Adverse Credit Loans

If you are struggling with your finances you are certainly not alone. Most people at some point will struggle to meet their bills, miss payments on credit cards or go into mortgage arrears.

An adverse credit rating can come about in a number of ways, from having a county-court judgement against you, having a missed loan repayment reported to the Credit Reference Agency, to being a discharged bankrupt. Any of these can lead to you being refused credit from most sources, however there are companies which specialise in providing finance in these situations, securing the amount against the value of your home. If you are a homeowner you we will almost certainly be able to get you an excellent deal despite your poor credit history.

Although an adverse credit loan is a specialist product aimed at people with poor credit, the interest charges will typically be higher than those of a standard loan. So remember to shop around and find the lowest rates for an adverse credit loan.

The amount you can borrow from a adverse credit lender can vary from a few hundred pounds up to a £100,00+. The amount issued to you can vary, depending upon what type of loan you require i.e. Unsecured or Secured. The loan amount can also differ depending on what the money would be used for. Other factors may include your current personal financial situation, what your financial income is and how much you may currently owe to another lender.

Non Status Loans

Although the terms of an adverse credit loan will be more costly to the borrower than a standard loan, the security of having your house as collateral ensures that the rates you pay will be similar to other such secured loans, despite having a poor credit history. In many cases the premium on the interest rates for this type of loan is very small, however the exact rate will depend on the status of the individual.

No matter what your credit history is, you will almost certainly be able to obtain a loan provided you can offer security to the lender in the form of property. If you do not own a property to use as security then the situation is more complicated, and you will find that there are fewer options available to you. Due to the lack of security, and the previous credit problems, you will find that the rates available to you will be higher than for standard unsecured loans.

Having an adverse credit rating is not a necessarily a permanent thing, and it is possible to rebuild your rating by keeping up repayments on loans or a mortgage successfully, as a run of years problem-free repaying such debts will show that you are no longer a potentially high credit risk.

There are many lenders who specialise in adverse loans. Our specialists are experts in this field and understand all the many options available. As well as finding you the most suitable product at the best rates, we have access to many unique products. There is no charge for our service – simply complete our no obligation quote form.