Have you had adverse credit recently or in the past few years? Perhaps you have struggled to get personal loans or credit cards? This is where secured loans with bad credit can come to the fore. Some unsecured lenders only look at your recent past credit performance and current credit score when making a lending decision. Many lenders loan systems may be automated, so you don`t get to explain how things went awry for you or what you are trying to achieve - it`s just a flat no. Some secured loan plans work differently to this and may accept you even when you have been refused a loan elsewhere.
Many UK secured loan lenders will look at other factors besides your credit score, missed payments or adverse credit to try and approve your loan. For example if you have incurred mortgage arrears but are using some of the loan to pay them off - this can be seen as a very positive step. If you would like to obtain a secured loan from £5,000 to £150,000 and unfortunately have past or current bad credit, please speak confidentially to our UK based low credit score loan team on a mobile or landline by calling free phone 0800 0159 295 or dial 0330 0536001, mobile friendly. Alternatively complete our short online enquiry form and we will get to work on arranging a loan that fits in with your budget and enables you to achieve your goals.
Perhaps your adverse credit was a result of cash flow pressures on multiple credit items or short term loans and you are simply looking to carry out some debt consolidation to get back on top of your credit. Again this may help with demonstrating that you will be able to afford the loan and so help you to get approved for your loan. When experiencing difficulties you may find yourself falling into a cycle of taking out payday loans (sometimes one after another…) to make ends meet, rather than being able to stand back and take a look at the bigger picture. At My Sort of Loan we will look at your finance situation as it is now and where you would like it to get to and try our level best to help. Our secured loan lenders plans have terms from 3 to 25 years to enabling you to match repayments to your budget. Importantly some of our lenders will consider UK homeowner clients with multiple bad credit / missed credit payments, mortgage arrears, defaults and even county court judgments (CCJ`s) providing the loan will put you in a better position overall.
UK Based Secured Loan Team:
Isn`t it good to know that you`ll be talking to somebody who isn`t just reading a script and ticking boxes on a computer screen? Our UK based adviser team has a passion for arranging a suitable secured loan for you, they will listen to you and give you tailored advice in plain English.
Let Us Do The Leg Work:
We have many secured loan lenders, some of which do not deal with the public directly. Add that to the myriad of secured loan products on the market today it can be hard to know where to start. My Sort of Loan has extensive experience in sourcing and arranging secured loans for our clients across the UK, so you can relax, the pressure is on us.....
Suitable Loan Advice:
Our company is UK owned and based, it is also authorised and regulated by the Financial Conduct Authority. We are committed to giving you the most suitable advice and recommending a product which matches your needs - so you can rest assured that you will always get the best possible deal that we can offer you for your circumstances.
My Sort of Loan has a wide panel of secured loan lenders giving our clients many chances of finding the right secured loan interest rate for them. This means that we have lenders who cater for our clients who have the very best of credit profiles with no adverse and high credit scores, as well as lenders for those of us at the other end of the spectrum - whom for whatever reason have had or are currently experiencing credit problems due to missed credit, defaults, mortgage arrears or CCJ`s.
As you might imagine the interest rates will become higher depending on how much risk the lender is being asked to take. This is termed in the industry as ` rate for risk` and has been around for a very long time. Good initial rates are in the low single digits and can sometimes be fixed for a set period of the loan. Higher rates can be in the late teens, twenties or even thirty percentages depending upon how much bad credit you have and how much equity you have. The key here is that all customers that we can help will first be provided with a completely free quotation detailing all the facts and figures before you decide to go ahead or not.
Although there are some common themes to the way the different lenders on our lending panel calculate risk there are always exceptions to the rule. For instance if you are a homeowner with a lot of equity in your property but you have some bad credit, you might enjoy as good a rate as a client who has a good credit rating but has much less equity. Our loan adviser team will explain the reason for your rate before you accept any loan offer made.
So having bad debt doesn`t always mean that you will only have secured loan options by paying high interest rates, but how do you know what you qualify for from our lenders? That is straight forward, just call and speak to out UK based team of qualified secured loan advisers on 0800 0159 295. We will always aim to deliver no obligation advice and aim to find you the best possible homeowner loan for you from our panel.
If bad credit is stopping you from doing the things you want to (or perhaps need to), one way to reverse your scenario is to take a secured loan out with My Sort of Loan. As a homeowner / mortgage payer you may be able to borrow money using your property as security. It does not have to be your main residence - if you are a landlord you can also use a buy to let property. There is a trade-off here, the lender has added security from you through you offering security and is therefore in a better position to accept your loan application even if you have incurred bad credit. This means that your lender has the option to seek possession as a last resort if you do not maintain the repayments secured against it. Since your home is perhaps the largest and most important purchase and potential asset that you own, lenders may well consider that you are likely to do all you can to keep up the secured loan repayments.
You might have heard a secured loan called by other names such as a homeowner loan, second mortgage, personal secured loan or second charge loan or. It can all sound a little confusing but essentially it is usually just another name for the same product, a loan secured on property by way of a second charge. It is by way of a second charge as the first charge is normally taken by your mortgage lender. At My Sort of Loan we will cut through the jargon and advise you on the right product for you from our panel. Our UK based team of qualified advisers will listen to you first and foremost, once we understand where you are now and how you got there we`ll consider how we can get you to where you want to be.
So does taking a secured loan out with adverse credit mean that you`ll have to pay more? To some degree you would expect to pay a slightly higher rate if you have existing adverse credit. However the amount of difference may not be very large. It really depends where you are up to with your bad debt at this time. Fortunately there are many secured loan companies operating in the market place and they all have different rates depending on your overall scenario.
The good news is that lenders want to lend and so have carved out niche credit and equity areas where they can be more flexible . For instance some lenders are ignoring defaults that are over 1 year old at the time of writing. At My Sort of Loan our qualified loan team will compare the secured plan rates being offered by the lenders on our wide-ranging panel and where we can help, advise you on the best rate to fit your requirements.
We understand that when you take a loan out a secured loan with advere credit you will pay more than you normally would. It is also fair to say that over time, especially when you demonstrate your ability to maintain payments on you`re a large loan facility like a secured loan you will begin to repair your credit status. Some secured loan plans can be repaid early, subject to any contractual fees. This mean that as time goes by you may able to move your remaining balance, plus any early repayment charges, to a better rate with an alternative borrowing solution via other lenders or intermediaries.
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