Bad Credit Loans | Poor Credit Loans | Find a Bad Credit Loan in the UK | Different types of Bad Credit Loans. Loans for people with bad credit. Apply for a bad credit loan even with a poor credit rating.

Bad Credit Loans | Poor Credit Loans | Find a Bad Credit Loan in the UK Different types of Bad Credit Loans. Loans for people with bad credit. Apply for a bad credit loan even with a poor credit rating.

Logbook Loans Are A Great Bad Credit Loan

If you want to get a credit, the most important thing is your credit history. If the lender finds out that you have a very bad credit rating, it is not very likely that he will give you a loan without any secure that he will get his money back.

Logbook loans are secured loans and are therefore available for people with a bad credit history, too. Unlike to usual secured loans, you secure the loan not against your house but your car. The maximum available loan depends on the value of your car; however it is usually between £500 and £50,000. Of course you can keep your car during the repayment period as it is just collateral for the event that you fail paying the monthly instalment. The logbook loan is available for nearly everyone who is over 18 years old and owns a vehicle completely.

The vehicle you choose for your asset as collateral could also be a motorbike, van, caravan or Lorry, as long as it has a legal logbook. As the APR rates on logbook loans are still very high, make sure you are able to pay back the loan as soon as possible and that it’s just a short-term solution.

If you decide to apply for a logbook loan, make sure you have done enough research and that you have found the offer which suits you best. If you need help, go on online price comparison websites (eg which have compared all the different lenders.

Bad Credit Loans Explained

It is becoming increasingly more apparent that if you have a poor credit rating then you are going to find it difficult to obtain a loan from a bank. However this is not to say that individuals with less than desirable credit histories will not be eligible for loans elsewhere. A type of loan called a Bad credit Loan has been designed as a loan for people with bad credit.

Bad Credit Loans act similarly to a standard loan from a bank with a few key differences that you should take in to consideration before applying for one. The amount Bad Credit Loans will typically be for will range between £1000 to £25000 although some brokers boast amounts as high as £75000. The term lengths are similar to that of standard loan too, ranging from around 12 months to 60 months.

Bad Credit Loans are typically secured as these types of loans expect some type of collateral like a car or a house to be secured against them. The reason behind why Bad Credit Loans are almost always secured is because Bad Credit Loan lenders are taking out a higher risk when lending to people with poor credit scores. Because of the higher risk that Bad Credit Loans lenders are taking with people with poor credit the interest rates tend to be higher than that of a standard loan from a bank. It is therefore vital that you work out what the repayment plan will cost when you are considering a Bad Credit Loan as the higher interest rates will make it fairly expensive. If you cannot make the repayments and your house or car is secured against the loan then you could face repossession.

There are loans for people with bad credit available here!

If you’re sure that your application for regular unsecured and secured loans including credit cards will not be approved then it might be worth applying for a bad credit loan. There are numerous companies who will offer bad credit loans to customers who have been rejected elsewhere and one way of finding such a company is by going through a specialised broker. They will take your requirements and details and look to a large panel of lenders to see which one would be best suited to your needs and is willing to lend to you. These bad credit loan brokers are already familiar with the market so the search won’t take long, and soon they will return with an offer. If you are happy with the loan being offered you can proceed

Criteria can vary broadly according to company and loan type, but in general you will need to be at least 18 years old, employed or self employed, a UK resident and a home owner. It is difficult to be more detailed than this because the lenders all have different criteria. Some might need you to be in full time employment and others may require ‘sensitive information’ from you in order to proceed your application

Risks associated with loans for people with bad credit

As with all types of borrowing, there are risks associated with bad credit loans. If you have bad credit the lender takes on a higher level of risk lending to you so the interest on bad credit loans may be higher than normal – and therefore the repayments are higher. You will need to be certain that you can cover repayments. Some bad credit loans are secured against your home so be careful.. If it is your home at stake, you stand to lose a great deal – and could end up with an even worse credit rating.

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A guide to Payday loans: a growing favourite kind of short-term funding .

Having a huge variety of different types of finance on offer to people nowadays boasting some very favourable interest rates and deals, it can take some time to choose the right kind of bad credit loan when comparing the deals on interest rates offered versus the payment term for your personal situation. Sometimes one can find themselves in the situation whereby they require money on an immediate basis; the cash in their hand within a few hours.

With the normal high street banks getting finance authorised and transferred to your account can take at least a day or two once the bank has received the required information as well as signed the documentation required. An increasingly popular kind of funding that addresses people’s immediate requirements is payday loans. With the ability to apply on the internet through a huge selection of companies, payday loans is in essence ‘instant funding’.

This particular kind of loan was initially started to give short-term finance or urgent funding to meet immediate needs to tie people over until their next pay day. As an example, your washing machine or boiler had broken down and you need some funds to pay for a replacement you could have the money in your account the same day to get it all done instead of resorting to using your credit card or waiting for your next salary cheque. Payday loans are perfect for short-term funding requirements such as this and most providers loan up to 1000GBP as standard. The whole process of applying for payday loan really couldn’t be simpler.

