Bad credit loans can be found once you are ready to fulfill some conditions that are laid down by the lenders. But you must make a good search for these loans as not every lender will be willing to offer you such a loan because of the risks you carry.
Ensure that you approach the lenders with an improved rating. As you had made mistakes in the past like late payments, defaults, arrears or you may be having CCJs, the new lender will notice your efforts about erasing these blemishes. So, timely payments towards old loans in past few months prior to applying for the loan can act in your favor for getting the approval.
To further ensure the approval, you can pledge your property like home, vehicle, jewelry etc. for the purpose of collateral. Bad credit secured loans are of low rate of interest as you have cut risks for the lenders to larger extent. But you must make timely repayments or the lender will repossess the property. After assessing value of collateral, you can be approved for any amount ranging from £5000 to £75000, for 5 to 25 years.
Both tenants and homeowners can also avail these loans in unsecured option as well, without collateral. But interest rate will go higher. Only a smaller amount in the range of £3000 to £25000 can be borrowed for its repayment in 5 to 15 years.
The borrowed amount can be used for home improvements, wedding and holiday purposes, getting rid of old debts, purchasing a car etc. but a better use of these loans is that as you gradually make timely repayments, your rating improves.
First apply for the rate quotes, so that you have number of lenders, who are providing bad credit loans at competitive rates. These loans come with various fees and additional charges, which make the repayment burdensome. Hence, settle for a loan that comes at lower rate and fewer extra charges.
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