There are very powerful bodies that decide whether you and everyone else are allowed to take out a loan of a certain amount. Their decisions are final and the very act of consulting them can actually make it more likely that the next time you need a loan you’ll be refused. They are the organisations that calculate your credit rating, and they seem to know everything there is to know about your financial life. Crazycredit is a new website that aims to help these people throught the credit rating maze.
What people often don’t realise, however, is that it’s up to the lender whether you’ll be accepted for or refused a loan. All the credit rating is is a risk assessment, a snapshot of your past (and therefore a snap judgement about your future). The thing is, people do change and when they want to get back into a state of financial activity after a stagnant period of bad credit, they need all the help they can get.
Crazy Credit (crazycredit.co.uk) has been founded to guide people with seemingly prohibitive credit histories towards loans whose providers don’t treat them as criminals. We use our comprehensive database of loan providers to find out where the best deals of the moment are and to inform our customers of their availability. On the face of it, this might seem like something our customers could do for themselves, but in practice the chances of them coming across a great deal in a random search are vanishingly small, and if they only stick to known, high street lenders, we’d say the changes were zero.
Because lenders nowadays have more and more data about every customer, the bad credit loan industry is going through a period of strength. It’s now next to impossible for lenders to overlook somebody’s credit history, so a much more accurate picture of bad credit is emerging. On the plus side for borrowers, this has introduced a new spirit of competition among providers eager to get new customers. Add in the fact that electronic transactions and the internet are constantly driving down costs, and it becomes clear that it’s a better time than ever to be seeking a loan. This is especially important in the area of car loans or motor finance, where dealers often have the customer at their mercy and offer all kinds of poor-value options.
Clive Willis, a spokesman for CrazyCredit, adds, "A good place to start is to visit crazycredit.co.uk and make an online application. The various factors will be taken into account and through our calculations we’ll be able to fix you up with the kind of loan that would have been unthinkable a few years ago. There’s no obligation to take out a loan through us, but customers are always glad they came to our site as part of their search."