Compare Rates from Nationwide for a Bad Credit or Debt Consolidation Loan
Bad credit can stand in the way of your dreams and ambitions. When you have a poor credit history or substantial debts, Nationwide and other lenders are less likely to approve your unsecured personal loan. However, there is another way to receive funding.
At UK Property Finance, we help compare the best loan products from Nationwide and other major lenders to give customers more loan options. Even if you have bad credit or piles of debt, you may be eligible to receive the funding that you need through a secured loan.
Secured Loans for Those with Bad Credit
There are many factors that can influence your credit history. When you fail to repay loans, your credit standing suffers. Other factors that may impact your credit include:
● The age of your credit accounts
● Your debt to credit ratio
● Court judgments and public records
● A lack of credit activity
These issues may result in a lower credit score and limit your ability to get approved for a personal loan. With a secured loan, these issues are not as important to the loan approval process. The lender is primarily interested in the amount of equity that you have available to secure the loan.
A secured loan requires you to put up assets as collateral. Generally, the lender will require the borrower to use the equity in their real estate properties for this purpose. However, this provides a way for those with bad credit to obtain the funds that they require.
Secured Loans for Debt Consolidation
Debt consolidation is the process of obtaining a new loan to pay off existing debts. Instead of owing multiple lenders or creditors, you consolidate your debts into one loan.
When most of your debt comes from credit cards and unsecured personal loans, there is a good chance that the secured loan will provide a lower interest rate. This often helps debtors save money by reducing the total interest paid over the life of the loan. By consolidating your debt, you may also enjoy the convenience of having a single repayment each month, instead of dealing with multiple accounts.
If you have bad credit or need to consolidate your debt, contact us today to begin comparing secured loans from the top UK lenders, including Nationwide. At UK Property Finance, we are a leading loan broker, providing customers with more loan options and comparisons to find the best loan.