UK loans for private and council tenants – bad credit loans for tenants
of dependant children, current income, employment history, loan amount required and the reason for borrowing.
Credit Scores are also applied to any other information that the loan company hold on you, as a tenant. For example, you may have existing borrowing commitments. Some lenders will also conduct credit searches from Credit Reference Agencies to ascertain if you have a bad credit history or (County Court Judgements) made against you, or are bankrupt, have previously been in arrears or have missed loan payments in the past. Credit Search reports also reveal previous loan and credit applications which are also scored. All of the elements are then added together so that a total credit score is achieved. To the loan company this total score represents a statistical measure of risk to them.
Safeguards
It is worth noting however, that different loan companies will use their own scoring system based upon lending criteria and the type of tenant loan products offered. Sometimes other factors are also taken into consideration before a decision is made on each tenant loan application. Each credit scoring system employed has to be reasonable and accurate. The Office of Fair Trading (OFT), the government consumer watchdog also monitors credit scoring methods to ensure standards are upheld.
Back to bad credit loans
Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.
© uk-property-business-plan.co.uk Resources Resources2
IT IS IMPORTANT THAT YOU READ ALL THE LEGAL NOTICES ON THIS WEBSITE.
Please note, the services and information on this site do not constitute any form of advice or recommendation by UK Property Business Plan and are not intended to be relied upon by users in making any order or purchase. Appropriate independent advice should be obtained before making any such decision.
