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What Credit Rating do I need to get a loan?

Bad Credit Loans

Secured Loans > What Credit Rating do I need to get a loan?

What Credit Rating do I need to get a loan?

Your ability to get a loan, be accepted for a credit card or have access to other borrowing options can depend on your credit rating. Discover what your credit rating means, what is a good credit rating and what credit rating you need to get a loan from Evolution Money below.

What does your Credit Rating mean?

Your credit rating or score is a numerical value used to determine your financial situation and the level of risk associated with lending to you. Your credit rating reflects your credit history and keeps a record of how much money you’ve borrowed over the past six years and how well you’ve managed payments.

Decisions such as whether the lender would allow you to borrow money, how much you’d be able to borrow, and the rate of interest you’ll be paying back are, in part, made by assessing your credit rating.

Before getting a loan, lenders may carry out a credit check before deciding whether you’re able to borrow an amount of money. A good credit rating can improve your chance of borrowing more money at a more competitive interest rate. However, if you haven’t established any credit history, then you may need to build a credit rating before getting a loan.

What is a Good Credit Rating?

A good credit rating can vary across different lenders, depending on their criteria. However, if the leading credit reference agencies Equifax, Experian, and TransUnion consider your credit rating good, then it’s likely your lender will agree.

For Equifax, scoring over 420 out of 700 is considered a good credit rating, for Experian scoring over 880 out of 999 is regarded as a good credit rating, and for TransUnion, scoring 700 and above is considered a good credit rating.

To check your credit rating, you can request your credit file from the relevant credit reference agency. Regular checks can help to ensure there are no mistakes in your personal or financial information that could affect your credit rating and help you to notice any fraudulent activity before causing further damage to your score.

To improve your credit rating, you may want to ensure all information is correct, that you are registered on the electoral roll, and you’ve dealt with any CCJs or unpaid debt on your file.  However, the best way to improve your credit rating is to make consistent, regular payments on-time and in-full to eliminate any previous debt. You should also aim to keep your credit utilisation low and borrow only when necessary.

Bad Credit Loans from Evolution Money

At Evolution Money, we look at more than just the figures on a computer screen and don’t solely rely on credit checks before making a decision on lending. Instead, we value our customer’s circumstances and individual financial situation and like to say ‘yes’ to our loan customers whenever possible.

If you’re concerned about your credit score and ability to borrow money, then a bad credit loan from Evolution Money may be the financial solution for you. Specifically designed for customers with a poor credit rating and history, our secured bad credit loans can be used for a wide range of purposes. These include investing in your property, paying for your special wedding day, financing a new car, or consolidating previous debts.

With loan amounts ranging from £5,000 to £50,000, which you’ll then repay in manageable monthly repayments, your dream kitchen, once-in-a-lifetime holiday or debt-free future could be a reality sooner than you think. We also offer competitive interest rates, although this may be dependant on your credit score and fantastic, borrowing terms from 12 months to 20 years so you can decide a time-frame to suit you.

Applying for a Bad Credit Loan

To successfully receive a bad credit loan from Evolution Money, you must fit the following criteria:

  • Be aged 21 or over
  • Own Your Home
  • Live in the UK
  • Be able to afford the monthly repayments from your normal income.

Even if you have a bad credit score or have been previously rejected for a loan elsewhere, you may still be eligible with Evolution Money. Please note that we carry out independent affordability checks to ensure customers can meet their repayments, as failure to pay in full or on-time can result in more severe financial issues and the potential loss of your home.

If a bad credit loan sounds like the right borrowing option for you, then apply online today to receive a no-obligation quote. Or, call our friendly loan experts on 0161 814 9158 for more information on our secured loans.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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