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CCJ's, Defaults and Mortgage Arrears.
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WHAT WE DO

We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

SECURED LOAN LENDERS

(not all lenders displayed - not specific to your personal circumstances)

Customer Reviews

THE ACTUAL RATE AVAILIABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION.

LOANS MAY BE SECURED ON YOUR HOME. YOU WILL HAVE TO PAY EARLY REDEMPTION CHARGES THIS WILL VARY. A VARIABLE RATE LOAN MAY GO UP OR DOWN IN LINE WITH THE BANK OF ENGLAND BASE RATE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEY ADVICE SERVICE.

FREQUENTLY ASKED QUESTIONS

How we work?
By making an enquiry we will contact you to discuss your needs and outline if we can be of assistance. We will then request a copy of your credit file and this will be passed to a qualified adviser to review and give you advice and discuss possible quotations. If you wish us to proceed and get a ‘Decision in Principle’ we can do so. Once we have a decision from the lender we will discuss and email you a formal quotation and outline the process from there.
What is a homeowner loan?
This is a loan secured on your property as you are a homeowner. As the loan is secured upon the property lenders are more willing to provide cheaper rates when compared to unsecured loans and additionally can lend you more money over a longer term.
Can you get a secured loan with a bad credit history?
Yes. If you have had bad credit in the form of mortgage arrears, defaults, county court judgements, IVA and payday loans we have lenders that can help providing you have enough equity and can clearly afford any new borrowing.
How much can I borrow?
Secured loan lenders provide loans from £10,000 to £750,000. This depends upon your credit profile, equity in the property and affordability.
Why take out a secured loan rather than a remortgage?
We will always explore both options to ensure you get the right advice. Here are some reasons why a secured loan is more suitable, when compared to a remortgage:
  • Your main mortgage is at a low rate and any remortgage will be at a higher rate.
  • Your main mortgage has a large early repayment charge if you were to redeem this.
  • Your main mortgage has a long term left, whereas you want to borrow £XX over a shorter term to pay off quicker.
  • Your credit profile may mean a remortgage is not possible.
I have been declined in the past – can you help?
The key to this question is why you were declined. We provide an advised service, so if we cannot help you now we will explain why and provide advice as to what you need to do to be able to get a loan in the future.
How quickly can I get a secured loan?
Typical completion time from application is between 4 – 6 weeks.
What loan purposes do you accept?
Most legal purposes are allowed.

Free Quotes For Bad Credit Loans


What is a Bad Credit Loan?

While there is technically no such thing as a "bad credit loan," what customers who seek this out are typically looking for is a lender who will consider them, despite less-than-perfect credit.

Though an imperfect credit history can interfere with your access to some types of conventional financing, bad credit loans are available, serving various short-term funding needs.

Searching for a bad credit loan can be something of a minefield, particularly online. There are many companies supposedly offering bad credit loans but there is much information that you will need to read and digest before committing to both the application and the small print prior to accepting the loan.


What is a Credit File, and how is it different to a credit report?

A credit file is a database which comprises your personal and financial details obtained from credit card providers, loan providers, banks and other services that allow you to borrow money or credit. Typically, the Credit File will include:

  1. Personal Details: Name, date of birth, current address, place of work, and gender.

  2. Account Information: A breakdown of your credit accounts (loans, credit cards etc,) the balances; when they were opened or closed; how much activity there was each month; your payment history and whether any payments were overdue or missed.

  3. Credit Inquiries: This refers to the credit applications that you have made in the last two years. Keep in mind, credit inquiries come in two forms: a hard inquiry and a soft inquiry. A hard inquiry is made by a financial institution when making a lending decision, which will leave a mark on your credit report for up to two years and could affect your credit score; a soft inquiry is not linked to an application for credit and does not affect your credit score.

  4. Defaults and other black marks: Defaulting on debts, declaring bankruptcy.

  5. Past and present employers: The credit file also lists previous and current employers.

Bad credit does not automatically have to be a barrier to receiving a loan and you do not need to be a home owner to apply. Bad credit can be very frustrating, but we will do our best to help. Your personal circumstances and life situations can change and sometimes this can happen very quickly and sometimes they are even out of your control.

The reasons for applying for a bad credit loan are many. You may be in arrears with some repayments; you may have picked up a CCJ (County Court Judgement), or may have other factors on your credit file that will impact on your ability to apply successfully for a normal high street loan. Many people in the UK have a less than perfect credit score and this does not carry the stigma that it did many years ago. Having a poor credit score should not necessarily prevent a person from getting short term loan when they need them. With many direct lenders now agreeing with us, there is currently a great selection of loans for people with poor credit in the UK. For that reason, along with the financial crisis of ten years ago and the poor economic conditions, lenders have had to adapt their borrowing criteria significantly to be able to offer bad credit loans. Often it simply is not your fault that you have a poor credit history and lenders are now more sympathetic than ever before.


