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Bad Credit Loans

What is a Bad Credit Loan?

Bad credit loans, are usually for people who have a less than perfect credit history. If you have missed payments on existing borrowings or have CCJ’s then you will probably not be accepted for a loan from a high street bank.

These types of loans come in many forms. An unsecured bad credit loan will normally have a higher interest rate and for a smaller amount over a short period of time. A secured bad credit loan, again will normally have a higher interest rate but because it is secured against an assets such as your house they can be a better option for homeowners.

If you are a homeowner and have had a bad credit history you are more likely to be offered a secured loan, as they offer more choice

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  • the eligibility criteria are generally less rigorous than a unsecured loan
  • the amount you can borrow is more than an unsecured loan
  • the repayment term can be longer

Reasons to choose a secured loan?

If you need to borrow a large amount then a secured loan is perfect for this. At Inspired we can lend up to £500,000, dependent on your personal circumstances and credit history.

Secured loans can be used for almost any purpose. The larger loan amounts and longer repayment terms make them a popular choice for home improvements, home extensions and debt consolidation.
Secured loan interest rates are normally lower than an unsecured loan because they’re borrowed over a longer term. Rates can start as low as 4.5% APR. However, rates are subject to status and other financial factors.

To apply for a secured loan, you’ll need:

  • to tell us your residential address(es) for the last three years
  • your date of birth. You must be over 18 years old
  • your employment details and some financial information

Things you should consider

Taking out a secured loan should not be taken lightly as you’re putting your home and other assets at risk if you fail to keep up the repayments.

If you want to pay of your loan early, some lenders may charge you an early repayment fee. However, when looking at the various options available our experienced advisors will look into loans that suit your personal needs.

Secured loans are typically repaid over a longer period ( 5 – 25 years) and while smaller repayments over a longer period may seem attractive, the longer the interest period, the more interest you will pay overall.

Our advisors will work hard to find you the best loan to suit your personal circumstances. They will also be transparent about any fees that apply to your secured loan and what they mean to you, and your future plans.