Interest Only Secured Loan Terms And Conditions
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When anyone applies for credit, it's not just a case of the creditor giving a 'thumbs up' or 'thumbs down' randomly - it all comes down to your credit rating.
Your credit rating is a financial measurement of the credit risk you pose - that is to say, whether a loan provider should give you credit or shouldn't, all decided by whether you are deemed as an acceptable or unacceptable risk. Your credit record - which is on file with all the leading credit record agencies, for instance, Experian and Equifax - presents whatever credit you have had in the past (extending back 6 years), including any existing debts.
When you make a request for credit, the loan provider will do a credit search - and will allocate you a credit rating calculated from the facts in your credit record. If you have a large number of debts - and notably if you have ignored payments or made them late - you will be assigned an adverse credit score.
The lesser your credit score, the less likelihood you have of obtaining credit since a small credit score suggests there is a greater chance of you failing to pay off your debt on time.
It also shows if you are on the electoral roll and any financial associations. If you are not on the electoral roll, it can be detrimental for your potential for getting credit, since your place of residence is not 'confirmed'. A financial association is anybody with whom you have been financially connected, presently or at some time in the past. This could be an ex-partner, your parents, or maybe even someone who lived at your place of residence prior to you being there and who is still not removed from your record.
In the event the individual or people named as a financial association are not associated to you - i.e. you no longer have common financial responsibilities and the person is not living in the same place as you - then you may request that the credit recording agency correct the information.
Keeping them on your file - particularly if they have experienced financial difficulty previously - can have a detrimental influence on you accessing any credit.
When deciding on whether to approve a personal loan, lenders will also consider what amount you are paying out on other debts - if you have lots of them, they may decline you for credit, even if your score is sufficient. This is as they could feel that you would be exceeding your financial ability with another debt to cover.
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