Bad Credit Loans Explained in Simple Terms

The interest rate for these non status loans was always higher than for its status cousin. Even so it was still a useful product as it meant that those with a low credit score could buy the car, do the home improvements etc. that they otherwise could not have contemplated. Many homeowner loan lenders have totally withdrawn from the market place, while others who not did grant status loans but also granted bad credit loans are now only dealing in status loans. This is of course understandable as it was to a large extent the slack lending practices of these lenders which has caused much of the economic downturn most of us are experiencing. Bad credit loans in the past were available at up to 80% loan to value. These secured loan lenders were prepared to accept totally genuine self declarations of income from self employed applicants without any back up proof. This meant that the self employed person simply stated their income on a bill head or on a plain piece of paper accompanied with a business card. This so called proof of self employment was really no better than no proof.

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Even now these homeowner loans are still available from specialist secured homeowner loan lenders. There is one lender in particular which deals specifically in the non status sector who will consider an application for a bad credit loan even if the homeowner has any number of mortgage arrears, secured loan arrears, personal loan arrears, any amount of defaults, no matter how large, and any number of CCJ's.

You can have fallen into the debt trap through no fault of your own, such as due to ill health, a member of the household losing their job, etc. If this is the case and you are of the opinion that such a loan can tide you over and help you financially take heart that there are still bad credit loans available.

A homeowner can really can solve a lot of problems

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