Bad Credit Personal Loans
'Bad Credit' means 'No Loans', right?
Not at all! While a bad credit rating certainly isn't helpful in your search for loans, it isn't the kiss of death. Many companies are perfectly happy to take the risk of lending to people with less than perfect credit ratings - but of course they usually cover their risk by charging a higher interest rate.
It's also helpful to be a homeowner, especially a homeowner with equity in your home, as this will provide security for the lender, meaning that the risk the loan represents is lower and you're more likely to be approved.
Tenants are not left out entirely though - you can still apply for a loan with many brokers, but it will probably be harder to get approved and the amount you can borrow will also be lower, especially if your credit rating is very poor.
The companies below can arrange loans for people with bad credit :
First Plus Fincancial offer personal loans for homeowners with reasonably low rates, even if you have CCJ's, mortgage arrears or defaults. You'll probably recognise the name from their TV adverts featuring Carol Vorderman.
Capital One Homeowner Loans are a new provider of secured loans, and are happy to accept applications from people whose credit rating needs improvement.
ADM offer bad credit loans to both homeowners and tenants. Loans from £500 to £500,000 can be arranged (subject to status), with competitive rates. CCJ's, defaults, arrears and self employed with no proof of income are all accepted.