Low Credit Loan Company
What is an unsecured loan?
An unsecured loan – also known as a personal loan - is where you borrow money without having to provide security against it such as your home or car. Unsecured loans are suitable when you want to borrow a smaller amount of money.With an unsecured loan, interest rates tend to be a bit higher than if you borrowed the money as a secured loan. This is because, with a secured loan, the lender has less of a risk of getting the money back should you default on payments.
What is a prime lender?
Prime lenders are suitable for people who have an excellent credit history. Prime lenders typically offer the lowest interest rates and the lowest fees for borrowing, subject to you meeting their criteria. If you have late or missed payments on other credit within the last six years, it is unlikely that you will be accepted by a prime lender. If you do get accepted and your credit history is less than perfect, then you will probably pay a few percent more than your contemporaries with an excellent history.
What is an arrangement fee?
An arrangement fee is something that is charged by a lender or broker when you take out borrowing such as a loan or mortgage. It is to cover their costs in arranging the lending. Some lenders will offer this free of charge in order to attract new customers.
What is a credit check?
A credit check is a search carried out by a potential lender to assess your suitability for credit. They will check your credit record to see your current and previous financial history. They can then give you a credit score to see if the way that you manage your finances meets their criteria for lending.
What is a CCJ?
A CCJ actually means County Court Judgement. This is a judgement made in a County Court against someone who is in debt to a third party (an individual or company) or where they have failed to meet the terms of a credit agreement.The Judgement will set an affordable payment plan so that the debtor can repay their debt. CCJ’s are held on public record and will affect the debtor’s chance of getting further credit for up to six years.