Loan Company Lending Money On Bad Credit

Loan Company Lending Money On Bad Credit

What is a secured loan?
A secured loan is where you borrow money and the loan is secured against an asset such as your home or car. This means that should you fail to meet the monthly loan repayments, the lender can seize the asset in order to get their money back.Secured loans tend to be more favourable if you are looking to borrow larger amounts of money. Interest rates tend to be more attractive than if you borrowed the money as an unsecured loan. This is because the lender has a ‘guarantee’ that he will get repaid in the form of your asset.

What is an unsecured lender?
An unsecured lender is a company that provides a loan without asking for some form of security (such as your home or car). Unsecured loans can be quicker to arrange but will cost more in interest than a secured loan.This is because the unsecured lender is taking a greater risk as should you default on loan repayments, the lender cannot seize your assets in order to get repayment.

What is an APR?
APR is short for 'Annual Percentage Rate' and it is a legal requirement for lenders to display the APR when advertising interest rates.It shows the true cost of borrowed money on mortgages, loans and credit cards. How it works is that the APR calculation takes into account all the costs associated with the borrowing (such as the basic interest rate, any costs you have to pay and any initial fees).Because lenders calculate APR the same way, it means that you can make significant cost comparisons between products.

What is a credit score?
A credit score is a method that potential lenders use for calculating the credit worthiness of an applicant. They will look at the applicant’s credit report, the information on their application and the actual borrowing required. They will then use a mathematical scoring system to evaluate the amount of "risk" involved in lending to the applicant.

What is an arrear?
An arrear is a legal term and is used to describe where you are behind in payments on a credit agreement. Someone will be “in arrears” from the date their first expected payment is missed.The term tends to be used when describing late payment of rent, mortgage, credit cards or personal loans as well as child support and taxes.

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