Loans Now Available For People With Adverse Credit History

Many people believe that if they have adverse credit then they will not be able to get a loan. Now they should come over their worry and enjoy the benefits of changes in the lending world.

The term adverse credit means that you have not kept up to date with the necessary payments on money that you have borrowed. This may involve not paying at all, or simply not paying within the agreed time frame. Common examples of adverse credit include County Court Judgments, payment defaults and mortgage arrears. Many people with poor credit are now financially stable, but still find it hard to borrow the money they need to improve their lives.

Although there are many types of lenders out there who specialize in lending to people with adverse credit, the best deals can usually be found on the Internet. Make a shortlist of lenders that you are most happy with and then choose the one that will give you the best deal. Once you have worked which lender is best for you, and the amount that you want to borrow, you need to apply for your loan. Initial applications are usually done over the phone or online, and with many companies you can get a decision within a few days.

There are an increasing number of lenders who provide competitive re-mortgages and mortgages for people with credit problems such as CCJs, defaults, mortgage arrears and individuals with a poor credit score or bad credit rating. There are also lenders who will help the self employed, discharged bankrupts and people who have been refused a mortgage elsewhere. Today there is a much broader product range, which is more competitively priced, less punitive and more innovative in terms of deals.

Having a poor credit rating can be a deflating and traumatic experience, whatever the reason.

But there are deals out there for you. Specialist lenders offer what are known as credit repair deals. You will have to pay a higher interest rate than you would with a conventional deal and put down a deposit of around 10%. However, once you have maintained your payments on one of these deals for a sufficient period (usually about three years) your credit history will have repaired itself. You are then in the position to re-mortgage back on to a high street deal and reap the benefits of more competitive rates. Don’t you think it is time to shed your bad image?

Loans For People With Adverse Credit: Eligibility

• You have had no more than two jobs in the last three years.
• You have had no more than two addresses in the last three years.
• You are on a minimum of £5,000 salary per annum.
• If you are under 21 years old, then your guardians will be required to counter sign your loan application.
• You must have a bank account in your name or a joint account if your partner is applying as well.
• If you are self-employed, then we need at least one year audited accounts.
• No benefits can be accepted as income.

Article Source: Ezine Article