Poor Credit Loan

If you have had debt troubles in the past, or if you have missed a number of mortgage or loan repayments, you may have to look specifically for a poor credit loan. UK credit ratings are rather an unknown quantity, in that loan providers have such varying lending criteria that what is acceptable to one will not be for another. Therefore when you are looking for a poor credit loan, remember that you do not necessarily have to accept a high interest rate loan from a mainstream lender and may be able to find a better deal with a poor credit loan specialist.

It’s worth researching the different poor credit loan providers, because it is often possible to establish their ‘ideal customer’ from the way that they market themselves. Some providers advertise their low minimum payments, suggesting that they prefer clients who stick to paying back the lowest possible amount each month (thereby extending the term of their loan), whereas others will be more likely to lend to you if you are looking for car finance. Also, when you are trying to establish the extent to which your credit rating has been damaged by missed payments or debt in the past, you should apply for a copy of your credit history file. You may be surprised to find that your rating is better than you expected, and this would mean that your options are not limited to poor credit loan products.

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Get to know the Poor Credit Loan providers

• If you fit the profile, you are more likely to be accepted for a poor credit loan.  Your first step is to look at exactly what you want from your poor credit loan; are you looking to consolidate debts, and if so, how do you expect this loan to lower your repayments?  Are you expecting to be able to pay back the loan within a few years, or will you need a longer-term repayment period?  Are you willing to secure your poor credit loan against a property, or would you prefer an unsecured solution.  By fully understanding your needs, you can proactively search for a product that matches them.
• The next step would be to carefully research the providers on the market, looking first at which ones are advertising in a way that particularly appeals to you and to your financial situation.  Make a list of the ones that offer products that you feel would be suitable, and speak to the providers if you have any questions at all that are not covered by their advertised terms and conditions.
• Before you go ahead with your poor credit loan application, we would recommend that you speak to a qualified financial advisor, as they will have years of experience in dealing with poor credit loan providers and will know the best way of approaching a particular provider to maximise the chance of approval.  However, a conscientious advisor would also advise against a poor credit loan if your finances would not enable you to pay it back.