Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
It is widely popular on the internet that going directly to a lender you can search better deals. You can read reviews of credit experts rating lenders above the brokers. But can you distinguish between a smell of tuna fish from cod near a pond? Not exactly. Likewise, when you are on hunt for a great credit deal with troubled credit history or low loan eligibility, all the lenders are like different varieties of fish in the pond. You cannot distinguish who is better just by being on the shore. You need an expert who can guide you to choose your place. For example: Say, Paula Jackson needs an unsecured home owner loan to restore her credit health. The market value of her home is £240000 and she needs at least £25000 to consolidate her loans. Her current mortgage stands at £160000. She could not get a deal with her mortgage lender as she needed an unsecured loan. She doesn’t want to use home equity. Most of the lenders would only extend bad credit loans against home equity. Locating unsecured loans with poor credit history is a tall task. Herein she can contact a loan broker as they are experts in locating parties offering the closest deals. They will save all leg work for you. Let’s find out in detail below and know how borrowing with lenders and brokers may differ. 1. Fast Processing Every time you contact a lender, they pull out your credit report and make a foot print in your credit report. If you choose to contact multiple lenders for a single loan, it will make multiple entries in your credit report. This would be considered as a credit hungry nature and your score would suffer. In an ideal situation if however you contact a single lender at once and wait for their response it may take longer time to successfully hunt for a deal. However if you contact a loan broker, you could be rest assured of locating a deal within shorter duration. A loan broker sends loan queries to multiple lenders all along. They ask lenders to make soft credit check and thus protect your credit report at the same time. Thus contacting a loan broker you can expect speedy processing throughout. They are professionals with years of experience in dealing with each loan application.