If you have been refused a loan elsewhere it may be down to your credit rating. You are not alone; due to the credit crunch, many lenders are now being far more picky about who they lend money to. The slightest hiccup in your financial history could cause you to have an unattractive credit score to a potential lender. In this case, it might be advisable to opt for a bad credit secured loan or often known as a bad credit homeowner loan.
Bad credit secured loans are available to those who may have missed mortgage or Secured loan payments in the past, have been declared Bankrupt, have a CCJ or have or had an IVA.
There are many hundreds of products available for secured loans and they can be catered to your specific financial requirements. Bad credit secured loans and homeowner loans can be applied for regardless of your credit history.
A bad credit secured loan will be offered to you if you have an asset such as a house, which the loan will be secured upon. If a loan is secured upon your home for instance, you can often borrow more money and choose to repay it over a longer period of time. This makes it an ideal choice for those needing a financial boost and have been declined personal loans elsewhere.