With the credit crunch really beginning to bite, this can be a difficult time to apply for a loan if you have a bad credit rating. A loan for almost any purpose can still be found, however, if you know where to look.
If you have a poor credit rating, you may have existing debts that are beginning to overwhelm you. If this is the case, you can get your finances back on track with a debt consolidation loan.
Debt consolidation involves taking out one secured loan to pay off any other debts. If you have high-interest loans, or numerous debts with different lenders, this type of loan could help you.
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Typically, debt consolidation loans have low interest rates, so monthly repayments can be reduced by replacing unsecured loans with a secured loan. Also, it can become confusing to repay a large number of debts every month. A debt consolidation loan means you will only have one repayment to think about, dramatically simplifying your financial situation.
No matter what the purpose of the loan, it can be more difficult to obtain finances if you have a bad credit rating. A loan broker will be able to make the application process much easier.
They will search through hundreds of bad credit loan companies, finding those that pay out if you have:
o CCJs.
o Mortgage arrears.
o Defaults on previous loans.
When comparing loans, a broker will take interest rates, terms, fees, charges and conditions into account, to ensure that you benefit from a low-cost bad credit loan.
The company paying the loan will offer lower interest rates if the loan is secured. This is because risk is dramatically reduced if collateral is in place.
Even if you have a bad credit rating, a loan can be used for almost any purpose. This can include:
o Home improvements.
o Funding a family holiday.
o Buying a car.
o University or school fees.
Even when you have bad credit, a loan company can still be found that will pay out. There is no reason why a poor credit rating should leave you without finance.
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