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Bad credit loans are increasingly popular these days and there's no shame in it. A poor credit history can happen to anybody ­ and often does. Perhaps you need a bad credit loan because you missed some payments on a previous loan, got into mortgage arrears, had a County Court Judgement or CCJ against you or problems with your credit cards. Perhaps it was due to circumstances outside your control, because of a divorce or redundancy, for example. In fact, it's estimated that 1 in 4 people in the UK have a poor credit history or can't prove their income and, as a result, might need a bad credit loan.

Bad credit loans have never been easier

In the past, having a poor or adverse credit rating would have made it almost impossible to get an unsecured loan or secured loan. In fact, many high street lenders still refuse loan requests from people with less than perfect credit scores. However, more and more lenders have come to realise that bad credit isn't the end of the world and have developed a wide range of secured and unsecured bad credit loans for people whatever their financial circumstances. At the same time, as more and more people have credit problems and the demand for bad credit loans increases, interest rates are more competitive than ever. In some cases, lenders will now ignore an adverse credit history, even minor CCJs, as long as the loan can be secured on property with equity.

Turn your equity into an asset with a bad credit loan

So if you're a homeowner and your house is worth more than the mortgage owed on it, you have an asset that you can borrow against with a secured loan ­ despite your bad credit. Even if you're not a homeowner, your credit rating won't necessarily stop you from getting a loan ­ but you should be prepared to pay a somewhat higher interest rate on an unsecured bad credit loan.

Still have a question?

Take a look at our Bad Credit and CCJ Loans FAQ