If you have poor credit but are a home owner you can still qualify for a secured loan. The loan will be a bad credit secured loan which does have a higher interest rate than other secured loans because of the risk taken by the lender. With a bad credit history getting low rates will be very unlikely as the risks are too high for any lender to take.

The clear answer for this is no, a lender would not take such a risk and is they do then be vary of the terms and conditions stated also whether or not the firm is reputable. You will find that the rates you pay on a secured loan would probably be the same as many unsecured loans.

Applying for a bad credit loan is very simple, call our advisors now on 0800 1777 497 and ask for a secured adverse credit loan. They will go through our database of lenders and find one who not only specialises in adverse credit but also offers the cheapest rates available. They will advise you of any redemptions which may be applicable and answer all questions you may have regarding the loan.

The type of loan would be a secured loan and not an unsecured loan, this is because you are placing your home or property as security for the borrowed amount, the risk is lower for the lender to lend the money. Many lenders who offer adverse credit secured loans do not look at your past credit history and would lend you the money no matter what your past credit situation is as long as you are a homeowner.

You must make sure that you always meet you monthly repayments as the risk is big if you don't. If you do miss a repayment then you can lose your property to the lender, the property is reposed for the lender to recover any outstanding debt which is owed. You can avoid your property being repossessed by taking out insurance to cover repayments if you were to fall ill or become unemployed. The insurance may also cover your debt in the event of you losing you life, if you do not have life insurance.

If you would like further information or a loan quote call our advisors now on 0800 1777 497 or fill in our form for a call back. They are more than happy to answer all questions you may have regarding bad credit loans and find you the cheapest quotes available. All our search services are free and under no obligation.