Poor Credit Loans
Poor Credit Loans make sense if you are in the unfortunate position of having run up mortgage arrears or have defaulted on payments for other loans or debts. Your credit history is gathered centrally at one or more of three credit references companies (Experian, Equifax, Call Credit). Any problems you have had with credit extended to you are recorded and available to other lenders to see – you can think of this as your credit history.
So, if you have a poor credit history you will struggle to get a loan in future unless it is a poor credit loan. However, with the recent credit crunch and the economic recession poor credit loans have become very hard to get, and high street lenders are not interested at all. So, what can you do?
Our guarantor loans are a brand new form of poor credit loans. They solve the problem of having a poor credit history by not needing to refer to your poor credit history when making the lending decision. How does this happen?
With our poor credit loans you provide a guarantor who will back up your application. Because they would guarantee to pay off the loan should you default there is no lending risk and so no need to look at your credit file – if your guarantor is prepared to back you then so are we with a poor credit loan. Problem solved!
These poor credit loans have certain excellent features:
- You are not credit checked or credit scored so your credit history is not relevant.
- They are an unsecured loan – no security needs to be provided; no assets are put at risk.
- The Representative APR is 53.8% which is much less than you might expect.
- You can improve your credit rating meaning you can get better APR rates in future.
- They are fully flexible meaning there are no early repayment charges so that you can repay more quickly to reduce the cost of the loan.
- Use your social network to allow you to avoid being credit scored or credit checked – the Facebook of poor credit loans.
To get one of these poor credit loans all you need to do is make a simple online enquiry and you’ll be sent loan offers by one or more lenders. Once you have completed the loan documentation the lender will aim to get the unsecured loan to you within 48 hours.
|
