Many people are under the impression that due to the credit crunch bad credit loans are completely unavailable.
It makes sense that many think this, as bad credit loans, bad credit mortgages and bad credit remortgages precipitated the credit crunch. Underwriting in the homeowner loan industry in general caused much of the financial crisis that most of the civilised world has experienced in the course of the last two odd years.
All through history it has been impossible for non homeowners to be accepted for a bad credit loan. Even tenants with great credit ratings find it difficult to obtain a loan now. Lenders really want some sort of security when they grant a loan.
However for homeowners the situation is different. Until 2007 it was fairly easy for a homeowner to obtain a bad credit secured loan up to a maximum 75% LTV, even with extremely poor credit. Some homeowners who were on the verge of having their property repossessed were saved at the last moment by receiving a bad credit loan.
Bad credit secured loans are not so easy to obtain now as they were then, but so saying there is some availability even now.
If a homeowner has a little bad credit he can be granted a bad credit loan at a LTV of 60% to 70%.
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.
The maximum LTV for these bad credit loans is 50% and the maximum loan is also restricted to a maximum loan amount of around 23,000.
These bad credit loans are still available in a restricted way, and they can be a great help to homeowners at a time when they most need help by means of additional funds. - 29904
It makes sense that many think this, as bad credit loans, bad credit mortgages and bad credit remortgages precipitated the credit crunch. Underwriting in the homeowner loan industry in general caused much of the financial crisis that most of the civilised world has experienced in the course of the last two odd years.
All through history it has been impossible for non homeowners to be accepted for a bad credit loan. Even tenants with great credit ratings find it difficult to obtain a loan now. Lenders really want some sort of security when they grant a loan.
However for homeowners the situation is different. Until 2007 it was fairly easy for a homeowner to obtain a bad credit secured loan up to a maximum 75% LTV, even with extremely poor credit. Some homeowners who were on the verge of having their property repossessed were saved at the last moment by receiving a bad credit loan.
Bad credit secured loans are not so easy to obtain now as they were then, but so saying there is some availability even now.
If a homeowner has a little bad credit he can be granted a bad credit loan at a LTV of 60% to 70%.
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.
The maximum LTV for these bad credit loans is 50% and the maximum loan is also restricted to a maximum loan amount of around 23,000.
These bad credit loans are still available in a restricted way, and they can be a great help to homeowners at a time when they most need help by means of additional funds. - 29904
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