Bad Credit Loan - Solutions that really help...

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Moneymatchmaker.com will find a bad credit loan to suit your requirements. You may also want explanations of what's involved in applying for a bad credit loan and our loan brokers will guide you every step of the way - Our bad credit loans are suitable for many purposes, including home improvements, Debt Consolidation or any reason that you have to raise cash.

We offer a Confidential, No Obligation service - Rest assured that we will treat you sympathetically at all times and provide clear help and advise to ensure that you are at the centre of our focus.

 

 

Bad Credit Loans

If you have a bad credit history you are probably finding it difficult to get a loan or you may be being turned down for a loan. There are many reasons why this could be happening, a poor credit score, no credit history and in fact the only type loan that you may be able to get is called a bad credit loan. These loans are available to buy a home, a car, in fact any legal purpose. The unsecured versions have many names and can be described as a bad credit personal loan, bad credit unsecured loan, unsecured bad credit loan, whichever is used they are all the same. In addition to the unsecured type, secured loan versions are also available and these can be described as bad credit loans, bad credit secured loan, bad credit loan secured or secured bad credit loan and they are all specifically tailored for people with 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 current and our past financial commitments and shows a pattern of repayment, as well as an overall look at your total debt load. The information is held by Credit reference agencies such as Experian and Equifax and lenders use this information to assess your credit worthiness and assign a credit score. The credit score is used by lenders as a factor in deciding whether or not to underwrite 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 otherwise fulfil a financial contract or commitment, this information is reported to credit reference agencies.

Your credit file information 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 find a loan or finance. Other additional information that can cause a red flag in your credit report includes frequent changes of job or address, or one or more County Court Judgements against you.

• These are all factors that make you a Bad Credit Applicant
• So, What can I do to improve my credit score?

Will I be able to get a Loan?

You will be really please to learn that the answer is yes, companies now offer finance solutions and there are many lenders who specialise in working with people who have a bad credit history. 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 slightly higher risk to the lender than an applicant with a good credit history and the amount available for you to borrow will probably be lower. However, taking out a bad credit loan will, over time, improve your credit score by demonstrating regular, responsible repayment of the loan.

• Are there loans for people with poor credit?

What types of bad credit loans are available?

Bad credit loans fall into two categories – secured bad credit loans or unsecured bad credit loans.

A secured bad credit loan involves using something of significant value as collateral for the loan, usually your house. The lender will carry out a valuation of the property and you it with other factors to determine the loan amount and interest rate. Factors used include your credit score, the value of your home, and your overall debt load. Each lender weights these factors differently and some consider other factors as well, so it’s important check with each lender about their specific criteria.

A unsecured bad credit loan is significantly more difficult to get and will be much more expensive due to higher interest rates being linked to the addition risks involved for the lender. Lenders see them as representing a very high level of risk, so they are naturally much more cautious about underwriting this type of loan. If you need an unsecured loan, though, don’t lose heart because while it is difficult to obtain one, it is not impossible, talk to the Moneymatchmaker.com loan consultants to see what can be arranged. Bad credit loan providers are also referred to as adverse credit loan or sub prime loan lenders.

How do I find out if a Bad Credit Loan is right for me?

Talk to the loan consultants at Moneymatcmaker.com, they are specially 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 sympathetically and you can rest assured that your discussions will be totally confidential.

Our bad credit loan consultants will help you secure the right finance package to suit your needs and at a cost that you can afford. If you do talk to other companies, here are some useful things for you to consider or remember:

• Do some research before you submit any loan applications
• 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. Too many applications will leave a “footprint” at the credit bureaus and these will have a negative effect on your credit score. Moneymatchmaker will only carry out one credit check and use that information to source quotes from many lenders, so you can rest assured that we will not damage your credit score.

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