You must take utmost care before taking out bad credit loans. Otherwise, the very loan may become a repayment burden and a new debt. Therefore, it is not wise to apply for the first such loan offer that comes your way. You must do your homework first and then go well prepared for the loan.
First, take out all the copies of your credit report from all the three reputed agencies, instead of having the report from just one agency only. The loan provider may ask for the report from any agency. Check the report thoroughly for any inaccuracies in it. Make sure that all the past payments find a correct mention in it.
Secondly, apply for the loans with an improved FICO score. Because of late payments, arrears, payment defaults or CCJs in your name, your score has slumped. You should try to pay off some easier debts. Your rating will go up a bit in few months. This will help in winning the loan providers' confidence to some extent and the approval may be easier to come.
As a third step towards bad credit loan, you should preferably take it out against your valued asset like home or a vehicle as collateral. This way, the approval will come on time and you shall have the advantage of comparatively lower rate of interest as well. The loan amount depends on the property value. You can repay the greater loan in 5 to 25 years. However, do not carry the loan for too long a period or you will end-up paying high interest.
Both tenants and homeowners can have these loans in unsecured loans options as well. However, interest rate on these loans goes very high. You can borrow up to £25000 for 5 to 15 years.
The most crucial aspect that you must keep in mind is to make comparison of number of bad credit loans offer that you see on internet. Apply for their rate quotes and compare them. Note down their additional charges as well to reduce the loan availing cost. Make sure that you borrow within your repayment capacity. Make timely repayments for improving your rating.
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