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NON
STATUS - LOW CREDIT SCORE - REFUSED ELSEWHERE -
SELF EMPLOYED WITH NO 3 YEAR ACCOUNTS
1st4
SECURED LOAN SOLUTIONS
It's
a fact of life, over 40% of UK residents have
experienced credit problems.
These
range in seriousness from £250 County
Court Judgments (CCJs) to full blown bankruptcy
of many millions.
What
ALL of these cases have in common is a "poor
credit rating". In the past it would
have been almost impossible to get a
loan, secured or unsecured from ANY
source.
The
demand for loans means mainstream lenders can
still be "extremely selective" and ONLY
accept loan requests from people with perfect
credit scores. They OFTEN turn away or
refuse point blank loans for people with
less than a perfect credit score
Over
the last few years a new type of lender has
emerged who service the "SUB PRIME"
market i.e. people with a poor credit rating.
Initially,
sub prime lending rates were extraordinarily
high with costly arrangement fees.
However,
due to market forces of "supply and
demand" the gap between "prime"
and "sub prime" interest rates have narrowed dramatically.
In
some cases a sub prime lender will now ignore
minor CCJs and defaults and even in the most
extreme bankruptcy cases, they will often
provide reasonable solutions providing
the loan can be secured on property WITH
equity.
Arrangement
fees for sub prime loans are now VERY
competitive and depending on your personal
circumstance non existent.
Providing
you keep up a good payment record for the first
few years of a non status loan, many lenders
will allow you to transfer to a new lower
rate status secured loan.
1st4
brokers probably provide the fastest,
most cost effective solution for obtaining a non
status ANY purpose secured loan in the United
Kingdom.
Benefits
of Secured Loans
- Releases equity in property up to
125%
- A simple, flexible
method of generating extra cash
- Unlike a re-mortgage, no survey,
valuation, mortgage indemnity, or solicitors fees to pay
- Easier to arrange
than a re-mortgage
- Cash can be used for any purpose -
for example, buying a car, going on holiday, home
improvements or debt consolidation
- With one single payment to make
each month, you have more control over YOUR
monthly budget
- Repayment period can be anything
from 3 - 25 years
- Protected payment
plans can provide extra peace of mind. Remember, your
home is at risk if you do not keep up payments on a loan
secured upon it.
Secured loans offer lower interest
rates than unsecured loans because there is less risk to a finance company.
Most people choose a secured loan because the savings in interest over
the term of the loan can be quite considerable.
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