Looking for a Bad Credit Personal Loan?

Logbook loans are a reliable way to get bad credit personal loans!

There are times in life when we all need a bit of extra money.  This is a normal part of day to day life yet many of us hate discussing anything to do with money and are perhaps even a little afraid of it.   We feel ashamed when we need some extra help with our finances and worry that anyone we do turn to for help will be judgemental and will reject us.

The financial services industry as a whole has in many ways reinforced these doubts and fears that many of us have.  It is horrible when you have plucked up the courage to apply for a loan, only for it to be turned down.  What’s even worse is that loans can often be turned down simply because you have a poor credit score.  

Your credit score – or credit rating –  is a report about you based on information about your financial history.  Credit reports are produced by one of three credit agencies:  Experian, CallCredit and Equifax. These agencies then supply this information on request to lenders when you apply for credit so that the lender can make a decision based on how reliable your score seems to indicate that you are.

The problem is that if you have had any previous problems with debt, this will be reflected in your credit score and you may be unable to obtain further credit.   This system can seem very unfair, particularly if your previous problems were no fault of your own.  It can also take a while for poor credit scores to improve, so even if you are now in a better position financially and can afford a loan, lenders may still be reluctant to lend to you.

Also be aware that if you are turned down for a loan then this will also be reflected in your credit score – so the whole thing becomes very much like a vicious circle.

At this point you may be wondering if there is any way out of the situation?   Do any bad credit personal loans exist?

One thing that you may want to consider in this situation is taking out a logbook loan.   If you own any type of vehicle – car, bike, van, classic car or high value car – you could be eligible for a logbook loan.  A logbook loan is a personal loan that is secured against your vehicle.  You keep the vehicle for the duration of the loan – and use it as normal – but the lender keeps hold of the logbook (your V5 certificate) for the vehicle until the loan is repaid.   

There are numerous advantages of using a logbook loan as a bad credit personal loan.  You can borrow between £400 and £100,000 and there are flexible repayment terms and methods.  The rate of interest is likely to be lower than a bad credit personal loan, and because the loan is secured there is more chance of your application being accepted.

So what are you waiting for?!  If you have been looking for a bad credit personal loan then why not get in touch with us today to find out more about how a logbook loan could be the answer?  If you have a roadworthy vehicle and can afford the repayments then we will do our best to help – and if your application is accepted we aim to get the money to you within 60 minutes.  A logbook loan could be the turning point in your financial situation and enable you to get firmly on your feet again.