Bad Credit Logbook Loans – It’s a yes from us!
Any fan of Little Britain will remember the variety of “computer says no” sketches! One of these is a customer being offered an upgraded bank account then refused because “the computer says no”. He has been led to believe that he will be eligible for the account but this hope is overturned by the rules of the computer.
Sadly it can still feel that way when you have any dealings with the financial community. Despite the fact that you are dealing with a fellow human being, who seems to understand your circumstances and your legitimate need for a loan, if the computer says no then that’s it.
This can be a particular issue for you if you have a bad credit rating. Everyone in the UK has their creditworthiness rated by a credit reference agency, and is given a score. Your credit score – or credit rating – indicates your ability to cope with your existing level of credit and repay any new credit.
Each credit reference agency has its own rating system but for the largest credit reference agency – Experian – this score is out of 999 . The image below shows the way that lenders are likely to evaluate your creditworthiness on the basis of your Experian credit score.
Most lenders will tend to be a little cautious about lending to anyone with a Fair credit rating – a score of 721-880. The will view you as a moderate risk. If your score is anything below this you will be regarded as high risk and are likely to have problems obtaining credit.
This can seem very unfair if you have ended up with a poor credit rating due to circumstances beyond your control, especially if you are now in a stronger position financially but this is not yet being reflected in your credit score. But, it can seem that if the computer says no then that’s it!
Fortunately this is not the case with us! At Logbook Loans we are willing to offer bad credit logbook loans if we are confident that you can afford to make the repayments. We understand that circumstances do change but that credit scores can take a while to catch up. So we look at every loan application individually rather than running it through a rigid process based only on your credit score.
As a responsible lender we will not encourage you to get into more debt, nor will we lend to you if it is clear you will not be able to afford the repayments. But we appreciate that sometimes a loan is just what you need to get back on your financial feet – perhaps to consolidate existing debts for example. So we are prepared to offer bad credit logbook loans if the circumstances fit.
So if you need a bad credit logbook loan why not get in touch with us at Logbook Loans? You can visit one of our branches, call us on 0330 400 4137 or enquire online. The computer may say no – but it could be a yes from Logbook Loans!