If you have a poor credit rating, it can often be difficult to get secured finance that suits your requirements.
However, there are many secured lenders that will consider loans, even if you:
• Have CCJs.
• Are self-employed, or can’t prove your income.
• Have a poor credit rating.
• Need a flexible repayment plan.
While unsecure and secure loans are available, if you have poor credit, a secured loan is the easier option. Unsecured loans are based solely on your credit rating, so very few lenders will provide finance if there is no collateral and if your credit rating is not excellent.
Fortunately, there are many secured lenders to consider, and to speed up the process of finding secured finance you can visit a loan comparison site.
While going to a single loan company will allow you to compare the loans they offer, possibly none of their options may meet your needs. Choosing to work with a comparison site takes the leg-work out of the research process and also means you will be able to compare hundreds of secure loans.
Other advantages of using a comparison site when searching for secured finance can include:
• No obligation quotes.
• Flexible repayment options.
• Loans tailor-made for you.
• Fast response.
Even if you have poor credit, secured loans are available for any purpose, from home improvements to debt consolidation.
A secure loan is one that is pledged against the borrower’s assets (usually their home). If you have poor credit, secured loans are a great way to access cash for any purpose.
Secured lenders will often process your loan application as quickly as possible. To ensure that this can be done easily and without delay, you should have any paperwork you need at hand before filling in your application.
By: Gordon Parkes
Posts Tagged ‘Repayment Plan’
Poor Credit Tenant Loans – Finance To Resolve Credit Issues
November 18th, 2009
There is always a room for mistake and what if you were not able to repay past debts. A poor credit is not anymore considered a hurdle while availing financial assistance. There are lots of lenders who are offering poor credit loans. if you are well aware about your repaying capabilities and have a loan repayment plan ready, then availing these loans is not at all a difficult task.
These loans are custom made for all those applicants who are having CCJs, IVA, arrears, defaults etc. with these loans, you have the freedom to pursue all your demands which was not possible sometimes back. You can purchase a new car, go for home renovation, wedding purposes, paying for a holiday package and even consolidating existing unpaid debts.
You have the option to avail these loans broadly in two categories of secured and unsecured loans, based on your financial requirement and prevailing circumstances. If you are looking for a bigger loan amount, then you must consider the secured form of the loans. To raise the finances under these loans, you are required to attach any valuable asset as collateral. Since the amount is secured against an asset, the rate of interest for the loans is comparatively low. Moreover, the repayment period too is beneficial as it stretches over a period of 5- 25 years.
Through the unsecured option of these loans, you can borrow a maximum amount of up to £25000. It simply implies that a borrower like tenant or non home owner can easily go for these loans. However the interest rates for the loans are slightly higher which makes it a bit costlier. The repayment period too is not that large and falls in between 6months-10 years.
Before applying for these loans, you should see that that your credit report does not contain any errors. Always try to shed off some debts of smaller amount to improve the credit score.
To avail poor credit tenant loans at competitive rates, prefer using the online mode over the traditional modes. By comparing the quotes of online ends, you may come across lenders offering these loans at competitive rates. By making regular payments, you will be able to increase the credit score subsequently.
By: George Kane