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A bad credit history used to be a barrier to getting secured loans. Now, getting a loan with bad credit may be easier than you think. High street lenders have a more flexible approach in their lending policies; there are also companies that specialise in secured loans for those with a bad credit history.
Having CCJ's is not a threat to getting that secured loan you need either; rather than not getting the secured loan, it means that your rate of APR on will be higher. So some lenders offer bad credit secured loans no matter what your credit history and situation.
So the rates on bad credit secured loans will be higher. One way of trying to get better rates on the loan is to secure it against property. But be sure you can meet the payments, as defaulting on a loan secured against a property - usually your house - can results in very severe penalties, even the loss of your home.
Check the terms of any contact before signing, seeking independent secured loans advice if necessary. Be certain that you can commit to the terms of the bad credit secured loans contract, as building up your credit status is more important than short-term financial gain.
It is very sensible to take out payment protection on all loans including bad credit secured loans.
Adverse Credit, Mortgage Arrears, CCJs, No Proof of Income, Self Cert
Licensed under the Consumer Credit Act 1974 - license number 549975.
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Our interest rate is 10.5% APR Typical Variable (66% of our loans are at or under this rate). Licensed under the Consumer Credit Act 1974 - license number 549975. All loans subject to status. On some plans a fee of up to 12.5% of the amount borrowed may be payable.
WARNING: THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. LOANS ARE SECURED ON YOUR HOME.