If you have a bad credit history you have probably found it's hard to get a loan, in fact the only type that you may be able to get is a bad credit loan . Whether it's for a home, a car, a personal unsecured or secured loan, people with bad credit typically have a harder time finding a lender and end up paying higher interest rates.
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Your credit history is a record of all past financial commitments and your pattern of repayment, as well as an overall look at your total debt load. Credit reference agencies use this information to assess your credit worthiness and assign a credit score. Lenders then use the credit score as a factor in deciding whether or not to underwrite your loan.
The more of these reports the agencies receive, the lower your credit score and the harder it is to find a loan. Other information that can cause a red flag in your credit report includes frequent changes of job or address, or one or more County Court Judgements against you. As a result of bad credit you will find it difficult to get both a loan or remortgage. You will need to find specialist lenders for a bad debt remortgage or bad credit loans.
The good news is that there are many lenders who specialise in working with people who have a bad credit history. You will likely pay a higher interest rate than someone with a good credit history, and the amount available for you to borrow will probably be lower. However, once you get bad credit personal secured loans, over time you can improve your credit score by showing regular, responsible repayment of the loan.