Poor_Credit_Loans

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					Poor Credit Loans

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Summary:
Getting accepted for a loan can sometimes be difficult. If you have
changed addresses and jobs several times, are self-employed or have a
poor credit history our team of leading lenders will flexibly consider
each application, taking into account all circumstances. Poor credit
loans could make available the money you need to do home improvements, go
on a much needed holiday or pay off spiralling credit and store card
debts.

You have a number of options with poor credit lo...


Keywords:
poor credit loans, loans, uk loans, bad credit loans, bad credit history,
poor credit history


Article Body:
Getting accepted for a loan can sometimes be difficult. If you have
changed addresses and jobs several times, are self-employed or have a
poor credit history our team of leading lenders will flexibly consider
each application, taking into account all circumstances. Poor credit
loans could make available the money you need to do home improvements, go
on a much needed holiday or pay off spiralling credit and store card
debts.

You have a number of options with poor credit loans. If you are a
homeowner you could consider a secured loan. This means that you will be
using your home as collateral or security against the loan and because
the lender is taking a lower risk you will get a lower interest rate.
This is probably the cheapest option for you. You need to be aware though
that if you fail to meet the repayments on poor credit loans and do not
pay back the loan, you will be putting your home at risk of repossession.
Unsecured loans need no backing collateral or security but because this
is a much greater risk to the lender, interest rates tend to be higher
than for secured loans. It is very important that you make sure that you
can afford the repayments before you agree to the loan.

If you are considering poor credit loans because you are finding it
difficult to pay all your creditors each month then a debt consolidation
loan may help you to bring this under control. You could find that your
monthly repayments are less than the sum you are currently paying and the
new loan will reduce some of the pressure you may have been under from
your existing creditors. You will however be paying over a longer period.
The first step is to work out exactly how much you owe at the moment and
this you’ll get by asking each of your creditors for a settlement figure.
A balance alone will not reflect any early settlement charges which some
creditors charge if you decide to pay off your debt before the agreed
date. Once you have a total you’ll know how much you need to borrow to
settle the lot. Do an income and expenditure exercise to make sure that
you will be able to afford the repayments on a new loan.

Poor credit loans are repayable monthly and will include an interest
charge by the lender. This is called the Annual Percentage Rate or APR
and the exact interest rate you are quoted will depend on the amount you
want to borrow, the length of time you’ll need to pay it back and the
lending company’s assessment of you individual circumstances and ability
to pay back the loan as agreed. A good way to compare poor credit loans
from different lenders is to look at the typical APRs they quote. The
typical interest rate is only an indication of what the majority of
successful applicants was granted in the past but will tell you how
competitive the various lenders are. Lenders also refer to fixed and
variable interest rates and being familiar with these terms could help
you choose the best loan. A variable interest rate is linked to the bank
base rate and that means that the monthly repayment on a loan could go up
and down depending on what happens to the base rate. A fixed rate on the
other hand means that your repayments stay the same each month no matter
what happens to the bank base rate.

				
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