If you are looking for a loan but have experienced credit problems, it can be difficult to know where to turn for help, however there are a number of lenders in the UK that specialise in loans for bad credit history customers.

Many of us have encountered debt problems — ranging from a couple of missed payments on car finance or personal loan to serious arrears and defaults on credit cards, mortgages or any other form of credit. Obtaining new sources of credit when you have a history of missed payments can be difficult, but needn’t be impossible.
 

For those who have a poor credit history, it is easy to assume that no lender would want to give you any money. While it’s certainly true that most high street lenders prefer to avoid offering loans to customer who they consider ‘risky’, there are lenders out there who will provide loans that are specially designed for people with past credit problems.
 

As you might expect, it’s not always quite so straightforward — bad credit loans tend to come with a higher interest rate, for one thing — however it can be reassuring to learn that there might be hundreds of lenders who are willing to take your individual credit history into account and offer you a loan that is suitable for your unique circumstances.
 

In common with other types of personal lending, bad credit loans can fall broadly into two categories — secured loans and unsecured loans. Unsecured loan interest rates are generally slightly higher and fixed. Secured loan rates are often variable, but slightly lower — the loan itself is secured against your home in the same way as a mortgage.
 

You should think carefully before securing further lending against your property, as defaulting on payments could ultimately lead to losing your home. If you are worried about your finances or are in any doubt as to whether this is the right course of action, it might help to speak to a registered debt service such as National Debtline (http://www.nationaldebtline.co.uk/).
 

Secured loan applications may also take a little longer to process and finalise than unsecured lending. Usually the lender or broker will make clear whether a loans for bad credit instant decision is available, and approximately how long it will be before you should expect to receive the loan funds.
 

If your credit problems are firmly in the past, taking out a bad credit loan and meeting the monthly repayments can be a good way to start rebuilding your credit profile, making it easier for you to obtain credit at a reasonable interest rate further down the line. Some lenders specifically market their products as ‘credit repair loans’.
 

If your credit problems are ongoing, and you are considering a consolidation loan to try to help improve your situation, it’s a good idea to seek advice from an independent agency such as the Consumer Credit Counselling Service (http://www.cccs.co.uk/) , National Debtline or a Citizens’ Advice Bureau (http://www.citizensadvice.org.uk/) , before making an application. Although such loans for bad credit rating are suitable for many people, they may not be appropriate for your individual circumstances and other debt solutions may be available.

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