You could receive your loan in as little as 3 days!
Representative Example: A secured loan of £31,000 payable over 7 years on a fixed rate of 9.83% for the first 5 years, followed by a variable rate, currently 9.69%, would require 60 monthly payments of £553.17 followed by 24 monthly payments of £552.39. The total amount repayable would be £46,447.56. This includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 13.1% APRC representative.
Credit scores are created by credit reference agencies to help lenders or businesses understand your credit history and determine your credit risk.
A credit file is simply data that has been collected about a borrower that reflects their history with credit. Everyone has their own personal credit score, which usually ranges from 300 to 850. However, each credit reference agency has its own specific method of calculating a credit score.
Lenders and businesses will often use a credit score to understand a client’s past credit behaviour, allowing them to assess how suitable it is to lend money to a borrower. For example, a mortgage lender may look at whether or not a borrower has any existing debts. At Central Trust, we consider credit scores along with a range of other factors, as part of our assessment, before offering a homeowner loan, (otherwise known as a secured loan.) We also offer some plans that don't require a credit score check.
If your credit score is low, it doesn’t mean that you won’t be accepted by a lender. All lenders have their own criteria and most will look at the data and make their own mind up based on what they see, rather than letting a computer automatically decide. All of our secured loans are subject to eligibility.
Lenders and businesses will obtain credit information from credit reference agencies to provide them with an understanding on a borrowers financial circumstances. From this they may be able to determine whether or not you are a ‘good’ borrower, based on your credit records.
As mentioned above, each credit reference agency uses different methods for working out credit scores, which means there isn’t a single magic score you can choose. Regardless of the score, the rule remains the same. The higher scores indicate that a borrower is a lower risk, meaning that a low credit score presents the borrower as being a high risk for the lender.
We specialise in providing loans for people with adverse, poor and even bad credit. You can discover how much you could borrow today – it’s quick and easy and won’t affect your credit score!
Credit Reference Agencies are independent organisations that securely holds people’s credit information and other relevant data. This includes a borrower’s presence on the electoral register and your past and current credit agreements. They hold this information to help companies such as mortgage lenders understand a borrower’s financial circumstances.
These agencies exist to promote responsible lending and support debt recovery, whilst preventing financial crime such as bad debt, fraud and money laundering.
There are different factors that contributes to your credit score, including your personal information, credit history, public records and credit checks.
Personal information:
Personal information such as your name, home address, salary, your relationship status, if you have a family or whether you rent your home or you are a homeowner is kept about you. All of this information helps lenders understand who they could be lending to and whether or not you’ll be able to pay them back within a certain timeframe..
Credit history:
In order for a credit score to be created, referencing agencies will look at your credit history. They will often look at your past payment history, credit usage and the types credit accounts a borrower has. So, if you’ve always paid your bills or debts on time your credit history will reflect that and you’ll likely have a good credit score. On the other hand, if you have outstanding debts, multiple loans or a poor repayment history, then it’s likely your credit score will be poorer.
Public records:
Referencing agencies will have access to public records to identify events such as County Court Judgments (CCJs), bankruptcies and insolvencies. These will show up on your credit score, however these won’t be on there for the rest of your life. Public records stay on your credit report for up to 6 years.
Credit checks:
Some enquiries that you make when you apply for credit will also show on your credit report. There are two types of credit check, a soft credit check and hard credit check. Soft credit checks aren’t visible on your credit report, so they have no impact on your credit score. Only you can see them and it doesn’t matter how many there are.
Hard credit checks happen when a company makes a complete search on your credit report. Every hard credit check is recorded on your report, so a company searching for it will be able to see if you’ve applied for credit or even a loan. If you have lots of enquiries over a short timeframe it may appear to a lender, employer or insurer that you’re struggling financially. Whilst public records stay on your credit report for 6 years, enquiries only stay on your report for up to 2 years.
Everyone makes mistakes and sorting out your finances can sometimes feel like a challenge. But a credit score isn’t like a criminal record, it won’t ‘follow you around for the rest of your life’.
There are ways you can improve your credit score. For example:
Always make your regular payments on time
Some credit reference agencies offer instant score boosts, allowing them to look for examples of responsible financial behavior using your current account. They’ll look into your direct debit payments such as your Council Tax or any monthly subscriptions to ensure you are paying them on time each month.
Organise your finances and ensure you have enough money for your outgoings. This is a good way to show lenders you’re a reliable borrower and capable of managing your credit.
Check for errors in your credit file
Even small mistakes in your personal details, such as a mistyped address can affect your credit score, and can be a reason for a lender to refuse you credit. You can check your credit score and details using free services like Experian.
Use a “Credit Builder” credit card
You could boost your credit score with a credit builder card. These cards are designed for people who have poor credit scores that want to improve their financial circumstances. They work like any other credit card does. You can use them to borrow money to pay for goods and services, however there is an agreed limit. Provided you use them carefully by spending below your limit and paying off your balance in full, credit builder cards should help you improve your credit score.
