A large number of people are now having bad credit attached against their name. In these circumstances, availing a new loan becomes a lot difficult due to the huge risk involved. So to help these individuals, lenders have now come up with bad credit loans, which in fact are carved out for those with bad credit. However, the loans are advanced on the basis of some conditions, which the applicants are required to meet.
Any individual with CCJs, arrears, defaults, late payment are free to avail these loans. The loans are basically made available in secured and unsecured form.
Secured form of the loans are protected against an asset and can be accessed only by placing assets such as home, land, car or any other valuable documents as collateral. The presence of collateral cuts down the risk element and in turn you get to avail these loans at comparatively low rates. Based on the equity value present in the collateral, you can borrow any amount in the range of £5000-£75000 for a period of 5- 25 years.
On the other hand, if the borrower is looking for a smaller amount, it can be obtained through the unsecured form of the loans. These loans are bereft of any collateral pledging. The amount approved is usually in the range of £1000-£25000. You have to repay the amount within a period of 6months - 10 years. Being advanced without any collateral, these loans carry a slightly high rate of interest.
You are free to utilize the loans as per your need and requirement. The amount obtained can be used for home improvement, paying medical bills, consolidating debts, meeting educational expenses, etc. Besides, on making timely repayment of the loans, you will be able to improve the credit score.
Before availing the loans, you should undertake a proper research over the internet. On comparing the rate quotes of various lenders, one can easily spot lenders offering these loans at feasible rates.
Bad credit loans turns out to be a feasible option for those struggling with bad credit to generate finances at affordable terms and conditions.
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