Bad credit? Loans in UK may be hard to get
Borrowers have strong nerves and big appetites in the UK. They must have. Especially people with bad credit records. The amount of money they owe on their credit cards, loans and mortgages is a more than a staggering one trillion Sterling.That is a big number, and to give you an idea, if you had a big carton stuffed with 100,000 one pound notes, you would need 10 million of those boxes to get 1 trillion. Yes, a trillion is the number one followed by 12 zeros — 1,000,000,000,000.Actually they broke that symbolic barrier for the first time three years ago, Bank of England reports show.So where does this put your average consumer with bad credit who needs a loan in the UK?Well, thankfully, there are relatively few of these people. But if you have bad credit, loans in uk will be hard to get because the banks are already carrying a huge lending risk, as the numbers show.