If you have a poor credit rating, or no credit, it is still possible to find a loan if you work with the right people. A broker will be able to help you find and apply for a loan that suits you.
Copyright (c) 2009 Gordon Parkes
When you have a poor credit rating, or indeed no credit, a loan can be extremely difficult to obtain.
However, there are still many lenders available if you are willing to search for them. In fact, you may find yourself swamped by loan information from various lenders, all offering different interest rates, fees and repayment terms.
Comparing all these figures can quickly become highly confusing, but by working with a broker you can easily find the right loan for you.
A professional broker will search the loans market on your behalf. As well as taking the legwork out of searching for a loan, a broker will be able to use their network of contacts to find loans that you may not have considered.
When searching for a loan, a broker will take many figures into account, including:
- Loan amount.
- Repayment terms.
- Interest rates.
- Fees and charges.
Whatever the purpose of the loan may be, a broker will be on hand to help you when you are applying. They will be able to answer any questions you might have while filling in your loan application, to help ensure that your application is successful.
If you are looking for a debt consolidation loan, your finances may be beginning to spiral out of control. This type of loan can help you get your financial matters back on track.
Debt consolidation involves taking out one low-cost secured loan to pay off several existing debts. These can include:
- Credit card bills
- Store cards.
- Student loans.
- Hire purchase fees.
- Catalogue bills.
Being in debt is stressful, and trying to juggle several different loans can be even more worrying. That is why debt consolidation can help take the weight from your shoulders - several loans can be replaced with one easy monthly payment.
Taking out a debt consolidation loan can also save you money, as the interest rates on a secured loan are often much lower than on unsecured loans. This is because naming collateral means that the risk to the lender is greatly reduced.
By using a broker to find a debt consolidation loan, you can successfully apply for credit, even if you have:
- County Court Judgements.
- A poor credit rating.
- Mortgage arrears.
- Defaults on previous loans.
If your finances are keeping you awake at night, a debt consolidation loan can reduce your stress levels, cut your outgoings and help you get your money matters back under control.
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