It is not surprising if numbers of people are languishing under the burden of repaying old loans, as they are spending the money without much control over their finances. This leads to late payments, arrears, payment defaults and even CCJs against their names. It is keeping such people in mind that bad credit loans are especially carved out. However, you must know about certain conditions in taking out the loan.
The lenders want you to prove that you can now repay the loan conveniently. They would like to see if you are credit-worthy or not. Hence, before applying for the loan, make some improvements in your FICO-rating by paying off some debts. You should also take a convenience repayment plan to the lender, along with documents of your income and employment.
Your credit report will be assessed by the lenders to see the risks. Hence, get the copies of the report from all the three reputed rating agencies and correct any errors in it.
Bad credit loans can be availed for purposes like home improvements, purchasing a car, spending on wedding part and holiday tour, paying off old loans etc. Depending on your requirements and circumstances, these loans can be availed in secured or unsecured options. You are required to pledge any property for collateral in order to borrow money in the range of £5000 to £75000 under the secured loan. Such borrowed money comes at low rate of interest. It can be returned in 5 to 25 years.
The unsecured loan option, however, comes at little higher interest rate, as there is no collateral involved. The loan amount ranges from £3000 to £25000 for 5 to 10 years.
Take out bad credit loans only after applying for the rate quotes. Compare the offers in order to find out a less burdensome deal that has lower rate and fewer additional charges. To improve your rating in the coming years, ensure that the loan is repaid on time.
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