/24-7PressRelease/ - UK, February 24, 2006 - (adverse-credit-business-loans) There is good news for bad credit holders. Even with a flecked credit history you can indulge in adverse credit loans.
However, a higher interest rate is what you may be forced to pay due to your bad credit score.
According to Andrew Hagger, head of press and news at Moneyfacts, under the consumer credit act 66 per cent of people accepted for a loan by the bank should get the advertised (annual percentage rate) APR.
However, an adverse credit background forces the borrowers to accept loans at a higher rate of interest.
As the debt picture in UK is quite grim, only 52% of the borrowers got the advertised rate on the personal loan. Moneyfacts speculated this after a research.
This not only shows the increasing levels of debt among the UK consumers but also the fraudulent practices followed by lenders wherein they offer rates that are a lot higher than their advertised rates.
According to the spokesperson of Moneyfacts, Emma Butler, at present there is no means by which rules can be enforced to prevent lenders from misleading the consumers. However, some form of auditing must be put in place to check such events.
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