Bad credit is no more taken as a sin when such a borrower goes shopping for a loan though terms and condition are a little tough. Especially if the borrower happens to be a tenant, not owning any property worth taking loan against, meeting expenses becomes all the more difficult. If labeled bad credit, tenants can take refuge in bad credit tenant loan UK. Tenants can make use of bad credit tenant loan UK for different purposes like buying vehicle, paying for medical bills, going to a holiday tour etc. The loan can be availed by homeowners also if they do not want to risk property for fear of its repossession. Students and people living with parents are equally eligible for the loan.
If you have just applied for a loan expecting to be approved, a decline can come as quite a shock. You have always paid your bills on time (..well..almost..), you are employed on a good steady income. Aren't you the perfect candidate for a loan? What are the lender's concerns ?
The following article will provide some background as to the reasons why a lender may decline your loan application:
Most of the reasons can be addressed either in the short or medium term.
Have you considered a Secured Loan
One can find a variety of personal loan products in the market - bad credit loans, business loans, car loans, career development loans, cosmetic surgery loans, debt consolidation loans, education loans, holiday loans, homeowner loans, home improvement loans and wedding loans.
Pros of availing personal loans in secured form: A recent study indicates that secured personal loans have the largest market share in the UK loan bazaar. This can be attributed to the fact that secured deals offer maximum loan benefits like quick attention, high credit limit (normally between £5,000 and £250,000), competitive low APR (normally 6.7% onwards), flexible payback terms and negotiable clauses - subject to basic credibility parameters like past credit history, DTI ratio and property value. The above-mentioned benefits can only be availed by homeowners and property owners, because these loans necessities pledging collateral against the loan amount. Secured loans:
Often people need smaller amount to borrow in order to meet daily expenses before next pay cheque arrives. You do not think of regular loans of higher amount that require collateral. Though there is option of credit card loans but they come with harder terms-conditions and at very higher interest rate. Hence instant cash loan turns out to be an effective tool in the hands of borrowers. One can take instant cash loan for any purpose like making payments for medical or education bills, clearing small debts, going to holiday trip etc.
If you have a long-term loan with high interest, then you might find yourself paying almost as much in interest payments as you are towards the money you borrowed. If this is the case, then you should look at ways to reduce those loan interest payments. Reducing your loan interest payments will help you to pay off your loan more quickly, and thereby save yourself money. Here are some tips on how to reduce your loan interest payments.
Change your loan
One way to reduce your interest payments is to swap to a different loan company. Refinancing your loan with another company might seem like a lot of work, but if you can get a lower interest rate you could save a lot of money. Shop around and compare loan prices to see if you can get a better deal than you are now. Even if you reduce your APR by 1 or 2%, you could save yourself a significant amount of money.
'Financial support at the right time' is the motto of a personal bridging loan. It helps you when you need money and stays with you at the time of financial crisis. So, grab it whenever you need it most. However, before that let us have a basic understanding about this loan.
Actually, a personal bridging loan is a short term loan, which is made to meet the personal requirements of a borrower until he arranges finance for him. It helps a borrower to bridge the gaps between two transactions involve in a purchase arrangement i.e. sale of his old property and purchase of a new property. It is generally used to help those borrowers, who want to buy new property without selling the current one. Thus, a personal bridging loan can be utilized to cover the financial problem between the process of buying a property and selling the old.
It is a known fact that for people who are capable of pledging collateral, secured loans are the best option. But, offering security against the loan amount is neither always required nor always possible, i.e., when the monetary requirement is small or urgent respectively.
Hence, unsecured loans can be a better alternative for homeowners and property owners, depending on the practicality of getting into property related legalities and risking the property for a small amount.
In addition, as every person living in the UK is not a homeowner or a property owner, these loans are the only option for people who are: