Our bad credit personal loans series will switch up here to 24 month loans (doubling up from a year). Many of the instalment lenders stop offering terms at the year point and so this page will be made up of a very small collection of providers. There have also been a few brand closures with the most recent ones including Juo and Oakam. The quantity of unsecured 24 month loans lenders may be limited, but when security is added the variety picks up through the various guarantor, logbook and homeowner-only solutions. The backings provided with those help to minimise default risk, whilst each featured lender must hand their full trust in yourself and your past borrowing history.

The most interesting addition of the pack today is Everyday Loans who were skipped previously since their starting term is 18 months. Everyday is arguably the biggest force in subprime lending. Most of the dedicated web brands are still gathering market experience whilst this company has been in business since back in 2006 through their extensive retail network. Their owner Non-Standard Finance also controls George Banco, Loans at Home and TrustTwo. Overall market share is generally more sporadic due to the rise of several web firms noting 118 118 Money, AvantCredit, Bamboo, Likely and On Stride. Quality is evident, but quantity is thin, with just 10 brand options attached within this comparison today.

About: Niche

The 24 month loan sector is a micro niche that few people actively search for. We thought that it would be a good idea to analyse this term whereby many instalment firms are stripped out as they do tend to overprice. A 2 year period itself is a good period to spread out a loan of say £1000. This combination would devise affordable monthly repayments usually ranging between £60 and £80. Opting for a longer term would of course be advisable if you are seeking thousands. Select providers extend to 5 years and the amounts tend to go very high, especially with AvantCredit who heads to £25,000 that is what the banks generally stop at.

You’d certainly have a much greater chance of receiving a loan in the thousands if you were to use a guarantor lender like Amigo or their competitors (these generally max out at £10,000). There is just too much risk attached to unsecured borrowing in the thousands, unless you have an excellent credit status. Even though you may have little trust at this time, over time the idea is to rebuild and edge a little closer to those single figure APRs and tempting 0% credit card introductory deals. Unfortunately, when starting over you may just have to accept the high costs involved, but once a large subprime agreement concludes you’ll have much greater freedom to pick and choose.

Notes…

Alexa.com: Comparison listings are sorted by traffic rankings. Groupings: 1) UK ranks and 2) Global ranks (no UK).

Amounts: Borrowing amounts displayed are complete ranges (across every term available).

Closures: H&T Finance (web). More recent: Juo Loans & Oakam.

Examples: £1000 costs have been compared. Due to selection unavailability we sampled £2k for Maxcroft and £2500 for Savvy.

LOCs: Line of credit facilities are not included in this comparison. They aren’t designed for long term borrowing where the costs are very expensive noting: Drafty: £1314, SafetyNet (£5840) and Tappily (£2482). You’d need to also reloan monthly with SafetyNet and Tappily.

Pricing: Some featured lenders charge variable interest. When a quoted range is presented we’ll mark this range with (rep) noted besides the representative rate. Others may note a vague variable range, yet only show one example. For these, we’ve marked (rep) on its own. When shown the representative APR this is the rate that at least 51% of customers receive.

Best Prime Deal

5) Everyday Loans: £854.24

Feefo.com (12 Month Data)

3) MyJar: 88% (5650+)

Prime: 118 118 Money

There was a notable difference between the 2 cheapest prime deals. 118 requested £344 and On Stride requested a sizeable chunk more at £601.06. This great value stands out although it is worth noting that their representative price is £896 that is beaten by several subprime lenders. A further benefit to 118’s value is that they do run payouts 7 days a week and offer 24/7 support to existing customers. Their service has also been well received with impressive scores fetched on Feefo and Trustpilot. They do offer as much as £5000, but their terms are more restricted stopping at 2 years. It will be interesting to see just how well they match up against the leading banking products.

Subprime: AvantCredit

AvantCredit didn’t make the top 10 traffic ranks and they aren’t picking up many reviews. They however shine in other key areas. This is particularly the case with pricing where they came in with the cheapest subprime cost of £416.48. They also lend as much as £25,000, offer the highest 6 year term and operate 7/7. It was Likely that earned the recommendation for 1 year, but we thought for 2 years that Avant deserved the top spot for their impressive value. Everyday Loans is another notable contender. Not everyone will appreciate branch completion, but this personal approach could lead to a higher chance of approval since you’ll be able to get your point across in person without being judged on credit checking alone.

Last Update: May 24th, 2019