Even if you failed to make timely payments in the past and carry lot other faults, you can have access to bad credit loans, thanks mainly to intense competition in the loan business. However, make sure that in availing these loans, you are not laying a new trap for your self. If you do not borrow an amount in a careful manner, chances are that you will end-up in trouble.
The first caution you must take is that you borrow an amount, which is well within your repayment reach. Hence, first assess your current financial position. See how much money you can spare for making monthly payments towards the loan installments. Know your monthly outgoings, before deciding on the loan. you can use the loan for any purpose, common amongst them are home improvements, car buying, wedding, debt consolidation and holiday tour.
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You are a high-risk borrower, as there may be late payments, arrears, payment defaults or CCJs, mentioned in your credit report. Get copies of the report from all the major bureaus and check it for any inaccuracies. Know your FICO rating as well. The rating will let you know the rate of interest beforehand.
It is advisable to take bad credit loans against some valued property, which will make the loan approval easier to avail. The loan amount will depend on value of the property, pledged as collateral. Such a loan carries fewer risks for the lenders. Hence, they may offer the loan at lower rate of interest. You can repay the loan in 5 to 25 years. Here, avoid larger repayment duration, as it results in you paying higher amount of interest in the end.
Tenants can go for the unsecured loan option. Only smaller amount of up to £25000 is accessible, without collateral under these loans. The repayment ranges up to 15 years or earlier. Interest rate will go higher.
One way to get bad credit loans at competitive rate and at less extra charges is to make extensive comparison of as many offers as you can. Note that your goal should be to improve your rating. Hence, ensure that you make the repayments on regular basis.
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