For many people who do not own a home or other substantial assets, there are other options including an adverse credit loan, basically unsecured by personal assets (chiefly a home). These loans may also be for the purpose of consolidating existing debt, or for home improvements, a holiday, a new car etc.
Adverse credit loans are available through a multitude of brokers and finance companies and can help in many cases where a loan has been refused elsewhere. These loans can be procured even by those with a poor credit history caused by late payments on credit card bills or CCJ’s, (County Court Judgments) and even bankruptcy are not necessarily major obstacles to obtaining an adverse credit loan.
Many of the best sources for an unsecured loan are brokers who will carefully examine your individual circumstances and look for sympathetic lenders. Often your best chance of obtaining the loan you want is to employ the services of an experienced specialist who is familiar with the money market. You can expect to pay fairly substantial fees for this service, but most of these brokers or agents offer a good deal of personal attention (some will even send a representative to your home) and waive the fees if you cannot get the loan.
Again, you must be aware that a personal or unsecured loan will inevitably cost you more than a conventional mortgage. The amount on offer is usually between £2k and £100k, and the repayment period may be from three to thirty years, depending on the lender and on your own circumstances and needs. If you have a CCJ, an IVA or even a bankruptcy in your credit history it is still quite possible to find a lender who will offer an adverse credit loan, but some are more ‘forgiving’ than others of past credit deficiencies, which is why you need expert assistance.