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Bad credit history loans

When you are unfortunate enough to suffer from a bad credit history, you will more often that not struggle to get a loan from high street lenders such as banks and building societies. You may have been looking for, and still searching via the Internet for secured, or unsecured, personal, homeowner, or home improvement loans, or it could be for debt consolidation purposes, or even for a wedding or holiday loan.

It is sad but true, people with a bad credit rating will always struggle to find a fast loans lender and will invariably pay higher interest rates when they do find a specialist bad credit loans provider. Lots of companies are offering quick loans, or fast loans, or instant decisions. Nobody offering bad credit loans says high rates of interest for bad credit loans.

The same also applies in business. If your looking for commercial funding be it normal or short term finance, a quick and easy alternative to invoice factoring or business bridging loans, your odds on finding cheap rates of interest on a bad credit loan are severely impaired.

For bad credit loan quotes, use our online application form.

Tenants, or non a homeowner will struggle even more. Ninety nine point nine percent of lenders will not entertain enquiries from tenants with bad credit as they are looking for unsecured bad credit loans. To understand why you struggle to find loans when you have a bad credit history, you first need to understand about your credit rating.

What is my credit history?

Not many people are familiar with what their credit history is, where to get it and who is privy to it. To keep it simple, your credit history is documentation on all your past financial commitments and the pattern of how you keep up with those repayments. It also keeps score of your actual debt load or amount. Loan assessors will use this information to score you and your likelihood of making and keeping up repayments on any finance or loans applied for. Your loan will be underwritten on this information. You or anyone you give permission to do a credit check on you can find this information via Equifax or Experian.

This is how a loan company will ascertain your credit worthiness and whether they have to organise bad credit loans, which because of your perceived high risk, will come with a higher rate of interest than a standard unsecured or secured loan.

Why did my credit rating become high risk?

Here are a couple of factors that determine whether you are a low or high risk borrower and determine whether you need a bad credit loan higher rate of interest:

Default on a loan
Missing payments
Late payments
Failing to fulfil any financial commitments
Having no checkable credit history
CCJ's (county court judgements) against you
Frequent changes of employment and address

Bad credit loans scoring

The more of these reports that appear on your credit report, the lower you will score with the actual loan companies. This means a higher rate of interest will be charged, or you will have a lower chance of an acceptance of a credit agreement. This isn't only on loans, but also for mortgages, remortgages, credit cards and even catalogues. This is why finding a loan when you have a bad credit rating is so difficult.

Can I get loan when I've a bad credit history

Yes, use our online quote form or call 0208 905 7777.

There is good news on the horizon. You can get a copy of your credit report from Equifax or Experian yourself, which we highly recommend. This can enable you to sort out any outstanding debts or payments. This is called credit repair, however, this does take time. There is even more good news though.

There are specialist loan companies who only deal in bad credit loans. It is highly likely that you will be charged a higher rate of interest than an applicant who has a good credit history, and you will undoubtedly be offered a lower loan amount than that person too, but keeping up with the repayments on your secured bad credit loans is logged in your report and contributes towards improving your current credit history, making borrowing easier and cheaper in the future.

Which bad credit loan is right for you?