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Bad Credit Loans

If you have a poor credit history you have probably found it’s hard to get a loan. Whether it’s for a home, a car, or a personal unsecured loan, people with bad credit usually have a difficult time finding a lender and end up paying higher interest rates.

Your credit history is a record of all past financial commitments and a copy of repayment, as well as an overall look at your total debt. Credit reference agencies use this information to assess your credit worthiness and assign a credit score. Lenders then use the credit score as a factor in deciding whether or not to agree your loan.

4 Reasons why you have a bad credit rating

1. Anytime you are late making a payment
2. Miss a payment
3. Default on a debt
4. Or fail to otherwise fulfill a financial contract or commitment, this information is reported to credit reference agencies.

The more of these reports the agencies receive, the lower your credit score and the harder it is to find a loan. Other information that can cause a red flag in your credit report includes defaults or County Court Judgements against you.

So Will I still Be Able To Get A Loan?

There are many lenders who specialise in working with people who have a bad credit history to help them to get out of debt. You will likely pay a higher interest rate than someone with a good credit history, and the amount available for you to borrow will probably be lower. However, once you’ve secured a bad credit loan, over time you can improve your credit score by showing dependable repayment of the loan.

Are you having problems arranging a loan?

Debt Advisory Helpline can offer you free professional advice on whether you would qualify for a loan. We can help you if you are self-employed, currently in an IVA or a homeowner bankrupt. We believe no one is beyond help.

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