In the past previous to the credit crunch all types of loans were readily available. Loans were freely flying about like pieces of confetti.
There was even a good availability of loans for tenants that is for those who do not actually own their own home but rent it from a housing association, a local council or a private individual.
There has always been companies such as Provident who grant loans to both tenants and homeowners but these loans are for small amounts and their interest rates are high.
There was a loan lender, Welcome Finance who not only arranged secured loans for homeowners, but also granted loans to tenants. This meant naturally that the loan was unsecured and as they also accepted a certain amount of bad status these loans came with a pretty hefty interest rate, but they were useful none the less. Welcome fell victim to the credit crunch and has ceased trading, leaving tenants out in the cold on the loans front.
For tenants requiring a loan the situation is bleak, and they are being pushed to obtain loans from a pay day loan firm, which is a sign of the times and these firms are charging'00% interest or there a bouts which is extortionate. This figure is no exaggeration.
The poorest and weakest in society when they require a loan have always been forced to use the services of illegal money lenders who abound in the large inner city housing areas. Now people who in the past could obtain loans else where are being forced to go down the route of the illegal money lenders, as their last hope.
Homeowners are in a better position as if they have equity in their property they can obtain a secured loan based on the equity of their property, and if they have a good credit rating these secured homeowner loans are available from about 9% APR.
Homeowner who have bad credit can obtain bad credit secured loans at 50% to 60% LTV and at interest rates of over 20%. This is still fairly good. - 29904
There was even a good availability of loans for tenants that is for those who do not actually own their own home but rent it from a housing association, a local council or a private individual.
There has always been companies such as Provident who grant loans to both tenants and homeowners but these loans are for small amounts and their interest rates are high.
There was a loan lender, Welcome Finance who not only arranged secured loans for homeowners, but also granted loans to tenants. This meant naturally that the loan was unsecured and as they also accepted a certain amount of bad status these loans came with a pretty hefty interest rate, but they were useful none the less. Welcome fell victim to the credit crunch and has ceased trading, leaving tenants out in the cold on the loans front.
For tenants requiring a loan the situation is bleak, and they are being pushed to obtain loans from a pay day loan firm, which is a sign of the times and these firms are charging'00% interest or there a bouts which is extortionate. This figure is no exaggeration.
The poorest and weakest in society when they require a loan have always been forced to use the services of illegal money lenders who abound in the large inner city housing areas. Now people who in the past could obtain loans else where are being forced to go down the route of the illegal money lenders, as their last hope.
Homeowners are in a better position as if they have equity in their property they can obtain a secured loan based on the equity of their property, and if they have a good credit rating these secured homeowner loans are available from about 9% APR.
Homeowner who have bad credit can obtain bad credit secured loans at 50% to 60% LTV and at interest rates of over 20%. This is still fairly good. - 29904
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