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All about Debt Consolidation loans
Debt consolidation loans can be the answer to a number of financial problems, but before you take the plunge, make sure you're well informed.
What is a debt consolidation loan?
Debt consolidation is when you arrange a single loan to cover a...
All Purpose Secured Loans
The concept of borrowing and lending has existed right from the
ancient times. There are some people who have excess money and
at the same time, there are others who lack money. People who
have excess money lend money to those who are in an...
Bad Credit Personal Loan and Bad Credit Loans
Bad credit personal loans are widely available these days. These are personal loans marketed to individuals with a poor credit score or poor credit history. A bad credit personal loan can be obtained through a lender who specializes in bad credit...
Cheap loans - dirt will seem costlier!
Loans culture has grown considerably in recent times. Like any growing industry, loans industry has healthy competition. This competition has furthered the cause of finding cheap loans in UK. Cheap loans are not offered on platter. There are tricks...
Loans Are Not Just For Christmas. Surviving The Holiday Debt Hangover.
Christmas is coming - A time for decorations, songs,
over-eating, gift giving, visiting the family, consumer spending
and the increasing of personal debts. Bah humbug.
While most people see Christmas as a joyful period there are
many who see...
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Loans For Bad Credit
Personal debt in the UK has soared to record levels over the
past few years. The Bank of England has recently confirmed that
personal debt on a national level now amounts to more than
£1,065 billion. Recent media reports suggest however that with
low interest rates on loans that the UK public are becoming
increasingly comfortable (and able) to manage high levels of
debt. These reports have a good body of evidence behind them
too, not least the fact that in 2004 the average age of outright
homeownership fell to a record low, showing that people are
paying off their home loans faster than ever before!
But, with a large proportion of the population handling some
form of debt it is inevitable that some people will end up with
debt problems, sometimes through no fault of their own. When
this happens, loans can become difficult if not impossible to
pay off. People with bad debt problems then land themselves with
a bad credit history that ends up excluding them from taking out
loans at a decent interest rate in the future.
Loans for people with bad credit
But, a bad credit record does not have to be the be all and end
all of buying on credit. In today's competitive loans market
there are increasing numbers of specialist loans companies who
are ready and willing to receive applications for loans and
credit from people with a bad credit history. If you have
acquired county court judgements (CCJs), have defaulted on loans
payments or credit agreements, have mortgage arrears or have
been declared bankrupt, specialist companies offering loans for
bad
credit may be able to help you.
When applying for loans for bad credit, mainstream lenders tend
to look almost exclusively at your credit file to assess the
risk involved of lending money to you. However, specialist
companies dealing in loans for bad credit are more likely to
take other factors into consideration. These 'other factors' may
include your current occupation and level of job security, as
well as the amount of income you have coming in and whether you
have equity in your home. If you are a tenant then your chances
of obtaining loans when you have a bad credit history are
substantially increased if you have been present at the same
rented accommodation for 3 years or more.
How much can be borrowed on loans for bad credit?
How much a lender is willing to give people with a bad credit
history on loans for bad credit rather depends on how well they
perform in the loan company's assessment. Each bad credit
applicant will be assessed on their individual circumstances,
with bad credit applicants who are seen as less of a risk to the
loans company being able to borrow more at a better rate than
those deemed to be a higher risk. As a guide, bad credit
applicants for a credit card may be able to receive a credit
limit of £2500, while bad credit applicants looking for a
mortgage may be able to borrow 2 - 2.5 times their salary.
About the author:
Matthew Bourne has been working in the loans, mortgage and life
insurance industry for over 10yrs and is currently working for
http://www.loansgalaxy.com and http://www.1click.co.uk
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