Sub Prime Loans are personal loans aimed at applicants who have been refused credit elsewhere. The APR is higher than other more mainstream lenders but the acceptance criteria are less stringent. Some of the lenders in this sector are doorstep collection lenders. This means that they will collect the loan repayments from your home, in person, on a weekly basis.
The primary benefit of a Sub Prime Loan is the acceptance policy. Sub Prime lenders specialise in lending money to people who have been refused credit elsewhere.
Some people, such as those with defaults or CCJs, or the unemployed or retired, find it extremely difficult to gain finance. Sub Prime Loans are an excellent source of finance for these people.
Sub Prime Loans are suitable for anyone who has been refused credit elsewhere. Sub Prime lenders specialise in helping people with a bad credit history. CCJS and defaults will often result in being declined for credit, as will working self-employed, being unemployed, on benefits or retired. Unlike High Street lenders, Sub Prime lenders will work hard to provide credit to these applicants.
Loanfinder UK can help you find a Sub Prime Loan to suit your situation. To apply for our loan finding service please complete the application form at the top of this page.
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