Financial Loans

By Martin Sumner

 In the not so distant past, credit was flowing at fire-hose strength with seemingly anyone eligible to be approved for finance of one kind or another. Loan lenders were falling over themselves to extend credit to people of all circumstances and credit history, with a poor credit rating not necessarily being a hindrance to having an application accepted. These times seem very long ago now, with the global financial markets in turmoil and credit lines being frozen left, right and center.


The credit crunch has left most banks scrambling to rearrange their balance sheets, with lending either stopping altogether or being charged much more for in higher interest rates, and capital reserves being built up. Other banks, of course, are no longer with us having either gone bust or been subsumed by rivals.

Given these circumstances, can people with poor credit ratings still expect to be able to get a loan?

If you don't own your home, either outright or via a mortgage, then you're going to struggle to have an application approved by any of the mainstream lenders unless you have