You are considered a high risk borrower if you are having arrears, defaults, CCJs, IVA in your credit report. Nowadays more and more people are facing bad credit problems because of the imbalance between the expenses and the income. Because of this reason, individuals falter while making repayments towards the borrowed amount. However, with bad credit personal loans, you can access monetary assistance which enables you to retain your financial freedom. You can also use the amount to combat the bad credit issues.
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These loans are classified in to secured and unsecured form. Secured form of the loans are collateral based loans, where in you have to pledge an asset as collateral to obtain the loan amount. By pledging collateral, you are providing an assurance to the lender that the amount is safe and will be duly returned in time. The amount approved under these loans is very much based on the equity value present in the collateral. Through this option, you can obtain amount anywhere in the range of £5000-£75000 or more for a period of 5- 25 years. Rate of interest for this loan option is comparatively low.
On the contrary, to obtain the unsecured form of the loans you are not required to pledge any collateral. This loan option offers a smaller amount in the range of £1000-£25000 based on your income and employment status. The repayment tenure is short and lasts for a period of 6months- 10 years. You will have to pay a high rate of interest for the borrowed amount. This is done to lower the risk factor in the absence of collateral.
The loan amount derived can be used for a number of purposes. It can be used for home renovation, car purchase, paying college education fees, going for a vacation, consolidating debts and so on. In fact on timely repayment of the amount you can also improve the credit score. By doing so, you will be able to obtain future finances at low rates.
Bad credit personal loans are available with lenders based in the physical market as well online market. Because of its instant accessibility and cheap rates, nowadays most of the individuals are opting for online mode. Moreover by comparing the quotes you will be able to spot lenders offering these loans at competitive rates.
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