How can I apply online for a loan when I have bad credit?

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For many people, having a bad credit rating is something that scares them – they think that it stops them from borrowing money at all whether they go to the bank or apply online for a loan.

And, years ago, when banks and high-street lenders were the only places to borrow money, they’d have been right: a bad credit rating was a bit of a problem for borrowers.

But that’s not the case anymore.

Now, there are lots of options for people with bad credit to borrow money from a reputable lender on favourable terms.

In fact, you don’t even have to visit a bank to borrow money: now, you can apply online quickly and easily. You’ll even have a decision in a matter of minutes – less time, in fact, than it’d take to hop on the bus to your local high-street.

We know – if you’re not computer savvy or are new to loans – that the thought of applying online (rather than talking face-to-face with somebody) can be a bit daunting.

But it’s really not that scary, we promise.

We’ll take you through it step-by-step.

The Bamboo Guide: How to apply online for a loan when you have bad credit.

At Bamboo, we’re experts in loans for people with bad – and very bad – credit. That’s why we’ll be talking you through how to apply online for one of our specialist loans.

However, the process is pretty much the same for any lender you choose to go with.

How long does it take to apply online?

From start to finish, the Bamboo loan application process takes less than ten minutes. In fact, most of the time it takes about 8 minutes. (7 if you can type really fast.)

But it’s not just about the speed of our application process.

It’s about the end result.

Not only can you apply for a loan in less time than it takes to empty the dishwasher, but you’ll also know how much you can borrow, what the repayment terms are and what kind of loan you’re eligible for.

Pretty impressive, huh?

We’re not done yet.

Here comes the good bit.

The quote you’ll get will be a personalised instant quote that doesn’t impact your credit score in any way. That way, if you don’t qualify or want to apply for a different loan, your enquiry will have no impact on your likelihood of being approved.

That’s because, at Bamboo, we believe that when you apply for a personal loan online, it shouldn’t be difficult – it should be the easiest thing in the world.

Here’s how to apply online:

Step One: Enter your personal details.

No stumbling blocks here – just tell us how much you want to borrow (and what you want it for), some personal details (full name, date of birth, that kind of thing…) and some information on your employment and residential status (and a bit on your outgoings).

None of this will have an impact on your credit score, but it’ll give us a good idea of your situation and what you’re eligible for.

In total, this section takes about 3 minutes. 4 if you get distracted. (And 5 if you type really slowly.)

Step Two: Make your choice

Once we’ve processed all of this information, our super-smart computer system will tell you what products you qualify for.

You might be offered a guarantor loan or an unsecured loan (or both) and you’ll be able to see what your repayment terms are.

Then, you get to choose which one suits you best.

Step Three: Apply for your loan

This is the final bit of the application.

If you’re going for a guarantor loan, you’ll need to tell us a bit of information about your guarantor. (Hopefully, you’ll have worked out who you’d like to choose as your guarantor already, but if not, don’t panic. You can have a think and come back to the application later.)

(If you’d like a bit more information, check out our advice on how to choose a guarantor and what is involved in being a guarantor.)

Very quickly though, your guarantor can be anybody: your partner, a relative, friend or colleague. They must be aged between 21 & 72 at the start of the loan and they don’t even have to be a homeowner.

(Sometimes – but not that often – a chosen guarantor is unsuitable. However, this doesn’t affect your application at all. We just let you know you can choose an alternative guarantor and continue the application process.)

After that, you just need to give us a bit more on your employment and residential status and then we’re the final stage:

Hit apply

Take a deep breath and click that apply button. That’s it, your job is done. Sit back, relax and say ‘well, that wasn’t bad at all’.

From here, we’ll fire an email to your proposed guarantor so they can agree to the arrangement. If it all goes well and we hear back from them sharpish, we can get your loan application finalised and the money paid as soon as possible.

In fact, if we receive all the necessary documents before 3pm and the loan is approved, we’ll have the money in your account the very same day. If you miss the deadline, it’ll be in your account the day after that.

At Bamboo, we’ve made sure that our application process is as easy and as straightforward as possible. But don’t take our word for it – if you’re considering applying for a guarantor loan, why not take our quick eligibility test? (Representative 49.7% APR.) A guarantee may be required. 

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