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Bad credit and a poor credit history is not necessarily an impediment to getting personal loans these days. We have found the following companies that specialise in bad credit and personal loans. These loan companies have a friendly and helpful attitude to people with a poor credit record or someone just starting out who perhaps has no credit record. Have a look at what they have to offer and compare two or three to see which is the best for you.

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Alliance and Leicester

Promise can help to find you the most competitive rates on a personal loan of your choice. Simply fill out their quick form and they will find you the loan most suitable for your circumstances. Even people with a bad credit history may still be eligible for approval.

Apply to promise finance

There are basically two types of loan available to you in the UK. The first is a secured loan on the value of your home and has several advantages and is only available to homeowners or those repaying a mortgage. The first advantage is that the lender has more security and is therefore likely to consider more adverse cases than with other types of loans. The loan can be for a greater sum, up to £75,000 is common and the repayment time can be extended to reduce your monthy outgoings. The interest charged in percentage terms may also be less as the lenders risk is reduced.

There are also unsecured loans these are not secured on the value of your house and so there is more risk involved for the lender. Therefore they will not be able to offer you as much with this type of loan. However if you are NOT a homeowner you will only be able to apply for this type of loan.

You must take care when filling application forms. Some brokers will only work with one or two lenders and so may submitt your application to a lender which is not greatly suited to your needs; this may result in a rejected application. Each time you apply for a loan a record will be kept of the access to your credit file by the credit checking agency the lender uses, if they see a lot of failed applications it can be a warning sign to other lenders including credit card companies. Therefore if you have a poor credit record it may make sense to apply only to those lenders such as those listed above that deal exclusively with poor credit loans.

If you still cannot obtain credit there may be a mark against your name that you do not know about or that is incorect. In which case you should first ask the loan agency why you have beed refused or consult a credit agency such as checkmyfile

Click here to register for your Free credit report

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