Loans poor credit rating
Most lenders base their decision on whether or not to offer you a loan following a process known as credit scoring and this is why we offer loans poor credit rating. The lender will give you a credit score on the basis of the information you provide on the application form such as your age, employment status, postcode, income etc. In addition information on your credit file will provide details as to whether you have any existing loans, the number of other credit applications you may have made, whether you have missed repayments on previous loan arrangements, have any CCJs registered against you and whether you have ever been declared bankrupt.
If you’ve had a CCJ, default, mortgage arrears, IVA’s or similar credit problems, you will generally fall into the poor credit category which, should you apply for a loan at a high street bank, makes almost certain you will be turned down. You can find out more about poor credit loans here.
Fortunately, there are specialist lenders who can provide a solution; loans for people with bad credit may be just the right alternative.
Do some research before you submit any loan applications. Check out several lenders, ask about their interest rates and loan terms, and find out more about their loan process. Be careful, though, not to submit a flurry of applications in a short period of time. Activity such as this can actually make your credit rating worse, so make sure you learn as much as possible about each lender’s program before deciding whether or not to complete an application. You can also work with an independent loan broker to help determine which lenders have programs that fit your individual circumstances.
