When you are facing some sort of financial crisis, you have to rely on loans. These loans provide monetary assistance which enables you to meet your regular needs in a hassle free manner. These loans can be sourced from banks and financial institutions. But if you are a victim of poor credit, availing the financial help becomes a difficult proposition. To help out lenders in the financial market are now offering bad credit loans.
Bad credit loans are offered to those borrowers who have a history of credit problems like CCJs, IVA, arrears, defaults etc. It has been made possible due to the stiff competition and shrinking market base which have compelled the borrowers to offer these loans to borrowers like you. These loans assist the borrowers to meet their various demands like home refurbishing, educational purposes, debt consolidation, wedding etc.
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Usually these loans are offered to borrowers in secured and unsecured format. The secured format of the loans can only be accessed by pledging any valuable asset such as home, real etc as collateral. These allow the borrower to obtain a bigger amount at seemingly low rates of interest. Amount advanced towards the borrower is in the range of £5000-£75000 which is mostly influenced by the equity value of collateral placed. The repayment duration for the loans lasts for a period of 5-25 years.
On the other hand, unsecured option of the loans does not have the provision to attach any collateral to get approved. Without any involvement of collateral, the amount gets approved instantly. Borrower can avail amount in the range of £1000-£25000 for a short repayment term that lasts for 6months- 10 years.
Interest rates for the loans are comparatively higher as lenders are undertaking a huge risk by offering loans to borrowers with poor credit. Although the secured option of the loans provides cheap interest rates, further low rates can be gained by extensively searching the market for lenders offering these loans at competitive rates.
Online application of bad credit loans assists the borrower to instantly avail these loans. Moreover with prevailing rivalry among the lenders help a lot to achieve competitive rates. While opting for these loans, borrower should always remember to collect and compare the quotes so that repayment of the loan becomes an easy task.
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