Bad Credit Loans Are Still Available.

Due to the current recession many individuals think that bad credit loans no longer exist.

It makes sense that many think this, as bad credit loans, bad credit mortgages and bad credit remortgages precipitated the credit crunch. Underwriting in the homeowner loan industry in general caused much of the financial crisis that most of the civilised world has experienced in the course of the last two odd years.

All through history it has been impossible for non homeowners to be accepted for a bad credit loan. Even tenants with great credit ratings find it difficult to obtain a loan now. Lenders really want some sort of security when they grant a loan.

Homeowners have always been in a better place than have tenants when it comes to obtaining a bad credit loan.Before the beginning of the credit crunch there were a number of secured loan lenders happily advancing secured loans to homeowners with the the most terrible of credit ratings.The LTV was good considering the credit rating of the bad credit loan applicants being the fairly high LTV of 75%.

Bad credit secured loans are not so easy to obtain now as they were then, but so saying there is some availability even now.

If a homeowner has a little bad credit he can be granted a bad credit loan at a LTV of 60% to 70%.

For homeowners with C.C.J’s , defaults and mortgage arrears there are still two bad credit secured loan lenders who will consider looking at advancing a bad credit loan to homeowners with extremely bad credit files, and they accept unlimited adverse points.

The maximum LTV for these bad credit loans is 50% and the maximum loan is also restricted to a maximum loan amount of around 23,000.

These bad credit loans are still available in a restricted way, and they can be a great help to homeowners at a time when they most need help by means of additional funds.

Looking to find the best deal on bad credit loans then visit www.championfinance.com to find the best advice on bad credit loans for you.