Secured Personal Loan Companies
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When you apply for any type of personal loan, it's not just a matter of the loan company giving a 'thumbs up' or 'thumbs down' randomly - it is all about your credit rating.
Your score is a financial reflection of the risk you pose - that is to say, whether a creditor should lend to you or not, all based on whether you are regarded as a high or low credit risk. Your credit record - which is held by all the major credit record agencies, for instance, Experian and Equifax - indicates any credit you have had before now (extending back for the last 6 years), including any existing commitments.
When you apply for any kind of credit, the loan company will carry out a credit search - and will assign you a credit rating derived from the information recorded in your record. If you have numerous debts - and in particular if you have missed repayments or have paid them late - you will receive an unfavourable credit rating.
The smaller your credit score, the less likelihood you have of being granted credit because a smaller credit rating is interpreted as a greater likelihood of you failing to pay back on time.
It also indicates if you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it can be detrimental for your potential for getting credit, since your address is not 'proven'. A financial association is someone with whom you have been financially connected, at the present time or in the past. It could be an ex-partner, either of your parents, or even somebody who lived at your home address prior to you and whose information is not yet erased from your credit file.
If the individual or people who are considered a financial association are not in any way associated with you - i.e. there are no current connected financial obligations and they are not living with you - then you should request that the credit referencing agency have the details removed.
Leaving them on your file - especially if they have gone through financial problems in their history - can have a detrimental influence on you getting any credit.
When considering approving a personal loan, loan companies will also determine what sum of money you are paying on other existing debts - if you have lots, they might well say \'no\' to a personal loan, even when your rating is sufficient. This is as they could feel that you would be financially overburdened with an additional debt to deal with.
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