Direct Loans For Low Credit Rating
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When you apply for a personal loan, it's not just a matter of the creditor saying 'yes' or 'no' arbitrarily - it is all down to your credit rating.
Your credit score is a financial reflection of the credit risk you pose - i.e. whether a creditor should give you a personal loan or whether they shouldn't, all determined by whether you are seen as a reasonable or unreasonable credit risk. Your credit report - which is on file with all the leading credit reference agencies, such as Equifax and Experian - outlines what credit you have had in your history (as far back as 6 years), in addition to present obligations.
When you apply for a personal loan, the loan company will execute a credit search - and will give you a credit rating based on the data shown in your credit file. In the event you have a large number of debts - and particularly if you have not made repayments or have paid them late - you will get an unfavourable credit rating.
The lesser your credit rating, the fewer the possibilities for being granted credit as a low credit score suggests there is a greater chance of you failing to pay back on time.
It also shows whether you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it can alter your chances of being given credit, because your home address is not 'substantiated'. A financial association is someone with whom you have been financially linked, presently or in the past. This might be an ex-partner, your mother or father, or possibly anyone who lived at your address prior to you and whose name is not yet removed from your credit record.
When the individual or people listed as a financial association are not presently associated with you - i.e. you have no ongoing mutual financial commitments and they are sharing a home with you - then you should request that the credit referencing agency erase the incorrect details.
Keeping them on your file - in particular when they have had financial difficulty before - can have a harmful affect on you accessing any credit.
When deciding on whether to approve a personal loan, loan companies will also want to know what else you are paying on other existing debts - if you have a lot, they may well be unwilling to give you credit, even if your credit rating is not so low. This is as they may feel that you would be financially overstretched with a further debt to service.
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