Loans - Bad Credit Loans

 
 
 

What is a bad credit loan?
What types of bad credit loans are there?
How do I know if I have bad credit?

What is a bad credit loan?

We all fall on hard times and make bad financial decisions and sadly those bad decisions can follow us around for a long time. One of those times when it is most devastating is when we are looking to take out a loan. If you suffer from a bad credit rating lenders are less likely to lend you money, and it can be almost impossible to get credit for buying a home or a car.

That is why lenders have a variety of bad credit loans available for borrowers who suffer from a poor credit history.

A bad credit loan will offer you credit but charge you a higher interest rate and usually offer you a much lower amount than otherwise available. This is done to insulate the lender from the increased risk that you might not be able to pay back the debt.

Once you have a bad credit loan, however, you can use it to start rebuilding you credit history. Top

What types of bad credit loans are there?

There are two main types a secured loan and an unsecured loan.

  • Bad credit secured loans, usually involve a possession of significant value, most likely your house, as collateral for the loan. The loan size is determined by the value of the possession, monthly income and past history. For a person with bad credit this is the easiest type of loan to obtain due to the increased security a lender has in the value of your possessions.
  • Bad credit unsecured loans, are notoriously difficult to obtain because of the high risk a lender would be taking on. As such they usually come with much higher interest rates and much shorter terms. Top

How do I know if I have bad credit?

You may have bad credit history if you have had any trouble with repaying your creditors or even if you have never used credit before and have no credit history

Any defaults, arrears, CCJ's, IVA's or bankruptcy claims will also flag you as having a bad credit history. Top

 
     
 
 

Compare Loans

 
 
Search over 500 loans to find you the best loan available in the market.
 
  Compare Now  
 

Loans Money Saving Tips

 
 
Our tips can help you save when looking for a loan.
 
  Information  
 
  13/05/2008 - Advertisers Face A Facebook Revolt. . Credit companies that use social networking sites such as Facebook to push for business...
11/05/2008 - House prices suffer biggest fall for ten years. . A leading loan provider have increased fears of a possible housing slump after publishing...
08/05/2008 - APR and your car loan. . When applying for a car loan it is vital you understand what the lender...
 
  Quick Loans Guide. When looking for a loan there are various options which you can pursue, the loan...
Secured Loans. What is a secured loan? How much can I borrow on a secured loan? How...
Car Loans. What is a car loan? What type of car loans are there? How much will...
 
  02/05/2008 - Good buy or 'good bye', its your credit. . Hardly any of us earn enough to purchase a car outright, for that reason...
01/05/2008 - Cost Of Personal Loans Rises. . body> It is not just mortgage rates that are being hit by the credit...
29/04/2008 - The truth behind Liar Loans. . As Nick Cohen of The Observer warns: “pray this country doesn’t go sub-prime”, Tony...
Loans Advice
Loans Advice Call our loan advisers
0800 1777 197


Best Buy Loans Best Buy
Personal Loans Click Here
Secured Loans Click Here
Car Loans Click Here
Debt Consolidation Click Here
Refused Credit Click Here
Same Day Fund Click Here
Low Value Fund Click Here




THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPATMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

Only Loans Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 439110. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05222154. Telephone 0207 377 1805.


© OnlyFinance.com 2008