Want a loan? For the clean credit holders taking a loan is not as disturbing and troublesome as the bad credit holders. Clean credit holder can just go for any loan they want and get it approved within a very short span of time. The terms and conditions charged upon them are very simple. But such things do not happen in case of the bad record holders. Not only finding a loan is difficult, in fact, they are sometimes turned down or are charged higher interest rates. To free them from such troubles the bad credit loans have been implemented.
These loans have been divided into two forms and these are known as the secured and unsecured loans. A borrower is found to be eligible for the secured loans only when he pledges collateral. Consequently, such borrowers can enjoy a few advantages like lower interest rates, large amount and longer repayment. In other words, you will be offered an amount ranging from £5,000 to £75,000 and the time period is 5 to 25 years.
Unsecured loans are not like the secured ones. The rate of interest in it is higher and amount offered is smaller. This is so because nothing is taken as security from the borrower. Though the amount offered is small, still borrowers like these loans a lot because non- homeowners can easily get these loans. It offers £1,000 to £25,000 for 1 to 10 years.
So, the bad credit holders can at least live life happily without worrying about their financial crisis. All kind of bad credit records are being accepted as valid in it which include- late payment, skipping of installments, arrears, bankruptcy, County Court Judgments and defaults.
However poor the score is, it is very sure that you will receive these loans and solve all kind of bigger or smaller financial problems. Such financial problems can be home repairing, car repairing, child's education, wedding arrangement or holiday trip.
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