Bad Credit Loans For People With A Low Credit Rating
Cheap UK Bad Credit Loans
Loan solutions for less than perfect credit ratings…
Our expert Help and Advice will find the loan that suits your exact needs.
Moneymatchmaker.com will find a bad credit loan to suit you! You may also want details of what’s involved in applying for a bad credit loan, let our loan brokers guide you every step of the way.
Our cheap bad credit loans are suitable for many purposes, including home repairs or improvements, paying off debt or simply to raise some cash.
We offer a secure, No obligation service, so you can rest assured that we will treat you fairly at all times. Our aim is to provide clear help and advice to ensure that you fully understand your loan.
Finding The Best Bad Credit Loans Online
If you have a bad credit history you are probably finding it difficult to get an approval for your loan. There are many reasons why this could be happening, may be you have a poor credit score, which will mean that the only type loan that you may be able to get is a bad credit loan.
These loans are available for people that are looking to buy a home, a car or in fact, any legal purpose. The unsecured loans have many names and you will find them being offered with names like bad credit personal loans, bad credit unsecured loans or unsecured bad credit loans.
In addition to personal loans, secured loans are also available and these can be described as homeowner poor credit loans, bad credit secured loan or secured poor credit loan and they are all provided for people with a bad credit, as they typically have a harder time finding a lender.
What is a Credit History?
All UK adults have a credit history; it is a record of all of your current and past financial commitments and it shows a history of your repayments, as well as an overall look at your total debts.
The information is held by credit reference agencies like Experian and Equifax. UK loans companies use the information to assess your credit worthiness and assign you a credit score. The credit score is then used to decide if they will approve your loan.
How did I get a bad credit history?
- Anytime you are late making a payment to your mortgage, loans or credit cards.
- Anytime that you miss a payment.
- Anytime that you default on a debt or credit commitment.
- Anytime that you fail to keep up with your repayments, details are reported to the credit reference agencies.
Your credit file record remains with you for a period of 6 years, so the more bad credit reports the agencies receive, the lower your credit score and the harder it is to get approved for a loan.
Other things that can cause a red flag on your credit report include, frequent changes of your job, home address or one or more county court judgements being registered against you.
- These are all factors that make you a poor credit loan customer.
- So, What can I do to improve my credit score?
Will I be able to get a Loan?
You will be please to know that the answer is yes – UK loan companies now offer finance solutions to suit all circumstances and there are many lenders who specialise in working with people who have a bad credit history.
However, you will have to accept that you will be paying a slightly higher interest rate; this is due to the fact that you pose a higher risk to the lender than an applicant with a good credit history.
However, taking out a bad credit loan will, over time, improve your credit score by showing regular repayments to your loan.
What types of bad credit loans are available?
Bad credit loans fall into two categories, secured or unsecured loans.
A secured poor credit loan involves using something of high value, such as your home as security for the loan.
The lender will carry out a valuation of your home and will then consider this, with other factors when deciding if they will approve you for your loan.
Other factors that are taken in to account include, your credit score and the total amount of debt that you currently have. Each lender looks at these factors differently, so if one refuses your loan application, don’t give up because another one may say yes.
A unsecured loan is much more difficult to get and will is normally more expensive because it is a bigger risk for the lender. Loan companies see unsecured loans as being a much higher risk, so they are naturally much more cautious about considering this type of loan. If you need an unsecured loan, don’t lose heart, because while it may be more difficult to obtain, it is not impossible.
Talk to one of our loan specialist to see what can be arranged!
How do I find out if an adverse credit loan is right for me?
Talk to our loan experts, they are trained to deal with applicants who do not fit the box. If you have a poor credit rating or cannot prove how much you earn, they will treat you kindly and you can rest assured that your conversation will be totally confidential.
Our bad credit loan specialist will help you secure the right finance package, at the right price to suit your needs. If you do talk to other companies, here are some useful things for you to consider or remember:
- Do some research before you submit your loan application.
- Make sure you are dealing with a loan broker who can check out several lenders.
- Ask about their interest rates and loan terms.
- Find out more about their bad credit loan process, how long an application usually takes etc.
- DO NOT submit a flurry of applications through many companies. Applying for too many loans can leave a “footprint” at the credit bureaus and these will have a negative effect on your credit score.
As part of applying for cheap bad credit loans your lender will check your credit report score, see your credit check score before applying and understand how we use those details to match you with loan quotes from many lenders, but rest assured that we will not add to any problems that you may have with your credit score and only aim to assist you in securing the finance that you need and helping you to improve your credit rating.