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If you want to raise money, take out a secured loans for bad credit. But what happens if you have bad credit? You can consider taking out a secured loan for bad credit rather than a remortgage.
One of the main reasons for this is that secured loan lenders normally consider all your circumstances. If you provide satisfactory explanations some bad credit can be accepted.
Bad Credit Explained
There are many reasons why you may need to be applying down the secured loans for bad credit route. Firstly, it can be down to your credit file stating that you have missed a payment at some point.
This could be down to a simple utility bill that you may had forgotten to pay, a direct debit that got returned. You may not have noticed or had genuine financial difficulty that you experienced at some point in the past.
If your payment profile has got progressively worse you normally missed several payments with a creditor. This can in some cases lead to a default being registered with one of the credit bureaus. If the situation gets worse then you may get to the point where the creditor starts formal proceedings. They may take you to court which may ultimately end up as a county court judgement. It is always important that if you have any form of financial difficulty that you communicate with creditors.
Communicating with your creditors
You will be surprised at how understanding creditors can be if you have a genuine problem and you keep them regularly updated.
The most effective way of securing a loan in these circumstances is to use a reputable broker who has access to the main secured loan lenders in the UK.
Need some help?
We are a leading broker in this area and will work hard to secure you the best deal possible. If you would like to find out how you go about raising capital, get in touch with us.