Why a bad credit loan might work for you

The benefits of a bad credit loan can include:

  • A way of borrowing money: if you have a bad credit score and you have been refused credit in the past then a bad credit loan can be a way for you to borrow money

  • Rebuild your credit score: a poor credit loan can help to rebuild your credit score and credit history if you meet your monthly repayments

  • Quick access to your loan money: your loan will usually be paid into your account within days of your application being approved – and sometimes even immediately. You can make your purchase or consolidate your debts quickly

  • Repay over a longer period of time: you will be able to choose how long you want to be paying your loan back for, from one to five years to longer What can you use a bad credit loan for?

If you are approved for a bad credit loan then you can use it just like any other personal loan to help you pay for larger expenses up front. So you might use a bad credit loan for a variety of reasons i.e. to finance a car, wedding, holiday, home improvements, education fees or for another reason.

A bad credit loan can also be used to consolidate any debts you have into one monthly repayment and potentially lower the interest you are paying on the debt as a whole. But you will need to make sure you would still be able to afford the monthly repayments with the new loan deal.

According to the most recent data, car loans are the most common loan which people aged 18-24 and 45-64 search for. Home loans are the most common loan searched by people aged 65-74 and aged 75+. Debt consolidation loans are the most commonly searched for loan for 25-44 year-olds.


How do you get a loan with bad credit?

If you have been refused a loan or credit card in the past then this will appear on your credit report as a search and can affect your credit score. If you have found it difficult to pay back money that you have borrowed from a lender in the past then this can also appear on your credit report as a default and can affect your credit score. A lower credit score and marks on your credit report can make it harder to find a loan.

There are a few types of loans that you might find it easier to get approval for if you do have bad credit.


Applying for a bad credit loan

Applying for a bad credit loan is simple. Personal details such as name, address, date of birth along with housing and work status are essential. The bad credit loan application will also require expenditure and income details to assess affordability of the loan. When a lender receives your application for a loan or other credit product they approach at least one of the three major UK credit reference agencies – Equifax, Experian or Callcredit – in order to assess your credit file. These credit reference agencies hold data for every UK borrower which is gathered from the electoral-roll information, court records, address details and account data. The score is then calculated based on this information.

Once these basic details have been submitted the loan company will make an assessment of your suitability and ability to pay back the bad credit loan. Some lenders may want the loan secured on your property, others may offer an unsecured bad credit loan.

Every time you make an application for a credit product it goes onto your credit file for a year. Therefore, it is sensible to plan ahead and prioritise credit rather than rushing into yet another credit application. Too many credit applications submitted over a short period of time can result in rejection as it appears you are desperate to obtain credit.

Borrowers with bad credit can turn to personal loans instead of credit cards or payday loans. The personal loan may allow them to have a more manageable stream of payments and sometimes a lower overall interest rate. The other major benefit of a personal instalment loan is that the lender should report the borrower’s payment history to credit reporting agencies. This may help the borrower build a better credit rating when payments are made on time. A potential client should check that the lender reports this information to credit bureaus and which credit bureaus they report to in order to ensure they enjoy this benefit.


Unsecured Loans

An unsecured loan isn’t secured against any of your assets. An unsecured personal loan for bad credit enables you borrow money without needing to use your property as security for what you intend to borrow. It is the opposite of a secured loan, which you might take out against the value of your property or car. However it is important to that that this type of borrowing is often more expensive because lenders view it as a higher risk. However, they are more easily available and are often quicker to put in place.


Guarantor Loans

Guarantor loans need someone else to commit to being a ‘guarantor’ by agreeing to cover your loan payments if you should miss them and can offer lower interest rates.

Finally, a personal loan repayment schedule could prevent you from falling into worse credit. A personal loan has equal monthly payments and a definite end date to your repayment schedule. On the other hand, a credit card debt can hang over your head forever if you only make minimum monthly payments. If you have a large credit card debt that you are not paying off fully every month, consider consolidating it with a personal loan. The structured nature of personal loan payments can better assist the borrower to develop a budget and stick to it!


Peer-to-Peer Loans

(Allow you to borrow from individuals instead of a bank)

A peer-to-peer loan is borrowed from an individual lender rather than through a bank or building society. You will be matched with individuals who are prepared to let you borrow from them.

You might find that you can borrow more money than a bank or building society will offer you. The interest rates offered on peer-to-peer loans can be lower than the interest charged on standard loans too.

The average personal loan amount 25-44 year-olds look to take out is £12,092 (according to latest data).

You will still need to pass credit checks and the peer-to-peer website’s own background checks to be approved for a loan.


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