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Get a secured loan with bad credit
If you need a secured loan with bad credit, or you have a poor credit history or low credit score things can seem daunting - sometimes people think they can not get credit, in particular mortgaged finance such as a secured loan when bad credit is involved. Having a poor credit history will not stop you applying for a secured loan with bad credit - there are plenty of secured loan products around specially tailored for people with impaired credit and they are often the cheapest form of finance available as they are finance on property.
What types of bad credit will secured loans allow?
All types, you could have mortgage arrears, missed loan payments, defaults, CCJ's, an IVA or just have a low credit score. Were confident there will be a secured loan available for you regardless of your credit history.
The simplest form of bad credit is a low credit score or a few missed payments to an unsecured loan registered on your credit file. In these circumstances there will normally be many different options available depending on what your exact needs and budget are. Defaults and CCJ's tend to be looked at a little closer by the lender, the loan to value a lender will allow and the interest rate they charge will be impacted by the number of defaults and CCJ's - the total amount of CCJ's and defaults and when they were registered and if they have been repaid will also be looked at. But there are plenty of products available and, as far as mortgaged finance is concerned, secured loans tend to be cheaper to apply for than a first charge mortgage as their are no legal fees and they will typically complete much quicker which will mean you benefit from the finds quicker.
How can I check if I can get a secured loan with bad credit?
To find out if you can get a secured loan with bad credit then the first thing to do is to get your credit report, this will allow you to see exactly what bad credit you have registered and will also allow you to see what a lender see's as far as your bad credit is concerned. Credit reports can be complicated to read depending on the volume of credit registered, if that is the case, we would be happy to go through and explain what your credit report means in real terms.
You should speak to a secured loan or second charge broker who specialises in adverse credit loans and mortgages. This is probably the most important single thing you can do because a broker who specialises in bad credit is much more likely to get you a better deal than one that doesn't.
Which is best a secured loan or a remortgage with bad credit?
If you have adverse credit and are not sure if a remortgage would be better than a secured loan we can help. Their are a few difference to be kept in mind when considering the two - a remortgage will probably be more expensive to arrange but the monthly payments will probably be cheaper compared to a secured loan for the same amount. A secured loan will typically complete much quicker and have less set up costs involved, they may also be more forgiving with their underwriting criteria and you may be eligible for a secured loan even if you have had a remortgage refused.
We will look at all the options for you and put forward what we feel is the best option for your requirements. If you are truly not sure about which may be best for you then we can arrange for you to be sent a breakdown of costs for both so you can compare the two side by side allowing you to make an informed decision.
I do have bad credit and want to apply for a secured loan - what next?
Simply fill in the form opposite and we will call you back to discuss you requirements, needs and budget in person. As we specialise in adverse credit financial solutions we are confident you won't get better help and advice anywhere else.
