I Need A Secured Loan
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When you make an application for a personal loan, it's not just a matter of the creditor accepting or rejecting you on a whim - it all focuses on your credit scoring.
Your credit rating is a financial picture of the risk you pose - specifically, whether a creditor should lend to you or shouldn't, completely based on whether you are considered a favourable or unfavourable credit risk. Your credit report - which is held by all the major credit referencing agencies, such as Experian and Equifax - presents the credit you have had in your history (as far back as 6 years), including any present obligations.
When you make a request for a personal loan or credit of any kind, the lender will carry out a credit search - and will assign you a credit rating based on the information in your file. Should you have a lot of debts - and particularly if you have failed to make payments or have been overdue with them - you will be assigned an unfavourable credit rating.
The lower your credit score, the less likelihood you have of being granted credit due to the fact that a small credit rating suggests there is a higher risk of you failing to pay back on time.
It also shows whether you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it might affect the likelihood of you being accepted for credit, since your address is not 'proven'. A financial association is someone with whom you have been financially associated, now or in the past. This could be an ex-partner, either of your parents, or perhaps somebody who lived at your home address prior to you being there and who is still not erased from your credit record.
When the person or people mentioned as a financial association are not in any way associated with you - i.e. you have no ongoing common financial obligations and they are not living in the same place as you - then you may ask that the credit recording agency correct the wrong information.
Keeping them on your credit record - especially when they have had financial problems in the past - can have a negative influence on you being granted credit.
When making a decision to approve a personal loan, loan providers will also look to see what amount you are spending on any other debts you have - if you have a lot, they may be unwilling to give you a personal loan, even when your score is okay. This is since they may think that you will be overstretched with yet more debt to service.
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