I have a bad credit history can I still get a loan?
Bankruptcy is at an all time high in UK and it's quite high comparatively in most other countries. Sensing this as a business opportunity some companies have emerged with what they call as Bad credit loans.
A bad credit loan is aimed at people with bad credit history. What exactly does a bad credit means though? It means that people with all kinds of financial problems are now able to loans to suit their needs.
The financial problems can range from simply being self employed and having trouble finding loans elsewhere or having defaulted on loan payments to even being bankrupt. Some loans are especially tailored for home-owners with bad credit ratings to finance their mortgage loans. Loans are available to individuals from a small amount of $5000 to $1000000 and the repayment period varying from 5 years to 30 years.
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What are the types of Bad Credit loans that I can get?
The various types of Bad Credit loans that are on offer today are listed as under:
Bad Credit Home Loan - These loans are especially meant for people with bad credit ratings who want to purchase a home. This could be for a mortgage for your house or even your second home. The range of home loans also includes home improvement loans and also debt consolidation loans for loans taken at various times for the purchase of your home.
Bad Credit Auto Loans - These loans are meant for individuals with bad credit ratings and who desire to either purchase a car or a motorcycle. The loans are given for both new vehicles as well as second hand vehicles. There is an auto refinance option also available which essentially means you can refinance some of the debts that you had taken earlier for this purpose.
Bad Credit Cards - For repaying bills on your credit cards which you find trouble in repaying credit card loans are available. These are for unsecured cards or even student cards.
Bad Credit Personal Loans - This type of loan is available for both secured and unsecured personal loans as well as line of credits and Payday Cash advance.
Is there a catch?
While all this may sound too good to be true, it does happen however, it is natural that you will have to pay an interest rate which is higher than normal if you have to avail yourself of such loans. In case of bigger amounts like homes and cars the same assets will be required to be put up as collateral. In other cases you would need a co-signor and it would be required that the co signor has a good credit rating. Another thing to be careful about is there are several brokers who are engaged in dealing with bad credit lenders and will strike a deal for you so that you can get a bad credit loan. However, chances are that the interest on the loan would be relatively higher and at the same time there might be a fee upfront which makes the loan reasonably expensive. If possible you should try to eliminate using the services of a broker as the commission of the broker will increase the cost of your loan and make it even more difficult for you to repay.
It's a mixed bag really if you look at the overall picture in bad credit loans. While the industry is gearing up to this new segment of customers making it possible for individuals getting loans even with bad credit history at the same time people who got in trouble the first time around because of money problems may end up ending in the same problem again and it's prudent to wait if the money need is not too pressing.
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