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What You Need To Know About Adverse Secured Loans
By Graham Bradlington
People who have a poor credit history are still able to secure a loan against their property although it is more expensive as the interest rates are higher. They are not able to qualify for the very best market rates due to their tainted credit record. If a borrower has missed payments on a previous or existing mortgage, has an CCJ's, defaults or arrears relating to secured and unsecured loans then an adverse secured loan would apply.
Lenders provide adverse secured loans at premium rates i.e. at much higher interest rates to compensate for being exposed to a greater risk by lending to a borrower with adverse credit history as compared to the risk in a loan given to a borrower with a good credit history. Adverse credit is also known by other terms like bad credit, poor credit or sub-prime. Sub-prime refers to the actual credit status of the borrower and not to the interest which applies to the loan.
Sub-prime lending is called predatory lending as lenders disburse these loans fully understanding that such borrowers may not be able to meet their repayment obligations and would default on the loan. They are aware that this will provide an opportunity to foreclose and take the security. Lenders usually required a borrower to pledge his/her home as collateral against an adverse credit secured loan. Sub-prime lending forms a sizeable portion of the UK secured loans market. For families with poor credit histories, adverse secured loans are regarded as a real boon by many experts. Applied incorrectly, they can be an expensive burden and can create false hope for people who have very little to start with.
There are no fixed criteria for the approval of an adverse credit loan as different lenders take a different view of the reasons for the bad credit of the borrower. Nearly all lenders consider CCJs, but many will ignore them if they have exceeded a certain age. Some ignore payment defaults altogether. One major factor affecting the approval of an adverse secured loan is the way in which a secured loan account (if the borrower has one currently) has been handled over a particular period. The actual rate at which the loan is offered is directly influenced by this particular factor since, assuming the loan is approved, it affects the level of risk concerning the loan repayment.
It is sometimes difficult for a borrower who needs an adverse secured loan to find one which best fits their specific requirements as there are so many different factors which affect the adverse secured loan.
Sometimes, it would be preferable to use the services of a quality secured loan packager. They are aware of the approval criteria for a variety of lenders and can save a borrower a lot of time and hassles.
Graham Bradlington is the marketing manager for Quickly Finance Limited, that specialise in UK Secured Loan & Personal Secured Loan applicatons for UK homeowners. Quickly Finance is 100% independent & can search the whole market for the best deals. For more info: http://www.quicklyfinance.com
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