What is a poor credit loan?
Ever wondered what a poor credit loan is?
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A poor credit loan is the same as any other loan in that it allows people to borrow money so they can fund the purchase of a car, pay off some debts with a debt consolidation loan or just use it to make some home improvements. The loan comes in both secured and unsecured loan products although we are concentrating here for the moment on unsecured loans. The poor credit element of the loan is the fact that the lenders we use will allow borrowers to have various forms of adverse credit against them. Things such as CCJ’s, defaults, missed payments, arrears, etc and they design their loan products with these types of features built into them.
All loans are subject to status and even though you probably think you will fail a credit score if you have poor credit, lenders that provide these types of loan products design their products so that even people with a bad credit history will fit their criteria. The only thing to consider is that you pay a slightly higher interest rate with an adverse loan product but that is the same if you were applying for a mortgage as well.
To find out more about our poor credit loans, get in touch today by completing the simple form below.
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