Bad Credit Loans UK
In the United Kingdom today as many as 25% of the adult population have a credit history that is less than perfect, so you are not alone. This is quite an alarming statistic that is growing year by year. The household average now for credit cards is 4 per household and this is the biggest problem for people with a bad credit history.
With 25% of adults in the UK with bad credit, it is little wonder there are so any lenders to choose from now. Most of these agencies work together to produce a report for customers and ultimately this will produce their credit rating. This is basically how trustworthy the lenders think you will be in repaying a loan.
If you are unlucky enough to have a poor credit rating, at some stage you must look to a bad credit loan to ease your debt and help repair your credit rating. With so many companies offering bad credit loans, there are now a wider range of bad credit loans that are very competitive.
Many people can end up with a bad credit history through no fault of their own. With divorce rates on the rise and redundancies common today, it is little wonder that so many people now experience financial difficulty. With our swipe and a spend culture also leading many into too much debt these people have found it difficult to make repayments. If you have only had trouble paying your debts for short periods you will be seen as a good risk, where as if someone has been struggling for a long time to make repayments, lenders will see these people as a bad risk.
One other factor which can affect someone's credit history is previous applications for credit. Many people that get caught deep in debt with credit cards will often apply for another card with a low balance transfer fee, hoping that this will ease their debt problem. But every time you apply for credit you leave a record of the application on your credit reference file. Too many applications will be a warning for lenders that you are struggling to cope with your financial situation.
There are many bad credit loan lenders online these days, and there are a few who will arrange loans for people who have had CCJ's for previous bad debts. Doing your research online you will be able to find a rate of interest that suits you, as it is quite a competitive market now.
You may also like to look for a lender that rewards you for being a good customer and paying before due dates. Some will lower your interest rate after a period of time if you have made your payments on time. But your greatest benefit from paying on time will be restoring your credit rating.
Whether you require a loan to consolidate debts, buy a car, pay for a holiday, home improvements or a wedding, help is available to get the finance you require. If you are looking to consolidate your existing debts into one simple monthly payment, you might be surprised just how much you could save with a secured loan or a remortgage.
With 25% of adults in the UK with bad credit, it is little wonder there are so any lenders to choose from now. Most of these agencies work together to produce a report for customers and ultimately this will produce their credit rating. This is basically how trustworthy the lenders think you will be in repaying a loan.
If you are unlucky enough to have a poor credit rating, at some stage you must look to a bad credit loan to ease your debt and help repair your credit rating. With so many companies offering bad credit loans, there are now a wider range of bad credit loans that are very competitive.
Many people can end up with a bad credit history through no fault of their own. With divorce rates on the rise and redundancies common today, it is little wonder that so many people now experience financial difficulty. With our swipe and a spend culture also leading many into too much debt these people have found it difficult to make repayments. If you have only had trouble paying your debts for short periods you will be seen as a good risk, where as if someone has been struggling for a long time to make repayments, lenders will see these people as a bad risk.
One other factor which can affect someone's credit history is previous applications for credit. Many people that get caught deep in debt with credit cards will often apply for another card with a low balance transfer fee, hoping that this will ease their debt problem. But every time you apply for credit you leave a record of the application on your credit reference file. Too many applications will be a warning for lenders that you are struggling to cope with your financial situation.
There are many bad credit loan lenders online these days, and there are a few who will arrange loans for people who have had CCJ's for previous bad debts. Doing your research online you will be able to find a rate of interest that suits you, as it is quite a competitive market now.
You may also like to look for a lender that rewards you for being a good customer and paying before due dates. Some will lower your interest rate after a period of time if you have made your payments on time. But your greatest benefit from paying on time will be restoring your credit rating.
Whether you require a loan to consolidate debts, buy a car, pay for a holiday, home improvements or a wedding, help is available to get the finance you require. If you are looking to consolidate your existing debts into one simple monthly payment, you might be surprised just how much you could save with a secured loan or a remortgage.
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