Loans For Bad Credit
Finding the right loan for your circumstances can be incredibly confusing … add a bad credit history into the mix and it can seem an impossible task.
At Money Unmuddled we try to simplify the process by explaining the different loans available in simple, easy to understand terms to help you understand the different options available to you.
If you’re battling against previous credit problems and finding it difficult to get a new start then fear not – there are many lenders out there who specialise in providing for the bad credit loans UK market – it IS still possible to get a loan with bad credit … help is out there!
We’re not lenders or advisers – all we aim to do is provide some basic information to help you find what you’re looking for and organisations that can help. We’ve also just added a free to use forum to enable you to chat “incognito” with others who are going through or have been through the same situation as you’re in.
If you’re considering a loan with bad credit then think long and hard as to whether you really do need it, if it’s affordable and if it’s right for you. We suggest that you always consult a professional financial adviser before making any decisions and always shop around.
The number of people with a less than perfect credit rating is rising and, as a result, there are more and more organisations providing financial solutions into the sub-prime market meaning that, if you’re looking for a loan and you’ve had previous credit problems or a poor credit rating, you may still be able to obtain finance … it may actually be easier than you first think!
However, you must always remember that these are profit making organisations you’re going to be dealing with who are looking to make money at minimum risk and that means that interest rates will be higher … sometimes substantially higher … to reduce the financial risk to the lender.
These days too the personal finance market is getting more and more confusing with fancy names and packaging for loans and that’s what we’re all about – to unwrap the packaging and explain what these loans actually are.
That said it’s reassuring to know that there’s much more regulation around the financial markets these days to make it fairer and safer for the consumer. Beware of any company that works outside of these regulations – the loan sharks! Any organisation providing finance must hold a Consumer Credit Licence, under no circumstances deal with anyone who doesn’t.
Whilst we provide basic information relating to the different types of bad credit loans we don’t encourage borrowing – certainly not if you are looking for a loan to get over another financial issue as it may provide a short term fix but will compound the issue long term- there’s ALWAYS another way and hopefully we may be able to help you find it.