Regardless of your credit history problems, you can still get an adverse credit loan. If you're a homeowner, you can get quick secured loans based on the equity in your property. They are ideal for debt consolidation. If you're a tenant, you can get approval for a secured or unsecured fash cash advance from a bad credit loan lender.
Eligibility criteria for poor credit loans for homeowners
If you want to borrow money against your home, you're going to need a sufficient amount of equity in your property. Equity can be defined as the value of your home less than loans that are secured against it. For example, if you have a house that's worth £100,000 and have a mortgage for £60,000, your Loan-to-Value is 60%. You will normally notice that the maximum LTV is 80%. Employment status
You're going to need a full-time, permanent job. Fast secured loans and mortgages are long-term financial commitments so being in temporary work will lead to your application being rejected. The longer you've had the same job, the better are your chances. If you're self-employed, you'll need to be able to provide three years of business accounts. Income-to-debt ratio
A secured loan company will want to make sure that poor credit mortgages are affordable to you. If you have a high percentage of debt relative to your credit limit, you're statistically more likely to default on the terms of the agreement. In the current economic climate, your income-to-debt ratio should not exceed 36%. Property must be structurally sound
Your property will need to be professionally assessed by a surveyor. If work needs to be done on your home or there are underlying structural problems, this could affect whether you can get a mortgage or secured homeowner loan.
Qualifying for poor credit loans for tenants
You need to be a citizen of the country where you're making your application. For example, you can't apply for adverse loans in America if you're a citizen of France or Spain. Minimum age
You'll need to be at least 18-years-old to get approval for credit. Income and employment
Most lenders require that you have a full-time job that pays at least $1,000 per month. It doesn't matter if you happen to be in your probationary period or are currently based in temporary work because it's only a short-term cash advance loan. Proof of identity
You will need to provide two forms of identification. You can provide a bank statement, utility bill, council tax statement, passport or driving licence. Any official source of documentation will suffice. Checking account
You will also need to have a checking account in your own name, not that of a third party.