Bad credit loans are those loans that are made available especially for people, who are usually refused a new loan from elsewhere. Major reason for most of the lenders denying those loans is that such people carry very high risks because of host of credit problems like late payments, defaults, arrears and CCJs mentioned in their names in the past.
These loans are categorized in secured or unsecured options. The secured loan is made available only against a valued property like home or a vehicle. Depending on value of the asset for collateral, the lender decides over amount of the loan. Such a loan can give you anywhere from £5000 to £75000 for its repayment in 5 to 30 years. Because of collateral, interest rate is kept low.
The unsecured loan is ideal for the tenants or non-home owners, as there is no collateral involved. Home owners can also opt for the loan. The loan ranges from £5000 to £25000, for shorter repayment duration of 5 to 15 years. But interest rate goes higher on the borrowed amount.
These loans can be put to any use like home improvements, wedding, and holiday tour, paying off old debts, purchasing a car etc. the loan is useful also in improving your rating in few years once you have repaid the installments on the due date.
Apply for the rate quotes of as many lenders as you can to find out a suitable deal that has comparatively lower rate on bad credit loans. You should select an offer that has lower fee charges, so that the cost of availing such a loan is kept lower. Make sure that you do not repeat the old mistake again, as you need to repair your rating and your financial health. Make efforts to save money, so that repayment of the loan is without any delay.
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