If you have been declined for a loan you may have been told that it`s because of a low credit score or a low credit rating. Fortunately there are competitive loan lenders who want to help you borrow the money you are seeking - who do not rely on your credit score to approve your loan.
A low credit rating may be because you`ve have credit problems in the past or perhaps you haven`t taken any credit out over a number of years. It could also be something fairly simple such as you not being on the voters roll, or you have taken time out of work for a while - alternatively you may have quite recently become self-employed.
Whatever the reason for having a low credit rating or score, My Sort of Loan are a well established specialist in arranging the right loan to suit your circumstances. Our qualified UK based loan team will listen to your requirements and aim to provide a fast, free no obligation quotation. Our clients have obtained low credit loans for as much as £250,000 and as little as just £3,000 - with repayments over 3 to 25 years matched to your budget. For your no obligation quote please call our UK low credit score team today for free on 0800 0159 018, dial mobile friendly 0330 0536001 alternatively enquire using our quick quote online enquiry form.
Sub prime, non status and credit impaired are just some of the ways that some lenders refer to the customers whom they decide not to deal with and decline to help. Understanding how this can arise can help you avoid credit problems in the future and get you on the road to recovery. It is also worth considering teaming up with your partner / spouse and looking at a joint loan, or even choosing the one of you with the better credit profile to go for it. Looking into joint loans for bad credit is clearly not for every scenario, but can work for some!
Like many UK loan or mortgage products much is often made of how your have managed your credit in the past. It may be that you have been snubbed by other lending institutions because you have had problems with a loan, finance agreement, credit cards or a mortgage - even if it wasn`t your fault.
Many UK homeowner and personal loan clients have found themselves in difficulties for many reasons such as:
Redundancy;- certainly over the last decade many uk homeowners have found that their secure jobs vanished over night leaving them unable to fulfil their credit commitments.
Illness;- if you are unable to work through illness or had to leave your job because you were no longer able to continue, it is often difficult to find alternative work and this can lead to poor credit.
Accidents;- if you have had an accident and you cant work you may well find that you can`t keep up with your bills, regardless of who`s fault it was, even if you received compensation the damage to your credit score may have already been done.
Easy Credit;- Offered and been tempted by multiple `easy` access credit lines such as store cards, fast small loans and credit cards which have snowballed into a set of payments which you are no longer able / are struggling to meet and are now causing issues with meeting other key home bills.
Your previous credit problems might have resulted in you having demerits on your credit file such as defaults and county court judgements. It might be that you have attempted to resolve your problems with a debt management plan (DMP) or an IVA (Individual Voluntary Arrangement). All of this can cause problems when you apply for a UK homeowner loan but at My Sort of Loan we are confident that we will still try to find the right loan solution for you.
Whatever the reason for you unfortunately having poor credit or a low credit score, My Sort of Loan will try to understand what has gone on before so that we can help our loan lenders understand your scenario and hopefully enable your loan to be approved. Our specialist loan advisers will listen to your side of the story and advise you on the best way to go about getting the right UK homeowner loan from our panel. My Sort of Loan has a wide ranging lending panel to suit all kinds of applicants for almost any purpose.
Of course it isn`t always the case that a low credit score is necessarily a result of previous credit problems and My Sort of Loan can cater for this too. Perhaps you aren`t the sort of person who uses a credit card at all, or chooses not to take point of sale credit? It may just be that you have always waited to save up for the things you want and haven`t used any credit.
Believe it or not this can have a negative effect on your credit score. The lack of a varied credit history can make life almost as difficult as having poor credit when applying for a UK homeowner loan. This is because many UK homeowner and personal lenders tend to use bespoke automatic credit scoring and if you don`t have a some credit history to look at they tend to give you a low credit score. The good news is that in this scenario once you are put onto the right loan lenders plan – you actually do not actually have any adverse so you should be able to borrow what you need at a competitive rate.
This doesn`t mean that you`ve done anything wrong of course it`s simply a matter that lenders don`t know what they don`t know. Unlike many other UK Home Loan brokers at My Sort of Loan we will take the time to look at your case on an individual basis and understand why you have a low credit score. We will find the best lender from out wide panel to suit your needs and arrange the best possible product for you.
If you have had credit issues in the past or a limited amount of credit history it may be that when My Sort of Loan arrange a UK homeowner loan for you, the rate might be slightly higher than you have seen advertised by the high street banks. But the good news is that it need not always be the case that you will have to pay a higher rate. Your low credit score is determined by what has been reported to the national credit reference agencies over the last 6 years.
Many lenders will only count missed credit or mortgage payments within the last 12 or 24 months. Defaults can be counted for longer but will drop of your credit file after 6 years. So if you have been paying your UK homeowner loan for a number of years without missing any payments along with your first mortgage you will provided evidence that you have the ability and intent to service your debts. This will show that you are a low risk borrower and so long as you can demonstrate that you have sufficient income, you may want to consider refinancing your UK homeowner loan.
If that all sounds too complicated or you are not sure where to start the government has set up the www.moneyadviceservice.org to help give you general guidance on managing your credit profile. don`t forget that My Sort of Loan are interested in your future as well as your past and that includes helping you find a better rate for your second charge loan as your circumstances improve. When you feel the time is right for you to see if we have any better alternatives you UK homeowner loan simply call our UK low credit loan support team on 0800 0159 018 and we will give you the same service and advice as we did with your initial enquiry.
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