In recent years, the business of bad credit lending has boomed somewhat in the UK. Indeed, while loans for people with poor credit histories - known as Bad Credit Loans - have existed for a long time, the recession has seen more people turn to lenders providing such loans, which in turn has seen more of them pop up. This is good news for people in such situations, since it means there are now more loan providers than ever willing to accept applications from them which equals more competition and, ultimately, better rates for everyone.
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Of course, if you find yourself in need of a bad credit lender, whether it's because you've missed payments on a previous loan, have a County Court Judgement (CCJ) or even had to declare yourself bankrupt in the past, it's crucial that you source as many different quotes as possible before making a decision about which lender to go with. Generally, Bad Credit Loans have higher interest rates than normal loans since the person applying is considered more of a financial risk to the lender; as such, many bad credit lenders take the opportunity to increase their rates accordingly if you apply to them with a poor credit history. Because there are so many lenders out there though, the rates they offer can vary dramatically and this can work to your benefit when comparing the best quotes.
In this case, your best answer is a reputable loan broker - while it's very possible to gather quotes by yourself, getting enough to make an informed decision can take forever because it's hard to ensure you haven't overlooked certain lenders, especially since the internet is jammed with people all promising to help you if you've got poor credit. A broker, however, will already have the details of many such lenders across the country and can take just a few minutes to do work that would otherwise take you days, if not weeks. The trick is to find a broker with as wide a reach as possible to ensure they hit as many lenders as possible, which will give you a good spread of quotes to choose from. And if you can find a broker that doesn't charge up-front fees for its services, all the better!
In Summary
Bad credit lenders...
Make up a reasonable percentage of all loan providers in the UK Can provide loans to people with poor credit ratings and CCJs Will usually offer loans with higher interest rates than other lenders Need to be compared thoroughly to ensure you're getting the best deal
Copyright: Individual Finance, 2010
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