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Bad Credit Loans: A Good Option For Bad Times
The whole world is concerned about the future of economic and financial organizations, even the most robust and reliable became fragile, unreliable, and are reluctant to lend money to anyone. Meanwhile, confidence and hope for ordinary workers and small business is in ruins because they realize that it is almost impossible to get loans they desperately need.
Ministers are under pressure to force British banks to loosen the purse strings and lend critical assets for companies and homeowners who are crushed by the credit crisis, but so far there is little positive feedback. Financial institutions are so worried about their weak levels of money they are even afraid to give to each other - much less than regular customers, who face fierce challenges in trying to cope with higher prices and fewer jobs .
Banks have increased the interest rate they charge their customers, despite the sharp drop in bank base rate. The base rate is now at about three percent, which is the lowest it has been for half a century. But the average annual interest charges on credit cards has increased to nearly 18 percent.
Prices are store cards are even higher in many cases, many retailers charge 25 percent or more. Large chain stores, such as Principles, Karen Millen and Oasis, for example, have been known to charge almost 29 percent.
But these high prices - and the lack of significant personal and business loans - this happens when the service reports an alarming rate of insolvency and personal bankruptcy. Insolvency in Great Britain increased by about 12 percent over the last three or four months, and about 175 people every day, was declared bankrupt in the third quarter.
The Guardian also reported that corporate bankruptcies also increased by 25 percent over the last three months, a figure which represents an increase of more than 10 percent over the previous quarter. So far this year, the number of bankruptcies increased by more than 26 percent compared to 2007 figures.
Those who become insolvent in the face an uphill battle in terms of their financial future, too, because while they are trying to make a fresh new start, traditional lenders loan applications rejected due to their low credit ratings and payment histories damaged.
But lenders bad credit loans are even more today - and in fact much more than they usually do - because they specialize in loans for people with less than stellar credit. These non-traditional credit card companies to start the entire core business customers and small businesses who have bad credit, low credit scores, and less income and assets - to really make more loans in these days when banks and other institutions traditional credit customers will turn away and reject applications mortgage.
Those who have experienced bankruptcy, trouble paying their mortgages on time, or a tightening of credit card limits can usually get loan approval easily through these lenders bad credit.
Some UK consumers use the bad credit loans - which got its name because they are made for people with bad credit - to overcome temporary difficulties as a short-term budget crisis or job loss. Others use them to finance long-term, such as car loans, remortgaging property, or business capital. Whatever the financial needs they may have, bad credit loans can offer a helping hand - and funding - to get through these tough economic times.