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By Tom Dawson
It is amazing how a massive industry such as the UK finance industry has changed the way it goes about its business almost overnight as a result of the credit crunch. It does not seem like that long ago when all the lenders were falling over themselves in order to lend money to as many people as possible no matter what, and having a poor credit history did not impact too highly on your prospects of securing a loan. However during the last two years the tide has turned, and it has become more and more difficult to arrange a loan no matter what your credit history let alone if it has become tarnished in any way.
If you are in need of a loan and you are finding it difficult to arrange one, the first thing you need to do is find out what you are up against by getting a copy of your credit report from both of the UKs main credit agencies; Experian and Equifax. Once you have got hold of a copy of your credit reports you need to go through them carefully to see if they contain any errors on them (mistakes do sometimes happen), and if there are any errors contact the relevant credit agency to inform them of the issues and ask that they correct them.
Once any errors on your credit file have been corrected if you still need a loan your next step will depend entirely on the amount that you want to borrow, and also if there are still any blemishes on your credit record. You will see below the types of loan that are still available to people no matter what their credit history.
Personal Loans
Personal loans or unsecured loans are probably not going to be available for anybody who does not have a perfect credit record. For those of you that do have a good credit record there a number of options open to you, but probably the first one to try would always be with your bank. Failing that there are still quite a few building societies and even supermarkets that are looking to pick up this type of business, and they all have websites that accept applications online. You can borrow amounts of up to 15,000 with this type of loan.
Secured Loans
This type of loan is available to people with a good or bad credit record however if your credit record is not so good you will need to have more equity available in your home. If you want to apply for this type of loan you should apply through a reputable broker online, because most lenders will only accept applications from lenders, and the broker will be able to find you the best lender. With this type of loan you can borrow amounts of up to 100,000.
Payday Loans
Some payday lenders will lend to people who have a bad credit history but generally they will only lend quite small amounts up to 300 with bad credit and up to 1,000 with good. The best aspect of this type of lending is the fact that the loan can be paid into your bank in the same day as application.
Guarantor Loans
Guarantor loans are loans that are specifically for people with a bad credit history, the only problem is the fact that you will need a suitable guarantor to co-sign your application. There is no credit check carried out on the applicant with this type of loan and you can borrow up to 5,000.
Logbook Loans
Again with this type of loan there is no credit check carried out as such they are available to people with a bad credit record. The lenders will lend up to 50,000 secured on your car so long as the car is valuable enough and you can afford to repay it. This type of loan can also be paid out on the same day that it is applied for.
About the Author: Tom Dawson has worked in the UK finance industry for many years helping people to
apply for loans
of all kinds even
logbook loans
. Visit his site today
Source:
isnare.com
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