Why is it difficult to get a loan with bad credit history?

You may be finding it hard to get a loan with a bad credit history and we understand that this can be incredibly frustrating and stressful. It is therefore important to understand why it may be the case that you are being refused the loan you need and there are various reasons why this may be the case.

Generally, lenders assess credit scores and credit files to calculate their lending risk. Ultimately, the lender needs to ensure the best chances of timely repayments being made by the borrower. If you have previously undertaken actions which have negatively impacted your credit score, you are a less appealing prospect for lenders as you appear more likely to miss repayments, even default on the loan altogether.

This makes lenders more likely to refuse your application for the loan you need. We however, assess each and every application on its own merit, so as long as you meet our lending criteria, you may be accepted.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.