Bad Credit Loans Finder, the site for low credit products

Bad Credit Loans Finder.co.uk for Loan Information.

Here we aim to provide you, the loan seeker, with relevant information that will help the search. It is never easy to get the right loan, and so many website are too keen on selling you something you may not actually want. Bad Credit Loans Finder aims to give you the unbiased information you want.

Bad Credit Loans

What are Bad Credit Loans?

These are available to anyone on the loan market. So even if you are having problems being accepted for a loan and keep being turned down thanks to your credit rating, you will probably be able to get one of these.

Bad Credit Loans are better than some poor credit loan types (such as Logbook or Payday) because there is more available to the borrower. There is more choice and you will be able to get both secured and unsecured loans. The Bad Credit Loan Broker will be able to search the market for you and find you a loan that suits your needs.

Are they Easily Available?

Since the 2008 credit crunch, the amount of lenders willing to lend to high-risk borrowers has lessened slightly. As banks have come under the spotlight for their borrowing habits and rules tightened by financial watchdogs such as the FSA, lenders have become fewer. They feel that applicants with bad credit history will carry too much risk. However, a good loan broker should be able to find you one, as there are still lenders out there willing to take on a bit of risk.

What Should I Check?

With a Bad Credit Loan, the main thing you should check is...yourself! Ask yourself some basic questions: am I able to afford this loan? Will I end up with a worse credit rating? What happens if I can't make the repayments? Can I lose a valuable asset such as my home? - These are all questions you should ask yourself before committing yourself, your money and possibly your home or possessions (if it's a secured loan) to a large risk. If in doubt, seek financial advice from your citizen's advice bureau.

Loans - a Saviour or Nightmare?

We have had a closer look at Bad Credit Loans but now let us step back and look at loans in general.

Are Loans a Good Idea?

It depends. Yes, in theory, they can be great - you may need to cover the cost of your first property purchase, or new car. You may need to pay for your studies, or simply want a nice holiday. A loan can step in where you just don't have enough cash already in the pocket. If you budget correctly, you can pay off the loan on time and even end up with a healthy credit rating. However.........

Think Before you Act

Many people who take out loans are doing so because they are in debt elsewhere. They may have run out of cash and need to cover these or are facing unforeseen costs. Before you take out a loan, it is really important that you evaluate your costs and cash flow.

Think really hard about your situation, and how you will be able to afford monthly money transfers on top of your existing outgoings - you may be paying back a loan for a long period of time. What would happen if you couldn't make a repayment? Or several repayments? What if you used your house as collateral to guarantee the loan? You stand to lose it - and therefore lose the roof over your head.

It is something we never think will happen to us, but if your home is at risk, you really can lose it. When a loan lender is waiting for his money, he will not take kindly to being ignored. If it states that your home can be repossessed, then it will be taken away if you don't make the payments.

If you budget correctly and have forecast your finances with a loan on top, then you can of course benefit a great deal from taking out a loan. There are so many available that you are spoilt for choice. Shop around to get a good deal as they do vary greatly in perks and less good features.

Payday Loans

What are Payday Loans?

Payday Loans are short term loans that are suitable for emergency situations when you need it most. They are a convenient option to help you get out of short term financial problems. The length of the loan is generally one day to one month and you can usually select your own repayment date.

Are they easily available?

Almost anyone can apply for payday loans. Here are some basic standards you might need to meet the loan criteria:

• You generally need to be over 18 years old
• A UK citizen
• Employed
• A valid bank account to receive the loan.

Lenders do not carry out a full credit check, but you must fulfil the criteria above to qualify.

Are there any risks?

You must be careful that when you take out a payday loan you are able to pay the loan back at the end of the loan term. Payday loans vary from provider to provider but you must ensure you read the repayment terms before you take out the loan. Payday Loans are not a solution for long term financial problems and are only suitable for emergency cash needs.

Are their credit checks?

In the majority of cases, payday lenders do not carry out credit checks. This is why people who are usually turned down by mainstream lenders and banks can get a payday loan. It is, however, always worth checking the terms and conditions of each lender to be sure.

Cash for Gold

What is Cash for Gold Service?

Online Cash for Gold services offer to buy your unwanted, broken or mismatched gold (and sometimes other precious metals) in return for cash. With the price of Gold expected to reach a record high of $2,000 an ounce by the end of 2011, it is no surprise that more and more people are taking advantage and selling their unwanted gold items.

How does it work?

The process is very straightforward; when you have found a gold buying service simply request their gold envelope (this is sometimes referred to as a gold pack or G Pak). The gold company will then securely value your items and offer you money. If you are satisfied with the amount they offer, you can cash the cheque they send. If you are not happy with the amount they have quoted you can usually request to have your gold returned.

What do they buy?

Cash for Gold services will buy all your old, damaged, unhallmarked or unwanted gold jewellery.

• Odd gold earrings
• Broken gold necklaces
• Snapped gold chains
• Gold Coins
• Bracelets
• Bangles
• Diamond Rings
• Broken Rings
• Unhallmarked Gold
• Gold Watches
• Gold ingots
• Dental Gold
• Pins charms
• Cufflinks
• Pendants

Poor Rating Credit Cards

What is a Poor Rating Credit Card?

Obtaining a credit card seems to be harder every day. Lenders acceptance criteria is becoming stricter and lenders are either turning people away or raising their interest rates. Poor Rating credit Card providers will not automatically reject you just because of past financial difficulties. These cards are aimed at helping people strengthen and rebuild their credit history.

How do they differ to a Normal Credit Card?

Poor Credit Rating Cards and Regular Credit Cards are very similar. Both are issued with Visa or MasterCard and have the same security features and functions. Including:

• Receive a credit limit
• Pay interest on your borrowing
• Pay monthly bills to cover your purchases
• Balance transfer/purchase periods offered

Poor credit Rating Card Lenders usually start you off on a lower credit limit to ensure that you can make your monthly repayments. If you make your monthly repayments your limit may increase.

What are the advantages?

A poor rating credit card gives people who may be refused 'regular' credit products a chance for approval. Many poor rating credit cards carry special features that are worth researching – such as a credit building facility. This facility allows you to rebuild your credit rating if you make your regular schedule repayments. Many cards will raise your credit limit if you make your repayments on time.

Individual Voluntary Agreement & Debt Management Plan

What is an IVA and Debt Management Plan?

An IVA is an agreement that you make with your creditors, usually via an intermediary, as a last resort to deal with debt problems. If you owe around £15,000 or more and have 3 creditors then now is the time to take action with an IVA.

A Debt Management Plan is similar to an IVA; however, most debt management companies ask that you have between £1,000 and £15,000 to be eligible for help.

What do IVA Providers offer?

Some IVA and Debt Management Plan providers are able to write off a chuck of your debt – some up to 70% on write offs. They will take your financial history, details of your debt and creditors and assess if you qualify for an IVA or Debt Management Plan. Be sure that you read the terms and conditions so you understand what this means.

Do I qualify?

For an IVA, you will typically need to have at least £15,000 worth of debt and usually various creditors. To be eligible for a Debt Management Plan you will need to have between £1,000 and £15,000 worth of debt. Some other requirements include:

• You must be employed
• You must be over the age of 18 years old
• You must provide creditor letters
• You must provide wage slips

How much does it cost?

Getting a debt management plan is not free. You could be paying up to £200 a month in addition to a fee (or a number of fees) for assisting you. Most fees are deducted from your monthly repayments.