Looking for an unsecured loan or credit card

Unless you are in great financial shape getting a loan or credit card is not as easy as it used to be.
Lenders are treating applicants on an individual basis taking into account their credit history and more people than ever are being refused loans and credit cards.
Companies are citing very different monthly interest rates with the best credit scores getting the lowest rates and the higher rates being charged for those deemed less creditworthy. So the applicant’s personal circumstances will determine the interest rate charged.
When applications fall into the high risk category, if the lender decides to go ahead, they will be charged considerably higher than someone with a good credit history.
It is not just new applicants that are being assessed. Existing credit card holders are getting letters saying that due to the economic climate their interest rate is being increased and in some cases their credit limit is also being reduced.
Of course, for those who are unable to get a credit card from the mainstream companies there are now lots of credit card companies who are targeting those with poor credit ratings and people who need to improve their credit scores. Aqua, Monument and Vanquis are heavily into this market and charge extremely high interest rates – up to 59.9% APR.
It is therefore very important that you check your credit rating and are fully aware of your financial position in order you can get the best deal possible when you are looking for a loan or credit card.