Fast and Simple Process
You could access funds within days by calling our team directly or enquiring online.
Over 35 Years’ Experience
We are one of the UK's longest established specialist lenders, so you can relax knowing you're dealing with an experienced team.
Authorised and regulated by the FCA
We are committed to responsible lending, clear communications and good customer outcomes throughout the borrowing journey.
Your Loan,
Tailored for You.
Consolidating debt? Paying for a large expense like home improvement or a wedding? We have you covered.
Unlike many other lenders, there is no strict automation to our lending decisions. Your application is assessed by our team, not by a computer.
Stephen Stone
2 years ago
Incredible company. Empathetic and supportive staff that know how to offer customers a package that suits them. I was fed up with automated systems from the standard banks. This company talk to you and help you find something to suit your circumstances. I cant thank them enough for how they helped me
Greg Erasmus
3 years ago
When I contacted Central Trust I had a very strict deadline to make a payment. Jenny was extremely helpful and informative and got the process started straight away. The whole way through I was kept informed at every stage of my application and any hiccups was swiftly dealt with. I can't thank Jenny, Tara and Stephanie enough for their help and professional service. Highly recommend.
Edward Mawby
3 years ago
I originally left a review that said I was not satisfied with the service provided, however after being in touch with Tara I felt she tried her best to get the answer we wanted. Unfortunately it didn't work out, but she left us feeling optimistic that we can go back in a couple of months time to try again. Thank you for doing your best to help!
Anglela Ferrante
3 years ago
What an absolute delight of a company. Following setback created by the mini budget, I was left in a predicament, central trust came to the rescue and provided an excellent swiftly process. I would highly recommend using them. I dealt with Jenny who couldn’t of been more proactive and helpful.
Gwenda Squire
6 years ago
Really friendly, professional service. Completed within a matter of days. Would highly recommend
David Cutler
6 years ago
Mostly good, gave me the wrong return address for a form that needed a signature witness which meant the form was lost and I had to go through the hassle of finding a witness again. Asked me to send a settlement figure which they had already received from me and had acknowledged receipt. But on the whole much more efficient, faster and more communicative than the bank who I applied to borrow the money from.
S RC
6 years ago
John Holden
6 years ago
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
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What does a credit score actually mean in practice?
A credit score is a numerical measure used to assess an individual’s creditworthiness, with the scoring range varying depending on the credit reference agency. It basically helps lenders predict if you’ll be able to pay them back.
It’s based on things like:
• how well you pay on time
• how much you owe
• how long you’ve had credit
• and how often you apply
If you have an average to fair credit score and you’re wondering why, it could be because you have a short credit history, meaning you haven’t actually taken any loans out or applied for credit before, not that it’s an indicator of you having done anything wrong.
What is considered a good or bad credit score?
How we measure good or bad credit scores really depends on the credit reference agency you are using.
In the UK, there are three main ones: Experian, Equifax, and TransUnion - and each uses a different scoring range. So a “bad” score on one scale might look totally different on another.
It’s worth checking online or on the credit reference agency’s app, what your score is and where it lands on their individual scale from poor to excellent.
Why is my credit score low?
There can be several reasons as to why your credit score may be low. However, the most common factors that can influence your score involve your borrowing history, credit applications, arrears, missed, late, or default payments, and not being registered on the electoral roll.
Whilst these things can be controllable, unfortunately circumstances leading to a low credit score can’t always be helped. At Central Trust, we know that your story goes beyond a credit score.
If you’re looking to take out a loan with a low credit score, we might be able to help.
Will you look at my credit score?
As a lender, we do look at your credit score. It helps us understand your financial history.
But the reality is, it’s only one part of the picture.
Your score is based on the past - things like missed payments or limited credit history.
But we know that your situation today might look completely different.
That’s why lending shouldn’t be about a single number. It should be about understanding the person behind it - your circumstances, your affordability, your story.
So if you’ve been declined elsewhere, it doesn’t always mean no.
You just might need a lender who looks at the bigger picture.
Can I take out a secured loan with bad credit in the UK?
Secured loans make it easier for people with lower credit scores to borrow money. Loan providers are more likely to lend money to someone with bad credit if they put up a security, since they will have something in return if you don't pay them back.
If you have bad credit you may have to pay a higher interest rate, but this will depend on your situation. If you do have credit issues, you should always think whether getting into more debt is the best thing to do.
Always start by making certain you can afford your monthly repayments. If you don’t make your payments regularly and on time, you risk damaging your credit score and losing your home. Setting up a direct debit can be the best option for many people and always make sure that you stick to your budget and do not overspend.
Do secured loans help your credit score?
As with nearly all forms of credit, making regular repayments on time is likely to have a positive effect on your credit score.