Bad Credit Loans 3 Reasons to Choose Our Company
The term adverse history is used within the finance industry to describe customers that may be a high risk to lend money to. There are a number of reasons why you may be labelled as a high risk borrower. You may have missed payments in the past on your borrowings, plastic cards or catalogues. It may be because you have never borrowed money before, and therefore have no history to show you are able to responsibly handle borrowing money. Having an adverse credit score or bad status history means that you will be limited in the amount of finance options available to you. The term 'bad credit loans' is often used in search engines by customers with adverse borrowing history that are looking to borrow money.
It's important to know that if you are looking for 'bad credit loans' that you need to determine the cause of your adverse rating. If you simply have no borrowing history, it could be possible that you are able to afford a loan, and you will need to find a lender who will consider your circumstances in full, and more importantly your ability to pay back the loan based on your income and outgoings. The same applies if you are searching because you are struggling with your debts. You need to find a lender who will look at your application in a logical way when assessing your borrowing worthiness. Past adverse history issues can be for a number of reasons.
You may have gone through a relationship break up or been made redundant. Significant life events like this are a major reason people hit a bump in the road with their finances. Your adverse status stays on your personal file for 6 years, and a lot can change in a 6 year period. Lenders are available who will take this in to account, and responsibly lend to people who have gone through a significant life event, and have come through the other side in a much stronger position financially, only to realise their past bad history issues are holding them back
When it comes to bad credit loans available for someone with an adverse status who needs a loan, the APR varies from lender to lender. The APR is a signal for how much you repay in relation to the amount you borrow over time. Usually the higher the APR, the more expensive the finance is to repay. This should give you an idea if you can afford the loan, how much the borrowing will cost you in total, and allow you to make an informed decision on whether it is the right option for you.
We’ll help you find you a bad credit loan which is best for people with bad history. We apply no upfront fees and a no obligation quote.
(many people may receive a lower rate than this)
Secured Loan (Homeowner)
Typical 13.89%APR Variable
(many people may receive a lower rate than this)
Rates from just 7.9% to 22.0% APR
Complete our simple application form and we will try and match with a lender who considers adverse history
Bad Credit Loans – Why Borrow Money – Especially If You May Have Adverse Status
A major frustration when you find out that you have ‘adverse status’ is the fact that you will be limited in terms of lenders that are likely to approve you to borrow money at a low interest rate. This is because your personal rating implies that you are a risk to lend to, lenders have to safe guard themselves in the event that you fail to repay the amount borrowed. Because of this they often approve to borrow money at a higher interest rate, meaning that in the end you pay back significantly more that you originally borrowed. Being approved when you have adverse history and paying it back on time can show future lenders that you are a responsible borrower, opening the door to more conventional borrowing deals, at lower interest rates in the future.
For Bad Credit loans with Adverse Status
Lenders are aware that people with bad history are searching to borrow money, and that those affected by a Adverse history due to past circumstances may now be in a position to afford to repay on time.
When it comes to a cash advance available for someone with poor status the APR varies from lender to lender. The APR is a signal for how much you repay in relation to the amount you borrow over time, usually the higher the APR the more expensive the finance is to repay. This should give you an idea if you can afford the loan, how much the borrowing will cost you in total, and allow you to make an informed decision on whether it is the right option for you.
We pride ourselves on being able to cater for all types of people in need of finance. We will look at your current circumstances, and go through your monthly income and outgoings to determine how much you can afford to borrow. We will not charge you any up front fees for this service.
What Does It Mean If You Have an‘Adverse Status’ and need a Loan searched as bad credit loans
Bad Credit loans is a term used to describe you if you have failed to repay borrowed cash or plastic cards in the past. Your personal file will contain details of all the history you have obtained over the last 6 years. This information will give you an overall score, which lenders will use as a guideline when deciding whether to lend to you or not. Some people also have a low score if they have had little or no status of borrowing.
More often than not people who are considered to have a ‘good creditable score’ are people who have:
* A good status of borrowing money and making repayments on time
* No history of bankruptcy
* No defaults or CCJs
* Registered on the electoral role at their current address
* Employed/Self Employed with documented reliable income
If you don’t apply to one or more of the above points then you may find you run into difficulty when trying to borrow money from mainstream lenders or high street banks. For more information on your file, it is recommended to check the reference agency websites (Experian, Equifax or Call Credit) where you can access your personal file to get an idea of your rating so you can determine what type of loan you are more likely to be approved for.
Use the online application form above to fill in your details. It’s really important that you provide us with the most accurate information as failing to do so could harm your application.
What is poor status financing?
Adverse history advance is a slang term used to describe a finance solution for someone with a poor leading status. There are no specific adverse borrowing, but there are lenders who will consider applications from people who have had financial issues in the past
My bank wouldn’t give me an advance due to my score & rating. What can I do?
Banks have tightened up their lending criteria in recent times so you are not alone. Make an application to Us and see if we can find you an advance with our panel of lenders
I’ve been declined elsewhere. Does this mean I have poor leading status?
No necessarily. It could be that you didn’t fit the criteria for that particular lender. Get a copy of your report from www.noddle.co.uk or www.clearscore.com so you have all the info before deciding your next steps
I have a CCJ from 2 years ago. Will I be able to get a loan?
CCJs are one of the things that lenders view as a poor status. That doesn’t mean that you can’t get a loan now. Make an application today and find out if we can help with needing bad credit loans
I have never held credit in the past. Can I get a loan?
Lenders sometimes view people with no creditable status in the same way as those with bad status. It’s because they don’t have a track record of payment off which to make an informed decision. However we do have lenders on our panel who will consider applications with no creditable history so it’s worth making the enquiry
Does a poor status stay with me forever?
Your creditable history goes back over the last 6 years, so that’s how long it takes for adverse credit to be removed from your personal file. The earlier you can start to build up a good payment profile the better
* Available for any legal purpose
* Specialist lenders can consider funding for all financial circumstances
* Fast online processes with quick payouts when approved
* Rates will be higher than the high street banks
* This will cost you more overall than a high street bank would
* Borrowing taken over longer period may mean you pay more for longer
Commonly Used Related Terms
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* unsecured advance
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PLEASE THINK CAREFULLY BEFORE SECURING BORROWINGS AND OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. SECURITY MAYBE REQUIRED.
ALL BORROWINGS ARE SUBJECT TO AN ASSESSMENT AND CREDIT APPROVAL.
ALL RATES VARY SUBJECT TO BORROWED AMOUNT, LOAN TYPE AND STATUS.
REPAYING YOUR DEBT OVER A LONGER PERIOD OF TIME MAY INCREASE THE AMOUNT YOU PAY.
WARNING – LATE OR MISSED PAYMENTS CAN CAUSE YOU SERIOUS MONEY PROBLEMS AND COULD SERIOUSLY AFFECT YOUR CREDIT RATING. FOR HELP GO TO MONEYADVICESERVICE.ORG.UK
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