Do bad credit loans exist?
SimplyFinance Answers is a great place to start your research, but it is not a substitute for personalised, professional
advice. Please review our Terms of Use or Sign Up to ask a question or comment on an existing question. If you would
like to speak to an expert directly, use our Adviser Search to find an adviser in your area and contact them directly through SimplyFinance.
jackie123
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
they do, in small numbers, but the rates might be punitively unattractive.
the difficulty is that if you have already had a bad experience with credit, a new lender will consider your ability to repay when they judge your application and will most likely increase the cost - its a similar situation to boy-racer 18 year old novice driver compared to a careful older driver with full no claims.
its often called "risk-based pricing".
report abuse
the difficulty is that if you have already had a bad experience with credit, a new lender will consider your ability to repay when they judge your application and will most likely increase the cost - its a similar situation to boy-racer 18 year old novice driver compared to a careful older driver with full no claims.
its often called "risk-based pricing".
