Credit History

Your credit history or credit report keeps a record of your past borrowing and repayments including information about any late or missed payments. When you apply for any additional credit whether it be an unsecured personal loan, credit card, remortgage or a secured home owner loan the lender will examine your credit history to determine whether or not to approve your finance application, your credit history will also determine what interest rate you will receive on your finance. If you have a good credit rating you should be able to find cheaper lower rate loans and mortgages than if you have an adverse credit history. The willingness to repay a debt is indicated by how timely past payments have been made to other lenders. Lenders like to see consumer debt obligations paid on a monthly basis.

There are other factor in determining whether a lender will provide credit a loan such as income & affordability. The higher the income, all other things being equal, the more credit the consumer can access although a lender will also take into consideration your outgoing's such as existing credit agreements and your bills. However, lenders make credit granting decisions based on both ability to repay a debt (income) and willingness (the credit report) as indicated in the past payment history. Another factor in determining your credit rating is your residency and employment history, lenders will examine your employment history to determine your stability if you have frequent moves in your job or home this may have an adverse effect on your credit rating.

When ever you apply for credit a credit search will be cariied out on you, these credit searches are often marked on your credit profile if your credit report show many applications on your credit profile this can have an adverse effect on your credit rating especially if you are declined for credit.

Bad Credit History

If you have an adverse credit rating you may find it more difficult arranging finance as many lenders may not have plans to suit your needs and many others will charge you higher rates,.. Wise Buy could help give you access to lenders with specialised bad credit loan plans for people with a bad credit history.

Lender Plan Rate Typical APR Product Details 16.3% APR Typical 15.9% APR 16.3% APR Typical 15.9% APR Loan Amount Range (£) 5,000 - 100,000 Loan Type Fixed for Term Maximum Loan To Value 80% Minimum Property Value 60,000 Plan rate based on 26,000 over 120 months 50% LTV typical broker fee 8% Total (only if loan runs full term) 120 x £422.58 Total amount payable £50,709.60 Term (months) 36 - 360 Minimum Age 18 Loan must complete by age n/a Self employed with Accounts? Yes Self Cert for Self Employed? Yes Parent company Ocean Finance and Mortgages Ltd. ' 16.95% APR Typical 18.7% APR 16.95% APR Typical 18.7% APR Loan Amount Range (£) 5,000 - 100,000 Loan Type Variable Maximum Loan To Value 80% Minimum Property Value 75,000 Plan rate based on 26,000 over 120 months 70% LTV typical broker fee 8% Total (only if loan runs full term) 120 x £431.69 Total amount payable £51,802.80 Term (months) 36 - 360 Minimum Age 18 Loan must complete by age n/a Self employed with Accounts? Yes Self Cert for Self Employed? Yes Parent company Blemain Group ' 19.8% APR Typical 16.9% APR 19.8% APR Typical 16.9% APR Loan Amount Range (£) 1,000 - 25,000 Loan Type Variable Maximum Loan To Value 70% Minimum Property Value 50,000 Plan rate based on 25,000 over 120 months 50% LTV typical broker fee 8% Total (only if loan runs full term) 120 x £453.70 Total amount payable £54,444.00 Term (months) 12 - 180 Minimum Age 18 Loan must complete by age n/a Self employed with Accounts? Yes Self Cert for Self Employed? Yes Parent company Norton Finance (UK) Ltd. '

Please use the loans tables above to find a secured loan deal to help you raise some extra money for a newer car, to improve your home or take a holiday in the sunshine. Maybe it is time to take control of your finances and reduce your monthly outgoings by consolidating your existing debts into one manageable monthly repayment.

The secured loans table is split into ‘Good’, ‘Fair’ and ‘Poor’ credit profiles and you should use the credit rating which closest relates to your credit history. Remember that many people have a much better credit profile than they think, but don't worry, if you're not sure we will offer the best plan that we can for your individual circumstances, in any case.

OUR TYPICAL, VARIABLE RATE IS 17.9% APR. RATES RANGE FROM 11.9% to 29.9% APR THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Loans Secured On Your Home