Bad credit is a term that covers a wide range of financial problems. When you apply for a loan, the lender will check your credit record before deciding whether to accept your application of reject it. Each lender applies their own rules to your credit record, and the rules can change depending on what sort of loan product you're looking at. Therefore, the rules for a mortgage may be stricter than the rules for a £5,000 care loan. Bad credit loan lenders also have rules that they apply to your application.
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What sort of bad credit do you have?
Your credit report is a record of many of your finances, including loans, mortgages, credit cards and finance agreements. If you've missed payments on any of these loans, it is logged on your credit account and, even if you've repaid the loan or caught up with your payments, the missed payments could stay on your record for a while. Lenders will be able to see, however, that you have made an effort to sort out your finances, and this could make all the difference. Whether you have bad credit because of a few missed credit card payments, or you have it because you are in debt to a lot of lenders, there should be loan options available to you.
Bad credit loans at good interest rates
One of the consequences of a growth in the bad credit loans market is that interest rates are not as high as you might expect. Competition means that lenders have to offer attractive interest rates in order to gain customers, and so a bad credit loan may have an interest rate that's not that much above a traditional loan. You may find that your loan comes with other conditions attached, which is why it's best to seek some professional advice. There are so many products on the market that it pays to talk to someone with experience, who knows what's available and can recommend a loan option to you.
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Rating of personal loans with bad credit
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