Previously the word sub-prime was more commonly used in the United States while adverse credit or bad credit was the term used in the U.K. It was only as recently as the late 90’s that the word has become popular among brits.
Sub-prime lenders are individuals/companies who specialize in financing individuals whose credit history prevents them from being eligible for a loan from any mainstream financial institutions. The reason for a bad credit rating may range from the individual’s employment status, having a CCJ (County Court Judgment) or defaults to bankruptcy. Majority of the sub-prime lenders work in affiliation with the ...
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Your credit history plays a vital role while applying for a loan and serves as a meter for the lender by which he gauges your repaying capacity. All banks and financial institutions have their own method of determining a person’s credit health.
You can be labelled with bad credit due to many reasons. One of the major reasons among them is a County Court Judgment or CCJ. If a borrower fails to repay a loan within the specified time, the lender can file a case against him. Thereafter, the borrower is given a month’s time to repay the loan. In case ...
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Guaranteed credit acceptance is a process by which a person could establish or re-establish a good credit history. The credit history of a person plays a vital role in making him eligible for a loan. Better the credit history better would be the conditions of any type of loan. A person could approach a traditional loan giving organization such as a bank, only if he is having a good credit history. Guaranteed credit acceptance is a method by which the customer would be availing the loan and paying back the loan through a guaranteed credit acceptance dealer, which in turn ...
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