If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
In our first article we looked at mortgage brokers and lenders for secured loans. Tips were offered in how to look for this particular person as well as some things to be cautious about. In this article we will look at the credit reports and your personal finances for preparing for a secured loan.
- A lender will look at your credit report. They will be looking for any arrears, IVAs, bankruptcies or late payments. If you have had bad credit in the past this could affect the type of loan or even the approval. A bankruptcy has to be at least five years old along with most arrears.
- You have the power to seek a credit agency in order to get some items removed from your credit report. As long as the arrears or other issues are five years or older and they have been settled they can be removed. This could help you get some extra points for your scores as well as a better secured loan.
- You also need to have your name on the electoral roll. If it is not on there then registering to vote can help you with that.
- Lenders will view your financial statements as well. They want to know how much you earn in a month, how much your known expenses are, and whether you can afford the secured loan.