The primary task you need to do is to get your exact credit score from any authorized institution so that your creditability can be judged well. After that you must be certain about the need of money and go for such loans only if you really need it. The lender will see your present repaying status and the loan approval only depends on it. So despite being an U.K. citizen and above 18 years old, you must have a paid job and a bank account. If you fulfill all these prerequisites; the loan amount will be in your hands within some time.

Bad credit rating loans are available as secured and unsecured loans; previous one being cheaper but has risk as in case of failure in repayment you will loose your collateral. The loan amount varies from £3000 to £ 1, 50,000 with a repayment period of 3 to 25 years. The typical interest rate is 7.2% APR to 16.8% APR. You must be very punctual in the repayment of loan as in case of failure the interest rate will increase further. Also your credit score will be hampered and you may be deprived of any loans in future.

Summary:

Bad credit rating loans help you by providing extra money to solve your needs despite of your bad credit. Here your present repaying capacity comes into picture and the loan amount depends only on it. These are available as secured and unsecured loans. The repayment must be done well in time to avoid any further increment in interest rate and damage to credit score.