Refused loans

Posted in News About Loans For People With Bad Credit

A report this month has shown that millions of potential borrowers are being refused loans and credit cards due to a poor credit rating. The actual figures are 1.6 millions declined for loans and 1.2 million declined for credit cards.

Your credit rating is a score that is determined by your past borrowing behaviour, therefore if you have never borrowed in the past and have no credit history or you have defaulted on previous loan repayments, bill repayments or credit card repayments, you are likely to have a poor credit rating and are likely to be refused loans.

These figures could be a reflection of borrowers not knowing their credit score and applying for loans with high street lenders, lenders that only cater for those with a good credit rating. Those with a poor credit rating that apply with these high street lenders and are then refused loans which only  further damages their credit rating.

The solution is to find out what your credit rating is and apply for a loan with lenders that specialise in helping those with a poor credit rating. You can check your credit rating here www.creditexpert.co.uk

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