Loans - Bad Credit Options


At the end of last year the UK had a staggering £1,409 billion in personal debt, a rise of 9.3% on 2006 figures.

This ever rising level in consumer debt has meant that lenders have had to make allowances to compensate for less than credit worthy applicants.

Put simply, if you have a "bad" credit rating, then you're going to find it harder to find an "affordable" loan than people with a higher credit rating would.

Although this may seem a little unfair at first, it's important to understand the situation from the lenders perspective. The global credit crunch, rising consumer debt and inter-bank lending fee's have meant lenders have to be more stringent in how much and to whom they lend too.

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That said it's certainly not impossible to obtain a loan with bad credit.

A popular option for such individuals is to opt for a secured loan over a personal loan. Using your home, an expensive car or boat gives the lender the added security that if you are not able to repay the loan then they have the legal right to repossess your collateral.

Although this will make more appealing interest rate available to you, you have to be certain you will be able to meet repayments.

A less "riskier" option may be to go through one of the many "bad credit loan specialists", who, as the name suggest, have specific personal loans for those with bad credit.

Another important point to note is that if you are applying for and being denied multiple loans in a short period of time, this can have an adverse affect on your credit rating, so it's important to leave roughly 2 months between applications for any lines of credit.


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