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Debt Consolidation Loans
There is light at the end of the tunnel!
Getting a Credit Card debt consolidation loan with bad credit is possible. Many lenders will not grant you a personal loan with bad credit. In addition, personal loans will require collateral. However, if you have bad credit and you own a house, a debt consolidation loan is easy to get
January 13, 2010 at 11:38 am | Bad Credit Loans, Debt Consolidation | No comment
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Are you over-indebted?
In a scary move leading banks have signed up to a system developed by Callcredit which allocates scores to consumers based on what is termed their ‘over-indebtedness’.
The Department for Trade and Industry, which is now the Department for Business, Enterprise and Regulatory Reform, defined an individual as over-indebted if 25 per cent of their net monthly income was used to pay debt commitments.
Under the new system, which has been adopted by Halifax and Lloyds TSB, owned by Lloyds Banking Group, HSBC, and the Royal Bank of Scotland even prime borrowers with no history of defaulting could be rejected for a personal loan if their credit commitments take up too much of their income.
Funny it doesn’t seem too long ago that some of these organisations wanted you to have as much debt as possible regardless of your ability to repay – or did I misunderstand?
June 11, 2009 at 12:01 pm | Bad Credit Loans, Unsecured Bad Credit Loans, Unsecured Loans | No comment
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Pay-day loans – damned if you do, damned if you don’t
A pay-day loan does what it says; it lends you money till your next pay-day. A godsend you might think if you are in dire need. But interest charges can be crazy – an annual rate of up to 2000% is possible.
Of course these are short term loans so the annual rate does not really apply, unless of course you end up borrowing every month. According to the British Cheque Cashers Association, a typical pay-day loan is £88 for 28 days with a £12 charge. So you pay back £100 – an interest payment of 12%. That doesn’t sound unreasonable until you discover that it would amount to around 430% APR.
But there is another way of looking at pay-day loans. If you are running up an overdraft which would cost you £30 at the end of the month, paying £12 to borrow enough to avoid it seems like a good idea. The key to it all though is never to miss paying back the pay-day loan on time. Some can charge you a very high flat fee (up to 60% of your loan). Also, don’t get so reliant on these loans that you are taking one out every month. If you have got into this situation you would probably be better off with a personal loan or consolidation loan.
December 28, 2008 at 10:48 am | Bad Credit Loans, Debt Consolidation, personal loan | No comment
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The Name’s Bad – Bad Credit Personal Loan!
James Bond is one of those classic characters; he kills people, but we kind of like him. Of course, this is not true of real life. Do you know anyone you like who has a history of killing folk? No, me neither (and if you answered ‘yes’, then please get help – now!!!)
The bad credit personal loan suffers from a far less glamorous reality-lacking perception. The reason definitely lies in the title; start anything with the word ‘bad’ and, unless you’re trying to bust onto the gangster rap scene, the chances are it’ll be taken in Dr Johnson’s true sense of the word.
However,the word ‘bad’ can actually represent something good, even if you’re not Snoop Doggy Dogg or some other highly influential pop cultural wordsmith. A ‘bad credit loan‘ is arguably a bad title (by which I mean bad, not good) for a good thing (by which I mean good, yes good!)
It’s often called an ‘adverse credit loan‘, by those who like to make it sound different. The truth, however, is that they are for people with bad credit – so why not tell it like it is?! If you’ve got bad credit, then you’ve got bad credit; it’s not like you murdered anyone (if you have murdered anyone, please realise that you should be looking at your own conscience rather than checking out your personal loan options right now!)
Bad credit is something you are labelled with by others. Not only can you seek professional advice to have this status improved, but you can also find out how you may still be eligible for a personal loan. Many lenders are still happy to grant a bad credit personal loan on terms that will suit your requirements, as well as theirs.
The advice is shockingly obvious, but all too often necessary – talk to someone who knows what they’re talking about when it comes to a personal loan and they’ll probably make your life better!
It’s only my humble advice, but it’s worked for me so far, so I’m happy to keep repeating it! Do your own homework if you like, but 0844 504 9414 will get you through to an actual human being who you can talk to about personal loans, without any obligation at all.
September 2, 2008 at 4:01 am | Bad Credit Loans, personal loan | No comment
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Home Loans Take a Nosedive
Approvals for mortgage applications have dropped by a staggering 56 per cent over the last twelve months as the credit crunch takes hold of the housing market.
This is especially worrying news for people with a bad credit rating. However, with the right professional personal loan advice, it is usually still possible to arrange a bad credit home loan at an affordable rate and beat the trend.
July 13, 2008 at 1:22 pm | Bad Credit Loans | No comment
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