Bad Credit Loans
Getting a loan is still possible, even if you have a poor credit history. A bad credit personal loan allows you to borrow money from a specialist lender, even if you have a poor credit rating and you find the major lenders aren’t prepared to let you borrow money from them.
You’ll find that interest rates on a bad credit loan are much higher than they would be for a standard loan. This reflects the fact that you represent a risk to the lender due to your credit history.
You might have been declared bankrupt, have previously failed to keep up mortgage or credit card payments, or have a County Court Judgment made against you.
Whatever the reason for your poor credit history, a bad credit loan can help you start to repair that poor rating. You can use the loan to consolidate your debts, make repayments or invest wisely for the future. Get into good habits and manage the loan well and your credit score will improve.
A bad credit loan can be secured or unsecured. In the case of a secured loan you’ll be using your home, car or major asset holding as a security in case of defaulting on the repayments. So if you fail to keep up payments the lender can take your home or car.