More than 1 Million people rejected when applying for an Unsecured Loan in past 6 months

Figures show that the amount of people declined unsecured loans is on the rise and this is being driven by people shopping around online and not being aware that they are having credit searches carried out.

Like many forms of advertising, loan companies on the internet often advertise incredibly low rates of interest which everyone wants to achieve. However, concumers need to be realistic when applying for any type of loan.

Customers with defaults, mortgage arrears, missed payments or CCJs need to be realistic in their expectations of a "low APR." The majority of unsecured lenders will not lend to you if you have any adverse or bad credit at all.

Secured Loans offer another option for homeowners with bad credit as the lending rules are often less strict. It is also worth noting that a secured loan will also allow you the possibility of borrowing more than an unsecured loan and over a longer period of time.