So, due to your bad credit score you loan application is turned down. You do not want to pledge your property for the sake of loan only. Now what can you do? Under such circumstances, you can opt for bad credit unsecured loans.
Keeping bad credit borrowers financial assistance in mind, bad credit unsecured loans have been introduced in the loan market. With these loans, all types of bad credit borrowers such as, those have CCJ, IVA, arrear, default or bankruptcy can meet their financial needs. Usually, availing any sort of loan is quite tough for bad credit borrowers, but now, with bad credit unsecured loans, a borrower with a bad credit score can easily head into loan market.
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Bad credit unsecured loans are available without any requirement of security. Therefore, whether you are a homeowner or non homeowner, you can easily get the benefit of these loans. Moreover, the absence of security minimizes the risk of collateral repossession.
As bad credit unsecured loans, a borrower can borrow the amount raging from £5000-£25000. While offering the loan amount, lenders check borrowers' repayment capacity as well as their monthly income. Based on the borrowed amount, the repayment period is decided. However, bad credit unsecured loans are mainly provided for 5-10 years.
The interest rate of bad credit unsecured loans is a bit higher. The reasons are borrowers' bad credit score and the absence of security. But getting a favorable deal is not so tough. Make a bit research; you can get the loan amount at an affordable interest rate.
Bad credit unsecured loans however can be used for various purposes. To name a few, it can be said that these loans are used
o For purchasing home
o For buying car
o For covering wedding expenses
o For making a holiday trip
o For consolidating debts and so on.
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