Refused an Unsecured Loan?
More and more people are finding it an uphill struggle to get accepted for an unsecured Loan. This is because an unsecured loan, often called a personal loan, is lent by creditors with more risks attached.
Why Would I Be Refused a Loan?
In today's credit-crunch climate, creditors are more wary about who they lend money too, so being accepted for an unsecured loan in the past does not mean that you would be accepted today.
There are many reasons why you might be refused a loan. Lenders are often unwilling to lend money to those who have a poor credit history. Your credit history is damaged through things like missing payments when they fall due or having CCJs.
If you are self-employed and cannot prove your income, lenders may not accept your loan application.
What are my Unsecured Loan Alternatives?
There are unsecured loan alternatives out there, so even if you have been refused a loan does not mean that you will never be accepted for credit. Refused A Loan have a team of expert advisors who can go through your finances and find the right unsecured loan alternative for you.
Alternatives from Refused A Loan include:
- Secured Loans
- IVA
- Debt Management Plan
- Remortgages
If you are still thinking about your options then take our 1 Minute Debt Test, which will show you what debt solutions you have available.
LOANS MAY BE SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
Refused A Loan is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.