When people have a blemished credit history, they have little options left, other than searching for poor credit loans, as they may face refusals from elsewhere. However, you will not get these loans just on applying for them. You shall have to meet certain conditions, laid down by the lenders.
Fist off all, you must be in a good financial position of making timely repayments towards the loan installments. it is keeping in view your income and overall capability to repay that the loan amount is determined. Secondly, interest rate and terms-conditions will depend on your FICO score as well. This means that you will have access to smaller amount of loan and interest rate will go higher, if your FICO score is too low.
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Poor credit loans come in secured or unsecured options for the people, having late payments, payment defaults, arrears or CCJs in their names. The secured loan requires you to pledge a valuable property like home or a vehicle, as collateral. The loan is of lower interest rate. You can borrow greater amount, depending on value of the property. The loan repayment duration ranges up to 25 years. The unsecured loan has no collateral clause attached to it. Tenants and homeowners can have access to smaller amount of up to £25000 for 5 to 15 years. However, interest rate on these loans is on higher side. Hence, do not carry the loan for longer duration.
Before applying for these loans, it is advisable to take out your credit report and make sure that it has recorded all the payments that you made in the past. In case, your rating has slumped to low levels, better try to improve it by clearing some old debts and apply for the loan after some months.
There are number of lenders in the field of providing poor credit loans. For a suitable deal, first apply for the rate quotes and compare them. You should compare the rates and additional charges on the loans. Timely repayments will help you to improve your rating.
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