Glossary - Credt Checks

A Credit check is a credit score procedure.
A credit check will be done before a lender agrees to grant any finance. There are many things that are taken into account when running a credit check, amoung these are: the length of time at your currant address, employment, marital status, age and previous credit history.. The credit check reveals if there is any debt repayment history, arrears, defaulted payments and County Court Judgments and any of these would mean a low rating.

Example: Home Improvement Loans
If you would like to do some home improvements or extend your property then a secured loan can supply the finance to help complete the improvements quickly. An extension on your home would also increase the value of the property. A UK secured loan lender will always perform a credit check before granting any finance.

Useful Tip
You are seen to be more of a risk to the lender if you have a poor credit rating so to compensate the lender will charge higher interest rates on any finance product.. If a rating is considered too low some UK lenders will refuse an Enquiry altogether. You should not despair though it may still be possible to find a lender that will give you a UK personal loan.

At PeopleFinance.co.uk we can help you find an Online UK Mortgage, Secured Loan or Tenant Loan, an independent financial processor will aim to get you the best deal to match your credit circumstances making it a stress free process for you.

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