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In general with bad credit loans, you will be able to get a loan even if you have bad credit. However, it really does depend just how big a risk you appear to be. Bad credit loans means that you have bad reports on your credit file, defaults on repayments or mortgage arrears. This means to lenders that your past history suggests that you have had bad credit and are more likely not to be able to keep up repayments. Perhaps this IS your past, and you know you will be able to keep up with repayments, but it is still a risk for the loan providers, and they will charge you a higher rate of interest if they choose to take that risk. But at least you will get a loan.
To find out what your rating is, providers will use a checking company. If you have had a a late payment or public record or any other financial problems, it will be on your record. Interestingly, they will also search anyone living at your address, so you may have a perfect record but be sharing a former residence with someone who has a record, and you could be refused lending. The actual reason for searching an address as well is to counter someone with a good record applying on behalf of someone with a bad record, and then transferring the money to that person. This practice is becoming less and less common. |
