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Applying for loans with a bad credit history

If you have had trouble with your finances in the past this may well be reflected on your credit report. Having a less-than-average credit history can make obtaining credit of any description difficult for a person. Applying for loans with a bad credit history is especially difficult, as the amount you need to borrow tends to be higher than an overdraft or credit card limit.

While some banks will consider lending money to people with poor credit histories, they are rare and the deals often come with restrictions. This is why many people who apply for loans with a bad credit history turn to specialist firms who deal almost solely with people who are unable to obtain credit elsewhere.

Provident UK is a branch of Greenwood Financial LTD and they offer loans of up to £1,000 to people with all types of credit records. In fact, Provident do not run any credit checks, instead their underwriters deem whether you are suitable for a loan going off the personal information you have provided on your application form. While this sort of loan is not ideal for people who need to borrow a large amount of money, it can help out people who are looking for a small loan to cover minor expenses. Provident send an agent around to your home each week to collect your agreed payment.

Ocean Finance is one of the largest finance companies specialising in poor credit loans. While there loan APR is much higher than the average bank loan,  as much as 34.5% APR in some cases, they do approve the vast majority of people who apply. This is especially the case if the details they provide are correct and verifiable.

Some companies who specialise in loans for bad credit histories charge excessive broker type fees so make sure you read the loan agreement carefully before signing.

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