Had problems and need a bad credit loan? - We can help! - We search
over 1000 loan packages from dozens of lenders so you don't have to...
Who is the perfect borrower?
Who do the high street lenders love to give money to and is
there hope for the rest of us? Does the 'credit crunch' mean that anyone
who's had problems in the past won't be able to find a loan?
If you're a homeowner, married, are on the electoral register and have
the phone line in your name, you're off to a good start.
If you have a couple of credit cards which are paid off in full every
month and a personal loan with no late payments, you're pretty much
there.
Throw in an up-to-date store card, full time employment and no past
problems and you sound like the borrower the banks might love to chuck
a loan at!
But what about borrowers with a bad credit rating?
As
many as 20% of the UK 's population have experienced difficulty in applying
for credit. How bad your finances have looked in the past can make a
big difference to how much credit will cost you or indeed whether you
can get credit at all. Conversely, having no credit history can also
cause problems. Lenders base what they are willing to offer you on your
history - so if you've never borrowed in the past, it means they can't
check how well you'd run your loan account!
Problems with a bad credit rating can range from the very serious to
the relatively minor. If you've had CCJs, been bankrupt or defaulted
on a loan, it can stay on your credit file for up to six years and make
it very difficult to find a loan with any of the high street lenders,
especially in the current financial climate.
CCJ's and Defaults
 CCJ's
and Discharged Bankruptcy are probably the most problematic issues when
trying to get credit followed by defaults (where the lender has effectively
stopped trying to get the money back off you). Mortgage arrears can
cause difficulties with obtaining credit too, especially if you are
applying for a new mortgage or remortgage.
Late payments
Late payments on a credit card or a loan may not be too much of a problem
provided that they do not recur on a regular basis which lenders would
regard as a possible indicator that you have too much on credit and
stretched yourself too far.
All this boils down to the fact that past credit problems will cost
you money. The lowest rates are only available to borrowers who meet
the credit-scoring requirements set down by the high street lenders.
These 'headline' loan rates are the low APR figures you'll see quoted
on the adverts and although lenders must show a typical APR which again
may look ok, this won't reflect the proportion of potential borrowers
who because of a poor credit record, failed to qualify to get a loan
from that company.
Don't pay too much for your loan!
If you have a bad credit rating then you may need to go to a specialist
or sub-prime lender to be able to get the loan that you want.
The loan will probably be more expensive than with a mainstream lender
as the specialist lender needs to cover the increased risk of accepting
borrowers who have a higher risk of not being able to repay the loan.
Be careful when shopping around for a bad credit loan
as there are companies which will 'guarantee' you are accepted for a
loan and will ask for an up front fee to process your application. Do
not accept verbal promises of this kind, as once the fee has been paid,
the loan is suddenly more difficult to get or at a higher APR than mentioned
and it can be problematic to get your fee refunded!
 This
does not mean however, that you have to pay very high interest rates.
The sub-prime loans market has expanded greatly over the past few years
and the lenders are in competition with each other for your business!
The underwriters who process your loan enquiry are used to dealing
with all kinds of problem loan situations and while we can't guarantee
that you'll be offered a loan - we do guarantee that it will be considered
as sympathetically as possible.
Let us do the shopping around for you - Our panel of lenders offer
loan rates for the credit impaired which compare very favourably with
mainstream loan rates so why not fill in the fast enquiry form and find
out how we can help you get the loan you want - There's no obligation,
no charges and no credit check without your permission!
How to start sorting out your finances today
Ask now with our fast track application form for a no obligation bad
credit loan quote - we will get you competitive quotes from the top
UK lenders. CCJs and bad credit history need not be a problem.
Don't want any more credit or been turned down for a loan?
Find out about debt
management and what an IVA
is.
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 Loansite
is one of the longest established online loans brokers in the UK - we've
helped thousands of people find loans and remortgages so why not let
our lenders do the shopping around for you?
Don't worry if you've had bad credit or money problems in the past
- our panel of lenders offer competitive rates on the best loans, so
fill in the fast enquiry form below or talk to a friendly advisor on
0800 458 5587 and find out how we can help you get the loan you want.
There's no obligation, no charges and no credit check without your
permission.
Loansite is a Limited
company based in Cardiff, UK. We are registered under the UK Data Protection
and Consumer Credit Acts.
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