As well as more men and women finding that they are battling to keep up with their monthly commitments in these tough times, and therefore deemed to be an adverse credit risk, more banks are putting a stop to lending to people with a blemished credit record.
So where will you find bad credit loans.
Luckily although the main stream banks are shying away from anybody with a bad credit history, there are still a number of specialist banks that are prepared to loan cash to you, regardless of whether you do have a poor credit record. The rates that are charged could be a tiny higher but you can still at least arrange finance when you want it.
Bad credit loans can be especially helpful if you are using them to consolidate your liabilities, because though the rates are expensive they will continue to be less expensive than the rates charged by your Visa card companies. They are going to help you repair your credit profile also , as long as you meet all of the payments.
The simplest way to find this sort of loan is by doing a search on the internet and finding an honest loans broker. A good broker will have access to a few loan companies that will possibly be able to help you and as such will make it simpler for you to get your loan signed off.
If you're a house owner you might still be in a position to qualify for a secured loan, which may be your cheapest option if you qualify. You also should be able to borrow more, which could be useful if being used for debt consolidation purposes.
Those that do not own their own homes may have to go for guarantor loans where they can borrow up to 5 thousand pounds if they can supply a guarantor. Or logbook loans up to 25 K if they own their own car. Neither one of these last couple of loan types will need a creditworthiness test to be carried out on the candidate either.
So where will you find bad credit loans.
Luckily although the main stream banks are shying away from anybody with a bad credit history, there are still a number of specialist banks that are prepared to loan cash to you, regardless of whether you do have a poor credit record. The rates that are charged could be a tiny higher but you can still at least arrange finance when you want it.
Bad credit loans can be especially helpful if you are using them to consolidate your liabilities, because though the rates are expensive they will continue to be less expensive than the rates charged by your Visa card companies. They are going to help you repair your credit profile also , as long as you meet all of the payments.
The simplest way to find this sort of loan is by doing a search on the internet and finding an honest loans broker. A good broker will have access to a few loan companies that will possibly be able to help you and as such will make it simpler for you to get your loan signed off.
If you're a house owner you might still be in a position to qualify for a secured loan, which may be your cheapest option if you qualify. You also should be able to borrow more, which could be useful if being used for debt consolidation purposes.
Those that do not own their own homes may have to go for guarantor loans where they can borrow up to 5 thousand pounds if they can supply a guarantor. Or logbook loans up to 25 K if they own their own car. Neither one of these last couple of loan types will need a creditworthiness test to be carried out on the candidate either.
About the Author:
Steve Smith is a UK finance expert specialising in finding cheap loans of all types including debt consolidation loans to help people reduce their costs.
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