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If you have fallen behind with payments on your mortgage, loans or credit cards then the credit provider will probably have recorded this. A search of your credit record by any new finance company to determine your credit rating will usually reveal any such missed payments. A bad credit rating is sometimes known as 'adverse credit'. This can make it difficult to get a loan.
At Ocean Finance we have a huge range of loans, including a large amount of bad credit loan plans, as we specialise in helping people in just these types of circumstances.
Adverse credit loan
A loan specifically provided to someone with adverse or bad credit history, who may therefore have difficulty in obtaining finance.
Ocean Finance have a range of adverse or bad credit loan plans, so whatever your circumstances, we may be able to help.
The APR stands for 'Annual Percentage Rate' and is an indication of the amount of interest and other fees you will pay over the course of a year.
If you want to compare the cost of a loan from Ocean Finance with the cost of a loan from elsewhere then the APR figure is the one to use. The rate of APR on a loan agreement is dependent on individual circumstances: if you suffer from an adverse or bad credit history, your APR will probably be higher than someone with a clean credit history.
See also: Low rate loan
If you have missed payments on your mortgage, loans or credit cards then the overdue amount is known as 'arrears'.
See also: Mortgage arrearsTop
Another term used to describe adverse credit. If you've missed payments on your mortgage, credit card or loans then the records on your history will lead to a bad credit rating.
Even with bad credit, Ocean Finance could help you to arrange a loan.
Bad credit history
If you have been in arrears with your mortgage, loans or credit cards then the lenders will generally record this and, if you have a bad credit history some companies will not provide you with further finance.
At Ocean Finance we look at things differently. Even if you have a bad credit history, we could help you find a deal from our range of bad credit loans.
Bad credit loan
A loan for a customer with a bad credit history.
Ocean Finance have a huge range of bad credit loan plans from our extensive panel of lenders, meaning we can help people in all sorts of circumstances.
Bad credit rating
A credit rating is awarded to you by credit providers when you apply for credit. They find this score using your credit history and looking at how you've managed credit in the past.
A bad credit rating can make it hard to find a loan. However, Ocean Finance specialise in helping people with an adverse or bad credit rating, and have a large range of loans for people in this type of situation. So even if you’ve been turned down elsewhere, we may be able to help.Top
Also known as a 'debt consolidation loan', this is a loan used to pay off other debts. Often you can reduce your monthly outgoings by doing this (providing the repayment period is longer), and you'll end up with one simple affordable monthly payment. Bear in mind that extending your repayment period will increase the total amount of interest to be paid.
See also: Debt consolidation loan
County Court Judgment (CCJ)
If you have failed to keep up payments on your credit the lender may eventually take you to court. The court may issue an order saying you must repay the debt; this is called a County Court Judgment (commonly referred to as a CCJ).
A record of the CCJ will appear on your credit history, and this may mean you end up with an adverse or poor credit rating.
Ocean Finance have an extensive range of loan plans that cater for people with a bad credit history, even if you have CCJs registered against you.
This is the score given to you by lenders when they are assessing a loan application. Your credit rating will be calculated using the information available on your credit history (such as past and current borrowing, and things like bankruptcies and CCJs).
You will have a good credit rating if you have always kept up with your payments. If you have struggled in the past, or if you have CCJs or bankruptcy on your credit history, your credit rating is likely to be bad.
Ocean Finance specialise in helping people in this type of situation with our large range of bad credit loans.Top
Debt Consolidation is a way to bring all your existing payments into one monthly payment. Two ways of doing this include a remortgage or a debt consolidation loan. Debt consolidation could help to make your monthly payments more manageable, and can be used to reduce your monthly outgoings.
Debt consolidation loan
A debt consolidation loan is arranged with the specific intention of paying off other credit and combining existing credit payments into one affordable monthly repayment.
Ocean Finance have a number of lenders who specialise in providing debt consolidation loan plans.Top
If you have equity in your property (i.e. the amount you owe on your mortgage is less than your property's value) then you may want to release some of this equity in the form of a loan.
This type of loan can be used for almost any purpose – be that home improvements, debt consolidation or to purchase a newer car.
See also: Release equityTop
A finance broker specialises in arranging loans, often with products that are not available direct to the public. This can allow the lenders and brokers more flexibility in their approach to lending.
As finance brokers, Ocean Finance will find the most appropriate loan plan for you and process your application with the minimum of fuss - leaving you with the simple task of deciding how to spend the money.Top
Home improvement loan
A loan used to fund home improvements, such as a new kitchen or bathroom suite, or even an extension.
Ocean Finance can offer loans for almost any purpose including home improvements, to buy a newer car, to pay for a dream holiday or simply for debt consolidation.
Home loan (home owner loan)
A loan that is secured against your home. In other words, you'll need to be a homeowner to apply - but if you fail to keep up with payments then you could lose your home.
A benefit of a home loan compared with an unsecured loan is that the amount you can borrow is generally higher. The repayment period can also be longer, which could help you to reduce the amount you pay each month (although a longer repayment period will cost you more in interest).
Home equity loan
A loan that draws on the equity in your home (i.e. the money you have paid into it, plus any natural increase in value over time). This loan can be used for almost any purpose.
See also: Release EquityTop
Ocean Finance is a finance broker; our job is to find you a loan from our panel of lenders to match your circumstances.
We have a large number of loan providers, from high street banks to finance houses who specialise in providing home owner or secured loans and whose products are not generally available to the public.
See also: Finance broker
When you apply to Ocean, we will obtain a free, no-obligation offer of finance. The loan quote you receive will take into account your personal circumstances.
Ocean has a wide range of loans to suit most circumstances, including cheap loans with low rate of interest. Ocean will compare numerous loan plans from our large panel of lenders enabling us to offer you the cheapest loan. Bear in mind that the loans with the lowest interest rates will only be available to people with a good credit rating.Top
If you miss payments on your mortgage or fail to make a payment when it is due, your mortgage will be deemed in 'arrears'. A number of missed mortgage payments can result in a bad credit historyTop
A personal loan is a simple type of loan in which a lender agrees to lend you money, and you agree to pay it back in fixed monthly instalments. Personal loans are 'unsecured', which means your home is not part of the deal (and you'll be less likely to lose your home if you can't keep up with your payments).
Poor credit usually means you have a bad credit rating, perhaps caused by missed payments, CCJs or arrears. Ocean have a large range of bad credit loan plans aimed at people in these circumstances.
Poor credit loan
A poor credit loan is a term used to describe a loan given to an individual with a poor credit rating. It can also be referred to as a 'bad credit loan'. Ocean Finance could help you even if you have a poor credit rating.Top
Equity is the money you have put into your home, minus any debt secured against it. You may be able to release some of this equity in the form of a loan. Secured loans arranged by Ocean Finance can be used for debt consolidation, home improvements or almost any other purpose.Top
A secured loan is a loan in which your home is used as 'security' against missed payments. If you fail to repay the loan the lender could take possession of your home and sell it to recoup the debt. However, as long as you're confident you can afford your repayments, it can be a great way of raising a large amount of cash. Ocean Finance has a large range of secured loans that can be used for nearly any purpose.