With the constantly changing financial markets, and the diversity of requirements that today's customers are presenting, banks have had to evolve with the times.
There are now loans targeting customers with all manner of needs. For those who need some quick cash on a short term basis to the homeowner looking for a tremendous amount of money, willing to pay it back over a great portion of their life - there's a loan out there to suit the situation.
One type of borrowing that has proven particularly popular amongst customers with less than desirable credit history is the bad credit loan.
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Such loans have been tailored for bad credit applicants and will almost always have higher interest rates attached to them. For such applicants though, a loan with a higher than typical interest rate is better than no loan at all.
Banks base their lending decisions' on applicant's personal credit history, which is a record of all past financial commitments and how they have been dealt with. If the applicant has been late with repayments, defaulted on any debts or failed to fulfill any contractual financial agreement then he or she is likely to be classed as having an "adverse" credit rating.
Individuals in this situation are likely to find it very difficult to near impossible to find credit at a "typical" rate, and in order to obtain any credit they will almost always be required to offer the lender some form of security. The security offered is usually the applicant's home, or another expensive asset.
Lenders require this as they see such applicants as more of a risk and essentially want to ensure that whatever happens they will be repaid in full.
This is also the reason why bad credit loans have high interest rates and are stricter than usual repayment terms. For instance, the penalty imposed for missing a repayment is likely to be more stringent than it would be if it were a typical loan.
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