Due to the current recession many individuals think that bad credit loans no longer exist.
It is understandable that people are of this opinion, as the credit crunch was to a great extent caused by reckless lending particularly in the sub prime loan and mortgage markets in America. Lax underwriting was the order of the day way back then. Self declarations of income were available even for bad credit secured loan, mortgage and remortgage applicants.
It has always been extremely difficult for people who do not own a property to get a loan of any kind even if their credit file is good. For those with a poor credit rating it has always proved difficult to get a bad credit loan. Welcome Finance did offer small bad credit loans to tenants at high rates of interest, but with the demise of Welcome these bad credit loans are no longer available at all.
Homeowners have always been in a better place than have tenants when it comes to obtaining a bad credit loan.Before the beginning of the credit crunch there were a number of secured loan lenders happily advancing secured loans to homeowners with the the most terrible of credit ratings.The LTV was good considering the credit rating of the bad credit loan applicants being the fairly high LTV of 75%.
Though not as easy now as two or so years ago, it is still possible to obtain bad credit loans..
There are still bad credit loan lenders who advance bad credit loans up to a maximum LTV of 60% to 70% but these bad credit loans are for light adverse.
Blemain Finance and First European Securites are the two remaining secured loan lenders who give bad credit secured loans to homeowners with any number of adverse credit units registered against them.
These bad credit secured loans have a maximum limit of 23,000 and a maximum LTV of 50% of the value of the property being given as security.
Nevertheless these bad credit loans can help homeowners who are really struggling and have fallen into bad debt often at present through no fault of their own. Therefore the bottom line is that there are bad credit loans out there but are not so readily available now. - 29904
It is understandable that people are of this opinion, as the credit crunch was to a great extent caused by reckless lending particularly in the sub prime loan and mortgage markets in America. Lax underwriting was the order of the day way back then. Self declarations of income were available even for bad credit secured loan, mortgage and remortgage applicants.
It has always been extremely difficult for people who do not own a property to get a loan of any kind even if their credit file is good. For those with a poor credit rating it has always proved difficult to get a bad credit loan. Welcome Finance did offer small bad credit loans to tenants at high rates of interest, but with the demise of Welcome these bad credit loans are no longer available at all.
Homeowners have always been in a better place than have tenants when it comes to obtaining a bad credit loan.Before the beginning of the credit crunch there were a number of secured loan lenders happily advancing secured loans to homeowners with the the most terrible of credit ratings.The LTV was good considering the credit rating of the bad credit loan applicants being the fairly high LTV of 75%.
Though not as easy now as two or so years ago, it is still possible to obtain bad credit loans..
There are still bad credit loan lenders who advance bad credit loans up to a maximum LTV of 60% to 70% but these bad credit loans are for light adverse.
Blemain Finance and First European Securites are the two remaining secured loan lenders who give bad credit secured loans to homeowners with any number of adverse credit units registered against them.
These bad credit secured loans have a maximum limit of 23,000 and a maximum LTV of 50% of the value of the property being given as security.
Nevertheless these bad credit loans can help homeowners who are really struggling and have fallen into bad debt often at present through no fault of their own. Therefore the bottom line is that there are bad credit loans out there but are not so readily available now. - 29904
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