Welcome to Bad Credit Loanfinder .co.uk
With the national debt growing larger each day, more and more people are finding it hard to keep up with their repayments. Sometimes it's impossible not to fall behind with a loan or mortgage payment. Don't be worried though as a loanfinder can help get things under control even if you have missed payments of have bad credit.
Where can I get a bad credit loan?
Without a loanfinder, it's always a gamble when applying for credit. You won't know whether a lender will accept you and of course, each application you make the worse your credit will end up. Many people turn to a professional loanfinder to search the market finding the best lenders that match your personal circumstances. This way you will have a lot better chance of being accepted if you know you match the lenders criteria!
Why should I pay a loanfinder?
As with any service, you will need to pay a loanfinder for their expertise. Before you think this isn't for you, bear in mind how much time you could be saving yourself. An independent loanfinder will search a full panel of lenders which could be a fair few hundred. It can take upto 40 mins to apply with each lender and this would be after you've checked to make sure you meet their requirements! A loanfinder would usually charge between £30-£70 though I would recommend finding one that doesn't charge you a fee upfront, ie you will pay the fee once they've searched for a lender for you.
How does my credit affect me?
A persons credit can be considered a bit of a mystery. It will be taken into account when applying for credit though it's not so much of a gamble as many people think! Especially if you have the help of a loanfinder.
To simplify, any bank account, loan, mortgage, store card, credit card etc that you have owned in the past 6 years can be on your credit report. Every payment you have made will also be highlighted along with any late or missed payments. You will be able to see on your credit file any defaulted payments (seriously late or missed payments) as well as any CCJs (County Court Judgements, when you've had to go to court due to a missed payment).
If lenders can see you've missed payments in the past then some may be reluctant to lend as will see you as a high risk. Just because one lender isn't happy to help, doesn't mean you won't find a loan from anyone. Bear in mind that you may need to pay a higher interest rate however, thugh if a loanfinder is helping you, you can be sure you'll get the lowest APR available.
Loans for Bad Credit
The comedian Bob Hope, once said that a bank is a place that will lend you money if you can prove that you don't need it. Even though he said this back in the old days, this holds true today, and perhaps even more so. An ever increasing amount of people are applying for credit, with less chance of getting it. Read more »
Your credit report – It's just like a stuck record...
Unfortunately, there is no way of disguising how you've handled your finances when it comes to your credit report. Your personal credit record is based on information from different places, such as the electoral roll, your postcode, the credit you've applied for in the past, how much you owe to lenders, and the credit you have paid off or defaulted on. If you have ever been issued with a court order to pay off a loan (a CCJ) this is recorded too. Read more »
Find a bad credit loan – without having to look too hard
If you've been declined credit, a lender should tell you why. You can then either try and repair your credit record, which can take a bit of time, or apply for a personal loan with a company who specialise in bad credit loans. You will most likely pay a higher interest rate for a loan, but if you make all your payments on time, this will also repair your credit record. Read more »