If you have a history of bad debt, finding a loan to suit your budget and requirements can be difficult. Many loan companies may be reluctant to lend to you, and if they are prepared to lend to you on an unsecured basis, the loan terms and rates may push the total loan cost out of your budget, making unsecured lending an unsuitable option for you.
However, if you are a homeowner with bad debt, your best chance to find a loan at affordable rates may be to consider a secured loan. Secured loans provide a good borrowing option for those with bad debt, as your past history of borrowing will not be so imperative to whether you qualify or not for the loan. This is because a secured loan provides the lender with collateral, usually your house, so that in the event of your failing to complete on repayments, they have the power to force the sale of your home in order to settle the debt. This provides a guarantee to the lender that they can reclaim their money in any event.
Even if you have severe bad debt, there are many lenders who specialise in providing secured loans to bad debt applicants. To speak to a secured loan expert, complete the form on this page. Totally Money will put you in contact with an independent advisor, who can assess your requirements and help you find the best adverse debt loan for your budget.