A high percentage of homeowners seem to be searching for the cheapest secured loans on the market at the present time. This is largely because secured loans seem to be heavily featured by lenders at the moment. With a good number of people having average or poor credit, lenders look for collateral or a guarantee that they will recoup their money to get around any problems that may arise. As a result, the cheapest secured loans seem to be extremely popular.
A Secured Loan Could Be The Answer When It Comes To Loans For People With Bad Credit
If you have a bad credit rating and have applied for a loan then you will probably be thinking that it is almost impossible for you to borrow money. However there are loans which are more suited for people with a bad credit history; secured loans are generally the answer and best types of loans for people with bad credit.
A Secured Loan Is One Of The Most Popular Types Of Bad Credit Loans In The UK
One of the most popular types of bad credit loans in the UK is the secured loan. People with a bad credit rating are frequently turned down for a loan as they are seen as a bigger risk. However with a secured loan the risk is lessened because you are asked to put your home up as security against the amount you wish to borrow.
An Adverse Credit Homeowner Loan Could Be Your Best Option If You Have A Bad Credit Score
If you have had problems with credit in the past and have tried to get a personal loan then you have probably found yourself being turned down time after time. If this is the situation you are in then applying for an adverse credit homeowner loan could be the answer to your problems. A loan of this type can be taken out for almost any reason and the repayments can be extended over many years.
An Adverse Credit Loan Is Available For Those With A Poor Credit Rating
If your credit rating is very low or you have CCJs against you or have even got into arrears then getting someone to say yes to giving you a loan can be next to impossible. While your circumstances might dictate that you cant get a personal loan, there are other options and one of them is taking out an adverse credit loan.
Consumer Confidence In Banking Takes A Hit
One industry professional stated that consumer confidence in banking and finance was already fairly low, and added that the recent turmoil with Northern Rock has contributed to this lack of confidence.
Young, Self Employed, No Accounts And No Savings. How Did I Get A Mortgage?
I was having considerable problems getting a mortgage to buy my first home about four years ago. If I was to believe everything I had heard, I was the ideal candidate for a mortgage – young, a first-time buyer and with an annual income of about £30k. Easy!
No, not easy, actually. Being young with a leaning towards enjoying myself, I had no savings – nothing to use as a deposit. But what about these 100% mortgages I had been hearing about? Surely I qualified? Oh, there was …