Guide To A Bad Credit Loan


If you have or are experiencing the misery that a bad credit rating can cause on your life, it is still possible for you to obtain a loan. There are lenders that specialize in supplying a bad credit loan for those whose credit rating is not perfect.

What can affect your credit score? The timely manner in which you make payments on your loans and/or mortgage, County Court Judgments (CCJs) that you may have incurred, divorce proceedings, or illness within the family all affect your credit score. When you apply for this type of loan, (secured or unsecured) you should be prepared to pay a higher interest rate. Although you may pay a higher rate, you can use this opportunity to lower your current payments and begin re-establishing your good credit history. If you are a homeowner, you can apply for these loans using the equity in your home. There are loans available from £5,000 to £100,000 or higher.

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What to look for

When you begin your search for a loan it is easy to lose your patience and get discouraged. You should carefully review all the offers you have received and not make a hasty decision. Look at your budget carefully before you sign your loan papers. Look at what you can afford to repay realistically - budget wisely. You may find several lenders that offer incentives to encourage you to sign up with them. Although the incentives look great, be careful that you will not end up paying more for the loan in the long-term. It may be more appropriate to go with a lender that does not offer incentives up front but a lower rate for the duration of your re-payment plans.

Look at all the offers you receive both locally and through the Internet. Compare the interest rates and terms. You may find that one lender offers the lowest interest rate but requires you to pay it back faster than your budget allows. Consider whether it is to your advantage to pay a higher APR and extend the term of the loan.

How to increase your credit rating

You can utilize a bad credit loan to consolidate other loans you may have and lower your monthly payments. In doing so you will also be re-establishing your credit history, which will allow you to secure lower rates for future loan applications. If you are a first time homebuyer and your credit rating is not perfect, you can still take advantage of these loans to purchase a new home loan. Something to remember is that although you will be paying a higher interest rate due to your credit score that does not mean you should settle for the first offer that comes to you. Even with a bad credit history you can still shop around for the lowest APR.


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