New entrants in the UK loan market are presenting stiff competition to the existing players. More competition means several options available before the consumers. The lenders are fully aware that they need to provide efficient financial services to survive the tough competition. As far as the borrowers are concerned, they can expect a lot of good offers from the lenders.
A consumer searching for a loan would always like to have it on the lowest possible rate. However, there are many factors that determine the rate of interest. Your credit file as available with the credit reference agencies provides convincing information to the lenders. They usually have tie-up with these agencies and before sanctioning any loan, they check your credit file.
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Lenders provide cheap loans if you are able to fulfill certain conditions. A good credit rating, sound debt to income ratio, sufficient security, etc., helps in getting low rate loans. Higher credit rating assures a lender about your previous repayment record. It is a good indicator of your future financial conduct as well.
Debt to income ratio reveals your repayment capability and financial soundness. If your monthly income is £5,000 and you pay £500 every month towards repayment of debts, it means that the debt to income ratio is 10 per cent. This is considered to be a healthy sign as far as your repayment capability is concerned. If your debt to income ratio exceeds 40 per cent, it becomes unfavorable for your borrowing prospects and you may not be able to get cheap loans.
If you have a bad credit history, loans are still available to you. The only difference is that lenders will charge more interest from you. All the sub-prime lenders in the UK deal in bad credit personal loans. These loans are very often taken against security like your home. You can apply online to get bad credit personal loans.
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