All About Bad Credit Secured Loans

Bad credit secured loans are a relatively recent addition to most brokers' portfolios. Just a few years ago a less-than-perfect credit history usually meant the end of the financial road. However, today there are a variety of products to choose from; some of which are surprisingly attractive.

What is bad credit and how does it affect me?

Even if you are unaware of it; the chances are that your credit history is already logged with a Credit Reference Agency. Many factors go into calculating your credit score, including: how much you borrow, how you spread your debts (credit cards, hire purchase, mail order etc) and how regularly you meet repayments.

Banks and other lending institutions use your credit score to calculate how much of a borrowing risk you will be. The lower the credit rating, the greater the risk you are considered to be. Lenders typically offset risk by charging higher interest rates.

You've probably seen companies offering to repair your credit profile. In reality there's little that they can do that you can't. And you'll have to pay. Instead visit www.experian.co.uk or telephone 0870 241 6212 and you can order a copy of your credit history for just £2.00. Check that all details are correct and fully up-to-date.

Can I get a secured loan with bad credit?

You've received your credit report, and the news is bad. Your credit rating is scraping the floor. The good news is that it is still possible to obtain a secured loan. A number of financial institutions have loans specifically tailored to people with a history of adverse credit.

Loan terms vary from lender to lender and the best advice is to shop around. Anyone with serious credit problems, including default notices and CCJs, will be looking at higher interest rates, but this is often balanced out against the amount of equity available in the property.

How do I find the best deals?

Just because you have a bad credit profile; doesn't mean that you'll be punished with sky-high rates. The secret to finding the right loan is to do as much homework as possible. A good broker will know which of their lenders are happy to overlook various black-marks on your credit history. For example: one lender may disregard CCJs which are more than three years old, while another will ignore credit defaults all together.

Should I take out a bad credit secured loan?

Before taking any major financial step, you should always think carefully about how this will affect your future. One of the best reasons for taking out a bad credit secured loan is to repair your credit rating and get back on track. If you are already paying high rates on a variety of credit cards and other loans, a secured loan may be the lifeline you need; helping you to get out of debt for good. When you're making your decision, sit down and calculate exactly how much interest you are already paying on your current debts. Then look for loans which offer lower rates of interest. The right secured loan will get rid of the debts that are damaging your credit rating, as well as saving you money in the long run.

Michael Stepney is part of the team at First Aid Finance; one of the UK's leading secured loans brokers. For more advice or a bad credit secured loan quotation visit their website at http://www.firstaidfinance.co.uk.

---

Bad Credit Loans

Obtaining bad credit loans can be a real challenge. If... Read More

Financial Openings Without Warranty Alias Unsecured Personal Loans

Isn't it the trillionth article on unsecured loans? All are... Read More

Lawsuit Loans - Caveat Emptor!

If you have been injured in an accident it is... Read More

A Beginners Guide to Bad Credit Secured Loans

Here is a useful beginner's guide to bad credit secured... Read More

Cant Wait For Payday? Try Check Advance

Check advance can come in really handy when you're waiting... Read More

Zero Zero Financing on Automobiles in Retrospect

Some say that the automobile industry saved the economy during... Read More

Guide to Business Loans

Here is a useful guide to business loans. Business loans... Read More

Government Loans for Beginners

Government loans are those that the government of a country... Read More

If You Consider To Get a Quick Cash Loan Then Reconsider It

A quick cash loan also called payday loan, cash advance... Read More

No Fax Payday Loans Online for a Fast Cash Advance Loan

For a fast cash advance loan, no fax payday loans... Read More

Bank Auto Loans ? Best Loans for Stretch Commuters?

People have to work to survive. The desire to maintain... Read More

Useful Tips on Personal Loans

Here are some useful tips on Personal loans. You can... Read More

Finding the Right Online Loan for You

If you're looking for an online loan, you might be... Read More

Searching for the Perfect Car Loan

Credit Unions have long been known as the place to... Read More

Car Loans After Bankruptcy - How Poor Credit or a Recent Bankruptcy Can Affect Your Loan Approval

If you have poor credit or a recent bankruptcy, you... Read More

Meeting the Balance of Agricultural Financing

Agriculture loan guaranteesFor better understanding of the agricultural loan guarantee... Read More

Let Us Uncover The Mystery Of Secured Loans

Okay, so one day you wake up and realize that... Read More

Debunking the FAFSA Myth

With the plethora of big-business entities jockeying for the money... Read More

Getting the Best Loans UK with Bad Credit

Sometimes it might seem as though finding good loans UK... Read More

Bad Credit Personal Loan - A Pay Day Loan May Be Your Best Option, No Credit Check

If you have bad credit, have an emergency and need... Read More

What is a Home Owner Loan?

A UK Home Owner Loan Can Unlock Your Capital To... Read More

No Credit Check Personal Loans - If You Need Fast Cash, A PayDay Loan Online Is a Very Quick Process

Online payday loans can get you fast cash through a... Read More

Financial Aid Options

Before entering college, you may find yourself pondering exactly how... Read More

Car Loans for People With Bad Credit

Car loans for people with bad credit are readily available... Read More

Is Getting A Personal Loan With Bad Credit Impossible? Think Again

A bad credit history is like having contracted an infectious... Read More

Taking the Edge Off of Military Motorcycle Loans

So you have decided you want a motorcycle and you... Read More

Try Unsecured Loans! If The Word Secured Doesn?t Fit Your Financial Statement

Big financial goals, no security to supply - it is... Read More

Payday Loans Available Even ToThose With Bad Credit

Bad credit payday loans may seem like an oxymoron phrase,... Read More

Debt Consolidation ? Watch out for Payday Loans

Most any large city has a number of small shops... Read More

Refinancing Your Auto Loan

Refinancing your loan is one of the best kept secrets... Read More

An Overview of Getting a Homeowner Loan

Should you be in the market for a homeowner loan,... Read More

What Is A Payday Loan?

A Payday loan is a small, short-term, high-rate loan. It... Read More

5% Down Vs. 10% Down - A Comparison

It has always been an issue for home buyers to... Read More