When you have damaged credit then trying to get an affordable loan can become something of a nightmare in some cases, with more and more lenders reluctant to lend to anyone that has a blemished credit history. However, it is important to remember that there are bad credit loans available for people that have blemished credit histories, and different types of bad credit loans will suit different needs and circumstances.
Bad credit loans are available on a secured and an unsecured basis, but it is important to also bear in mind that your options with an unsecured bad credit loan are likely to be far more limited than with a secured loan. If you are a homeowner you can enjoy the benefits that come with a secured bad credit loan, and you will find more choice and a range of competitive deals to select from. However, if you are a tenant or living with family you will not be eligible for a secured bad credit loan, and will have to try and find an unsecured one.
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With an unsecured bad credit loan the repayment periods are shorter, and this means that your monthly repayments are likely to be higher. You will also find that the borrowing limits are lower because the loan is not secured against any equity, and the most you will be able to borrow based on your financial and credit status is around £7500. You will find that the choice of lenders is likely to be limited too. If you are planning to use the money to pay off other debts you may find that you fare better with a debt consolidation loan, which will provide you with a greater chance of being able to bundle all of your debts into one.
If you do own your own home you can also enjoy the choice of opting for a secured bad credit loan, which is a loan that is secured against the equity in your home. The amount that you will be able to borrow will depend on various factors, such as your credit and financial status, and the level of equity in your home. You can usually look forward to far higher borrowing power with a secured bad credit loan, as well as longer repayment periods, which can help to keep your monthly outgoings down.
So, in short if you are a tenant or non-homeowner looking to take out a bad credit loan you will have to find a suitable unsecured lender, which may prove difficult particularly in the current climate where many unsecured lenders are not willing to take a risk on those with damaged credit. If, on the other hand, you are a homeowner you can enjoy the luxury of being able to choose between a secured or unsecured bad credit loan.
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