Will my credit profile affect my ability to get the best loan rates?
Yes, the better your credit rating the more likely you are to get the lowest interest rates on your loan. For those with a bad credit profile, the higher interest rates reflect the increased risk on the part of the creditors in lending you money.
No, we at Money Expert are committed to getting you the best deals on loans and debt solutions and we will not charge you for the use of our services.
Interest rates are generally higher on shorter term loans, as there are increased administration costs in setting up the loan.
Yes, you should still be able to borrow money if you have a bad credit rating, but will likely be subject to higher interest rates. If you want to improve your credit rating, it is worth considering a bad credit loan or a credit card for bad credit it is important to obtain advice.
This will depend entirely upon the nature of your loan request and your credit history. There are loans out there for everyone though, and so it is unlikely that you will not be accepted for any loans at all.
Depending on the amount you are borrowing, and depending on your credit history, you may, though probably will not, be required to secure your loan against your property. If you are required to do this, think carefully before accepting the loan since if you miss repayments, your property may be repossessed.
You can obtain a loan for any number of purposes, for example:
Starting up a new business
Beginning a post-graduate course at a university
Putting a deposit down for a house
The list goes on.
If your financial circumstances improve, you will be able to pay your loan off early, or arrange to change your payment plan in some way. You will need to discuss details of this with your creditors.
Once we've received details from you about your financial situation and what kind of loan you're after, we'll scour the market and compare loan rates for you in order find the best loans with the best interest rates available.