credit score, your record will need to show general reliability when it comes to honouring credit agreements: for example, you’ve never missed any loan repayments, always stayed on top of any credit card bills, and have never declared bankruptcy.

While maintaining a good credit score might seem easy, it’s actually even easier to find yourself with bad credit: your credit score can be impacted if you miss any outstanding loan payments, go over your credit card limit, apply for too much credit, or have a high ratio of debt-to-credit use. You can even damage your credit score by closing a credit card (yes, really!) – as the system considers that your overall credit limit (aka the amount of credit that lenders trust you with) has been reduced.

And even worse, it’s important to point out that any “derogatory marks” (this is the term used to note any negatives on your history, such as missed loan payments) remain on your credit report for 6 years. This can mean that while you once experienced financial difficulties in the past – for example, due to a job loss or illness – these can continue to influence your credit score even once you’re in a better financial position. Pretty unfair, right?

So, if you’re searching for quick loans bad credit, you might be wondering whether you can obtain a quick loan even with a poor credit score – we’re going to answer this question next.

Can I get a quick loan with bad credit?

So, is it possible to get a quick loan with bad credit? The short answer is yes, and at My Quick Loan we work with a range of lenders and providers, including those who specialise in offering loans to candidates with poor credit history.

What is the repayment period for a quick loan for bad credit?

There’s no straightforward answer to this question, as your repayment schedule will largely be determined by how much you borrow, your current income, as well as the lender that you opt for.

In general, a quick loan is designed to be repaid faster than a traditional loan, but many lenders (especially those offering quick loans for bad credit) now offer more flexible lending options, and we work with providers who offer a repayment schedule that lasts anywhere from 3 months to 36 months.

How do I get a quick loan if I have bad credit?

If you have a poor credit score, you can still obtain a quick loan in a time of need. For the highest chances of your loan application being accepted, you’ll generally need to ensure that you meet most of the following criteria:

  • You have a steady income. So long as you have a reliable and steady source of income, you’ll be able to apply for a quick loan. Many UK lenders will automatically reject a quick loan application if you’re not in work, although you may be able to enlist the help of a guarantor in this case.
  • You’re a UK resident. UK quick loans are only available to those living full-time in the UK.
  • You can afford the loan. You’ll need to be able to prove that you can pay off the loan in full, without the repayments impacting your day-to-day expenses. The lender will assess any outstanding arrears in your credit report to ensure that taking out a credit agreement won’t make it difficult for you to pay your bills and expenses.


Can I get a quick loan without a job in the UK?

Most UK lenders will require that you have a steady income in order to obtain a instant cash loan. Some lenders may allow you to use a guarantor if you’re currently out of work.

Do quick loans hurt your credit?

The only way a quick loan can hurt your credit is if you’re unable to repay the loan according to the established credit agreement. This is why it’s so important to only ever borrow a sum that you can afford to pay back – you don’t want to cause yourself more financial troubles further down the line.

Will I pay more interest on a quick loan if I have bad credit?

While we concede that it isn’t a fair system, those with poor credit scores will typically be expected to pay a higher amount of interest than someone with a high credit score. This is because you’re considered as someone with a higher risk of non-payment.


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