Consolidate Existing Debts
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If you have with a bad credit rating you may find it difficult finding a loan, Ocean Finance have specialised loans designed for people with a bad credit history and could help even if you have been turned down in the past.
What Is A Credit History?
Your credit history is a record of all past financial commitments and your pattern of repayment, as well as an overall look at your total debt load. Credit reference agencies use this information to assess your credit worthiness and assign a credit score. Lenders then use the credit score as a factor in deciding whether or not to underwrite your loan.
How Did I Get A Bad Credit History?
- Anytime you are late making a payment,
- miss a payment
- default on a debt
- or fail to otherwise fulfil a financial contract or commitment, this information is reported to credit reference agencies
The more of these reports the agencies receive, the lower your credit score and the harder it is to find a loan in the future. Other information that can cause a red flag in your credit report includes frequent changes of job or address, or County Court Judgments against you.
So Will I Be Able To Get A Loan?
Ocean Finance is a leading Finance Broker and have many lenders on our panel who specialise in working with people who have a bad credit history. You will likely pay a higher interest rate than someone with a good credit history, and the amount available for you to borrow may be lower. However, once you’ve secured a bad credit loan, over time you can improve your credit score by showing regular, responsible repayment of the loan.
When you apply online to Ocean Finance we will search our panel of lenders to find the most suitable loan plan, all quotes are FREE and you are under no obligation to proceed.
Follow our simple 3 step process >>
OUR TYPICAL, VARIABLE RATE IS 17.9% APR. MOST PEOPLE WILL RECEIVE A LOWER RATE THAN THIS.
RATES RANGE FROM JUST 9.7% to 29.9% APR.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Homeowner Loans Secured On Your Home
Use an Ocean Finance UK homeowner loan to consolidate all your existing credit cards, store cards and unsecured loans leaving you with just one convenient, manageable monthly repayment and improve your cash flow. Alternatively use your Ocean Finance any purpose loan for items such as a new car, home improvement jobs or a holiday. Even if you have bad or adverse credit, county court judgments (ccj's) or mortgage arrears you may still qualify for a home loan through Ocean Finance.
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