If you're one of the many people in the UK unfortunate to find themselves with bad credit - believe it or not, that's 1 in every 4 people these days! - then you might have found it difficult recently to get an unsecured loan. That's not just because the economy's made all the banks and major lenders tighten the rules on who they lend money to, but also because people with poor credit ratings are considered to be higher risk when it comes to lending. And since unsecured loans place all the risk in the lender's lap and none on the borrower, it's no wonder they're not willing to approve them...
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Still, you don't need to give up just yet - the bank might not be interested, but there are plenty of smaller specialist lenders who'll be more than happy to listen to your needs. These lenders have the flexibility to offer Bad Credit Loans, which are loans aimed at people with bad credit (obviously!) and although getting approval for one is easier if you go down the secured route of putting up collateral like your house, there are still options for unsecured credit too.
The only real downside to an unsecured Bad Credit Loan is the interest rate, which is likely to be a fair bit higher than the rates offered on regular loans or even secured Bad Credit Loans. There may also be a restriction on the amount that you can take the loan out for - especially if there's a large amount of bad credit on your report - since even specialist lenders have limits on how much risk they're willing to take.
Of course, given the number of specialist lenders around today, it can seem rather daunting to siphon out the best deals available. That's why it's often wise for people with bad credit problems to talk things through with a loan broker - a good broker can compile a wide number of loan options in a matter of minutes using your personal details and the criteria that lenders look for in borrowers, then make recommendations based on those options. Where possible, find a broker who doesn't charge up-front fees since that'll mean you won't have to pay for their services until you've found a loan you're completely happy with.
In Summary
Unsecured Credit For Bad Credit...
Isn't likely to be approved by a high-street bank or major lender May be more readily available through a specialist loan provider Will nearly always have a higher rate of interest attached to it over regular loans Could restrict you on the amount you're allowed to borrow Is probably easier to find a good rate for through a reliable loan broker
Copyright: Individual Finance, 2010
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