Bad Credit Loans for UK Homeowners

Bad Credit Loans

Bad credit loans which are granted against the equity of a property (usually the applicant's house) are mainly used for debt consolidation, though quite often the loan is used for home improvement. This type of secured homeowner loan, also known as a second charge loan or 2nd mortgage, reduces the risk to the lender enabling a lower interest rate or Annual Percentage Rate (APR) to be applied than that which would be applicable to a personal unsecured loan. The APR applicable to the loan, and the size of the loan, would depend to a great extent on the personal circumstances of the applicant, as well as the equity available on his or her home.

The payment period on a secured bad credit loan will be longer than that offered on a personal loan, but shorter than that offered on a first mortgage. Repayment of the loan is with a monthly payment, and the interest rate could be flexible or fixed.

A secured bad credit loan can be granted whether the home owner has current arrears or bad debts which he or she wishes to consolidate and redeem, or where the poor credit history caused by previous arrears/default in payments prevents him/her from being granted a personal loan, even though those arrears have been settled.

We will find you the best and cheapest bad credit loan without any fees or obligation to you. Past late payments, defaults, arrears or CCJs (County Court Judgements) are accepted, as are self employed and self certified applicants. We work with leading loans providers in the UK. We value your privacy highly - see our Privacy Policy.