You have little options other than searching for bad credit loans, when you need to finance your various need through a loan. These are especial loans for all those people, who have late payments, defaults, arrears and CCJs. However; the loan approval does not come with ease. You should also be aware of its different aspects.
Since you carry high risks, the lenders would like to know all about your repayment capability. Hence, you should prove your earnings through all the documents. Your bank statements of past months will also indicate your financial health. Your efforts should also be directed towards proving your credit worthiness. To do this, make regular payments towards your bank accounts and clear some debts. Make sure that you approach the lenders with an improved FICO score.
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Bad credit loans can be categorized in secured and unsecured loans. The secured loan comes against your home or any valued property, which you have to pledge as collateral. These are comparatively easier loan to get. Interest rate is kept lower for a greater amount of loan. The repayment duration can ranges from 5 to 25 years. A larger duration may result in high interest payments, and it should be avoided.
The unsecured loan carries smaller amount of up to 25000, depending on your existing financial position. The interest rate is kept on higher side, as the borrower does not place any property with the lender. The repayment duration ranges up to 15 years.
You can put these loans for any use like home improvements, wedding, debt consolidation, holiday tour and purchasing a car.
Ensure that you have compared as many bad credit loans as you possibly can. Apply for the rate quotes for better comparison. You should select a offer that has lower rate and fewer additional charges. Repay the loan on time for making substantial improvements in your rating.
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