Each time you miss a payment or fail to make a payment on time, the information is recorded on your credit file and this will make it extremely difficult to find a suitable lender any time you need to borrow a significant amount of money in the future. With this in mind, if you have ever failed to make regular repayments in the past, on a mortgage, credit card or some other debt such as a phone contract, then most lenders will consider you to be a “bad credit” risk and your chances of being approved for an unsecured borrowing product will be seriously minimized.
Of course, if you have only missed on or two payments here and there, perhaps through no genuine fault of your own, then you may still be able to find a suitable loan product, although the rate of interest and the amount you are offered by a particular lender could still be affected. As a leading loan specialist, Secured Loans UK take a highly personalized approach to lending and we always strive to provide competitive borrowing products for all of our potential customers, even in situations where they find that other lenders are simply unwilling or unable to help.
Bad Credit Loans for UK Homeowners
At Secured Loans UK, we believe that everyone should deserve a second chance and, even if you are affected by having a bad credit score, you are still eligible to apply for one of our competitive secured homeowner loans and your chances of being approved are still quite high, provided you have sufficient equity available in the property you are offering as security. As long as you are UK resident, aged 18 years or over and you have a mortgage or you own your own home outright, our online loan experts should easily be able to assist by finding the best possible deal based on the amount you would like to borrow and your ability to repay.
What Can My Bad Credit Loan Be Used For?
Once approved, you can use a secured bad credit loan for any legal reason you see fit. Whether you are looking to cover the cost of home improvements, consolidate your existing debts or pay for the holiday of a lifetime or even a wedding, a bad credit loan from £20,000 to £200k can be used for whatever you have in mind. If you have an adverse credit rating and you would like to find out more about the borrowing options available then you can speak to one of our FCA regulated advisors who will be glad to discuss your needs.