In today’s current financial market it can be an extremely daunting prospect attempting to secure finance when you have approached your bank, a company you know and trust, a relationship you may have been building over a number of years, only to hear the dreaded word “DECLINED!”
There could be many different reasons why your typical high street banks would choose not lend to you today. This can range from a single late payment on a credit card to a missed monthly mobile bill and even the arrangement of any “Pay Day Loans” you may have taken out to see you through one particularly expensive period in your life. Even if you have repaid the loan correctly and cleared it on time in-keeping with the agreed terms, high street lenders will still view this as a red flag and, ultimately, can decline your application based on this alone.
The good news for someone seeking a remortage, secured loan or bridging loan is that there are specialist brokers trading that can help with all of these types of issues that can be considered bad or adverse credit. The amount of funds becoming available to these independent and financially regulated brokers is actually increasing every month as the economy continues to improve.
So when your bank have declined your request and you feel like there is nowhere to turn, there is definitely help at hand – as long as you know where to look. Specialist brokering firms like The Loans Department are becoming key players in ensuring that all of society can access the credit they need to continue to support their family, move home with limited funds or even make those long overdue home improvements.
Independent brokers, who specialise in the adverse credit field, have access to the whole of the market and aim to negotiate the best deal for their customers at that particular time of application each applicant’s personal financial circumstances are taken into account. Our advice would be to seek out a specialist adverse credit broker should you find yourself in such a situation, and they will be able to access potential and alternative routes of funding to guide you in securing your financial future.