Once you have completed and sent your information and the amount of finance you require, through completion of an online form, you can expect confirmation from the provider simply within a few minutes. Boasting a 99% approval rate by most of the providers, the money is then usually transferred to your account almost instantly or a few hours maximum. Payday loans are most fitting for many individuals who have a poor credit rating and who are unable to find a provider willing to loan them any amount of money, especially on such an immediate basis as may be required. A large number of providers will now approve a payday loan irrespective of one’s credit history as no credit check is actually carried out.

With very competitive interest rates applied to payday loans, the amount of finance available varies from provider to provider. More often than not, payday loan interest rates can be better than that applied to credit cards so it is to one’s advantage to apply for a payday loan. Generally across all providers, funding of up to 1000GBP is on offer although some pay day loans providers will provide a higher figure subject to more specific terms of agreement. It is highly recommended to read the agreement terms and conditions carefully and ensure that they are balanced with a competitive interest rate and flexible payment term, if the latter is possibly relevant to your particular circumstances. Price comparison websites independently review the different payday loan providers in the market and publish their unbiased account of each on their site in very helpful comparison tables making it the ideal place to go to help choose the best lender.

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Logbook Loans

Logbook loans are also available for loans for people with bad credit. They are secured loans where you use your car as collateral for the security of the loan. you are usually able to borrow up to 70% of the car’s value. However, be careful. If you can’t make the loan repayments on time then it is likely that you will lose your car. Your car will usually have to be less than ten years old if you are going to get this sort of loan. Make sure that you read all of the terms and conditions so that you know what you are getting into. It is also worth shopping around in order to find the best deal and the loan with the least interest.

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What is a Guarantor loan?

A Guarantor Loan is also a type of bad credit loans and can be used no matter what your credit rating. With these loans a friend must guarantee that you will pay back the money owned and if you do not make the repayments on time then your guarantor will have to pay the money back. This means that your guarantor must trust you and you do not want to let them down. Guarantors are usually close friends or family members. The guarantor usually has to be homeowner with a regular income. If you are getting a guarantor loan make sure that you can pay the money back as the damage you may cause to your family member or friend could be irreparable otherwise.

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What Other Types of Bad Credit Loans Are Available?

Bad Credit Loans cover all loans which are available to people with Bad Credit. Payday loans are one form of bad credit loan. Payday loans are short term loans of relatively small amounts of money (up to £1000). Payday lenders do not perform thorough credit checks and their loans are unsecured. However, the interest on payday loans can be very high which often makes them the most expensive form of loan available. If you are getting a payday loan then you should look into as many different offers as possible. the companies which offer payday loans are all in competition with each other and will offer different rates of interest, different charges and different terms and conditions so it is worth looking into as much as possible.

As with all financial products it is really important to read the terms and conditions for payday loans in detail. There is no doubt that some companies are more scrupulous than others. It is also worth reading online reviews of people who have used these bad credit payday loans companies before to find out which ones seem to suit people best. When getting a payday loan make sure that you keep your borrowing to a minimum and be sure that you will be able to pay back the total amount borrowed plus the interest. If you do not make repayments on time then the loan is likely to become even more expensive.

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Loans For People With Bad Credit Are Available!

It isn’t easy to get a loan these days. The banks are stricter than ever about whom they will lend to and this can make it extremely difficult to get a loan from a bank or building society. However there are other alternatives which are available if you need a loan and you have bad credit. There are different types of bad credit loan some of which are secured and others are unsecured. The secured bad credit loans mean that you have to place an asset which is usually your home as collateral for the security of the loan. This means that if you cannot make your loan repayments on time then you could potentially lose your home.

The APR on loans with bad credit can also be somewhat higher than that of a normal loan. This is because the lender is taking a higher risk by lending to you due to your poor credit rating. However because the loans are secured you should be able to find a bad credit loan with an interest rate which isn’t too high. Before you get a bad credit loan it is worth seeking independent financial advice. Spend time searching for the best deal as bad credit loan do vary and your personal circumstances may make a loan with a particular company cheaper or more expensive.

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Bad Credit Loans are a great way to get credit regardless of your credit rating.

It can easily happen that your credit rating gets bad. You don’t have to suffer from things like a CCJ. A few missed bills can have negative influence on your credit rating.

Have you ever tried to get a loan from a bank with a bad credit history? It is nearly impossible because they don’t want to take the risk of potentially losing their money. There are still some possibilities for you to get a loan. There are special Bad Credit loans for people with a bad credit rating. You just have to go on the internet and check for the wide range of offers. There are loans available between £50 and £100,000.

Usually the bad credit loans are secured. This means that you have to offer an asset, usually your car or house, which can be taken from the lender in the event that you fail paying the repayments on time. There are some unsecured offers as well but be careful the interest rates on unsecured bad credit loans tend to be very high as the lender takes a great risk of losing money.

Work out exactly what you need to borrow and try not to go over this amount. In both cases you should try to pay back the loan as soon as possible! There are many offers on the internet, take your time to compare them and work out how much each loan would cost you and pay attention on different repayment periods and interest rates.

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