Poor Credit Secured & Unsecured Personal Loans
Worried that your poor credit history is ruining your chances of getting a loan? Don't be; there's no need to worry! If you own a home, you can take out a poor credit homeowner loan. This is a great way to release the equity in your property for a number of reasons.
Here at the Money Hub, we work with a large panel of lenders who offer poor credit loans in the UK. We constantly help people with bad credit get loans and after taking some personal details we could be able to give you a in principle decision and at a competitive interest rate. Personal loans for poor credit start from £1,000 and the loan repayment term can be anything up to 25 years.
How do I find out my credit score?
There are different ways you can do this. One of the easiest ways it to sign up to Experian (they have a 30-day FREE trial!). All signed up? Now you can see how your credit score is. It will be either poor, fair, good or excellent. You can also see the previous finances that you have obtained. County Court Judgements (CCJs) will also be visible. Experien is a great tool to use to increase your credit score if it is poor. If you think you may not be able to get credit after you have signed up and seen your score, give us a call. You can speak to The Money Hub's experienced loan brokers. We help many clients with bad credit scored and can help them get a loan. Click here to check out the Experian website.
Another free service to check your credit report is Noddle.
What's a default and how do I know if I have any?
Simply put, a default is a missed loan repayment. It can also include missed payments for your credit card or car finance. Usually, a default occurs when you miss consecutive payments, and the lender wants the full balance back. Or if the lender wants to set up a payment plan to get back the money you owe. Not adhering to the credit agreement terms will appear on your credit report. This can also be sent to credit reference agencies and effect your chances of getting credit in the future. Don't be worried if you have defaults. They don't always prevent you from getting a poor credit loan. The Money Hub works with specialist lenders who help those who have a bad credit history.
What is a CCJ (County Court Judgement)?
A CCJ is a court order in England, Wales and Northern Ireland. It can be registered against you if you don't repay money that you owe. The court judgement will show you how much you owe and how you will have to repay it. There are many different reasons why a CCJ may be registered against you. These include:
- Not paying a Council Tax Bill.
- Not paying water rates.
- Not paying gym memberships.
- Not paying mobile telephone bill.
- Not paying finance for solar panels / windows / kitchen etc.
We work together with a number of lenders who lend to consumers with poor credit, even if you have CCJs. Even if you think you have no chance of getting a loan, you should still apply for a poor credit loan. You might be surprised!
Frequently Asked Questions
What kind of unsecured loans are available for poor credit rating?
It depends on your level of poor credit. This determines which lenders will be suitable for you. We work with many lenders who offer secured and unsecured loans poor credit.
How fast will you provide poor credit personal loans?
It only takes days to get the money from an unsecured poor credit personal loan. But it will take around 20 days to complete a secured personal credit loan.
Lots of customers contact us on a daily basis to discuss their credit options. We are open every day, so give us a call to discuss your application for a poor credit loan.
Free Quotes for Poor Credit Loans
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How we work
Just some of the UK Lenders we compare
UNSECURED LOAN REPRESENTATIVE EXAMPLE - 49.9% APRC (variable) Secured loans from 3.83% APRC.
SECURED LOAN REPRESENTATIVE EXAMPLE - Assumed borrowing of £30,000 over 240 months, with a 36 month fixed rate followed by a variable rate plus a brokers fee of £1,495 and a lender fee of £495 would result in a monthly repayment of £256.04, the APRC 8.2% for 36 months then a monthly repayment of £247.45 on variable rate, the total amount payable would be £59,817.24. The actual rate available will depend on your circumstances, please ask for a personalised illustration.
By taking out a secured loan you are borrowing money that is secured against your home. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. Rates as of 16/01/2017.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEYADVICESERVICE.CO.UK.