Different lenders use different criteria to determine if you are eligible for a loan, how much you can borrow and the cost of the loan, the main criteria the lenders use are:
- Payment History - If you have missed payments on your existing credit such as credit cards, store cards, personal loans, phone contracts or other existing debts then this will affect your credit profile which may make finding a loan more difficult and increase the loan rate. However this does not apply to all loan providers - some of our lenders ignore any adverse over 12 months old.
- Mortgage or Rent Arrears - Your mortgage / rent is probably your most important debt and missed mortgage payments could damage your credit profile, First Choice Finance do have a number of lenders who are still able to help even if you have missed payments on your mortgage
- High Loan To Value - Although not really considered in your credit profile, your loan to value is an important factor in most secured lenders criteria, the lower the loan to value the better the better the loan rate you may receive use our loan to value calculator to find out what your current LTV is
- Time At Address - Many lenders like the fact that you have lived at your current address for a long period of time, if you have recently moved this doesn`t mean you wont be approved for a loan, but you will need to provide previous address information.
- Employment Status - Affordability is an important aspect of the loan decision process, if you have a regular income then this helps us find you a lender, we also have numerous loans for self employed
What Causes a Poor Credit Rating
guarantor loans online If you have a very poor credit profile, we will still aim to get you the loan you require, but if the loans seem increasingly expensive, we do have access to other possible loan options including guarantor loans, find out about on the First Choice Finance website.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected.