Early Retirement

Even if you have been declined a loan elsewhere, you may be given the go-ahead for one of our adverse credit loans from our top lenders. We offer a wide variety of products, loan amounts and repayment terms and our team of professionals will do their best to find the most suitable product for you with the lowest interest rate possible.

There are basically two types of loans available, secured and unsecured loans. Secured loans are mainly for homeowners because the borrower uses their home as security or collateral against the loan. This is a relatively low risk for the lender because they are protected in the event of the borrowers inability to repay the loan : the result is that interest rates are lower for secured adverse credit loans. Unsecured loans require no pledge of collateral to secure the debt but because this represents a higher risk for the lending company, interest rates are higher.

Perhaps you are considering adverse credit loans because you want to consolidate debts from credit and store cards and other loans. If you are finding difficulty meeting your monthly repayments to your creditors then a debt consolidation loan could be an option. You may be able to reduce your monthly repayments to less than the sum of your current debts but you will be paying for a lot longer. These loans also help to reduce the pressure you may be under from your existing creditors and leave you with just one creditor to deal with. Before you find out how much adverse credit loans will cost you, youll need to find out exactly how much you owe at present. Ask your creditors for settlement figures and not balances as the total must included any early redemption penalties (an amount charged by some creditors if you settle your debt before the initially agreed due date of the loan).

It is vital that you make sure that you can comfortably cover the repayments on adverse credit loans or you will be putting your home at risk of repossession in order to repay the loan. A basic monthly income and expenditure will also help to give you a clear picture of your financial situation. Dont forget to include an amount for emergencies and unforeseen expenses.

Being familiar with the different ways in which lenders refer to interest rates will help you to make the right choice of adverse credit loans. The percentage that you are charged monthly by the lending company is called the Annual Percentage Rate or APR. Although lenders quote typical rates, these are only indications and the APR you are offered will depend on the type of loan you get, secured or unsecured, the loan amount, the term and the lenders flexible assessment of your situation and ability to repay the loan as initially agreed. You will also come across fixed and variable interest rates. Fixed rates mean that your monthly repayments are set at the outset and will remain unchanged no matter what happens to the bank base rate. Variable interest rates on adverse credit loans could cause your monthly repayments to go up and down as the bank base rate fluctuates. This could make it difficult to stick to a budget but you will benefit if interest rates drop. If they increase, your loan could cost you a lot more.