In the past previous to the credit crunch all types of loans were readily available. Loans were freely flying about like pieces of confetti.

Homeowners always found it easier to obtain loans than did tenants, although during these years even non homeowners could get loans.

The problem with Provident is that the maximum loan has always been small. At present the maximum loan available for a first time borrower is 100, hardly a sum that would buy much nowadays.

Welcome Finance used to advance both secured and unsecured loans to both tenants and homeowners, and although their interest rates were high, it was a useful product which did allow tenants to borrow the money they needed. Unfortunately after many years of profitable trading, Welcome closed their doors, and this left tenants out on a limb with very little options of obtaining a loan.This is a most unfortunate situation., and one that could not be fore seen.

For tenants requiring a loan the situation is bleak, and they are being pushed to obtain loans from a pay day loan firm, which is a sign of the times and these firms are charging’00% interest or there a bouts which is extortionate. This figure is no exaggeration.

There always have been money lenders in the major cities of the UK and the poorest of individuals have always had to avail themselves of their services. Now however those who would not have dreamed of obtaining money from these illegal money lenders are being forced to do so, again at unbelievably high rates of interest.

Homeowners are in a better position as if they have equity in their property they can obtain a secured loan based on the equity of their property, and if they have a good credit rating these secured homeowner loans are available from about 9% APR.

Bad credit secured loans are still available to homeowners with sufficient equity.

Want to find out more about homeowner loans then vist Champion Finance’s site to find the best secured loan for you.

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Blogplay

Related posts on loans for people with bad credit:

  1. Homeowner Loans Enable You To Carry Out Free Home Improvements. Homeowner loans are loans that are secured on the equity of a property, and if you have lived in the property for some time the equity should be considerable....
  2. Remortgages, Secured Loans And Homeowner Loans Are Not Only For The Boring Things In Life. There are three main types of home loans which enable a homeowner to raise funds for a vast number of purposes....
  3. The Choice Between Homeowner Loans And Remortgages. Loans are a main stay of life for many off and on in the course of their life....
  4. Remortgages And Secured Loans Can Give You The Festive Season Of Your Dreams. Before we know it Christmas will be upon us as it is now close to the end of November....
  5. Can I Obtain A Bad Credit Loan When My Credit Rating Is Bad? During the present economic climate many UK citizens consider that bad credit loans have ceased to be....

Tagged with:

Filed under: Loans

Like this post? Subscribe to my RSS feed and get loads more!