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Stressing about Bad Credit? Don't pull your hair out!
How to get secured lending in the UK right now!
How to get secured loans especially if you have bad credit
and how to get the best secured loans on the market today
Follow this Guide to getting a loan with bad credit
If you have a muddied credit history it's likely that you'll find it tricky to get accepted by loan providers - so what are your options?
What constitutes bad credit?
If you're considered to have 'bad credit', you may have missed repayments in the past, or even have a County Court Judgement (CCJ) or bankruptcy against your name.
There is a big difference between 'bad credit' and 'no credit' - the latter is when you haven't ever taken on any form of loan and so have no credit history behind you.
However, a dose of bad credit doesn't mean lenders will automatically slam the door on you - but it will mean your options are limited, with higher interest payments than you'd be subject to if you had a squeaky clean credit history, and access to smaller
Is it possible to improve your credit history?
There are simple ways to improve your credit score. These include making sure your name is on the electoral roll when your local authority sends you details of this. If it's not on this, you're unlikely to get any credit.
Types of loans you're likely to be approved for
There are lenders that offer 'bad credit loans' to people who seem a greater risk because of their poor credit history - although these tend to come with higher rates and lower limits.
What is a Secured Loan?
A loan secured against a property that is already mortgaged, also know as a second charge.
• Loans for many purposes including :
◦ Home Improvements
◦ Car Purchase
◦ Tax Bills / Injecting cash into a business
◦ Holiday home / Timeshare
◦ Cosmetic surgery
• Available to the employed or self-employed
• Rates from 5.7% Apr
• Lending up to 95% equity
• Loans from £3000 to £500000 (lender specific)
• Maximum early redemption penalty just 2 months interest
• Capital repayment and Interest only available
• Defaults, CCJ and missed mortgage payments taken into account (lender specific)
• Avoid early redemption penalties on mortgage
• Separate to the main mortgage and can be over a different term
• Saves re-mortgaging off a low rate
• Buy to Let second charges available
• Semi commercial second charged available
Why a secured loan – instead of a re-mortgage of further advance?
• In a tie–in period and do not want to pay a large redemption penalty
• About to come to the end of a mortgage deal and need to consolidate other borrowings
• No payslips or accounts to prove income
• Turned down for a further advance
• Need funds quickly and can’t wait for a re-mortgage
• Want to avoid losing an excellent current deal with existing mortgage lender
• Need to borrow up to 95% of property value
Are secured Loans Regulated?
Secured loans are regulated by the Consumer Credit Act. Business loans are not regulated and may incur different early redemption penalties.
Call us now on : +44 1908 267153 to see if we can get that loan you need today!
secured loans Greater London
secured loans for bad credit Greater London