Being a bad credit holder can never be bad and that very thing has been tried to be established by the bad credit loans. These loans are for all those bad credit holders who often find it quite difficult to get loans from other lenders. There will be no turning down of the borrower or no higher interest rates will be charged on the borrowers. Everything in it uses to be quite borrower-friendly which is why, people prefers opting for it.
Sometimes you may need bigger amount and sometimes your needs may not be so high. Therefore, in order to cater to the varieties of your needs these are being divided into two forms. Both these forms aim at helping people with various offers and benefits. These are being known as the secured and unsecured loans. Both these loans require certain specific grounds to be met by the borrowers. While opting for the secured loans you would have to be a homeowner. Otherwise you will not be able to get it because offering collateral is must in it. After placing the security you will be offered an amount that ranges from £5,000 to £75,000 for 5 to 25 years. However, the amount to be offered to the borrower depends on the value of the collateral. The rate of interest of these loans uses to be very low.
In the unsecured loans you will be able to borrow £1,000 to £25,000 for 1 to 10 years. The rate of interest of these loans uses to be high and if you want to avoid it then you can opt for other suitable loans. But the good thing about the unsecured loans is that these do not demand for any collateral.
The allowed bad credit records are arrears, late payment, skipping of installments, defaults, CCJs or bankruptcy. The bad credit loans are thus, the best financial helper for all kind of poor credit holders.
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