Those having a poor credit history should not be disappointed with their credit score. Rather than fretting about their credit score, they need to find out a viable solution for this problem. Even if their loan application has been turned down by the lenders, they should not get discouraged. It is advisable to keep on applying for the loans, as the loan criterion depends from lender to lender. The lenders may offer a loan, if the borrower meets certain criteria.
The lenders prefer to offer secured bad credit loans rather than the unsecured ones because they want to minimize their risk with this loan type. A bad credit secured loan necessitates the presence of collateral. People, who own a home in UK, can easily offer it as collateral and can get a loan amount on the equity present in their home.
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The lenders can offer you a loan amount up to 125 percent of the equity present in their home. Most of the lenders can offer you a loan amount from £ 5000 to £ 250000. The repayment term varies from 5 to 25 years.
The lenders charge high interest rates with bad credit loans. People having severe credit problems can be charged highest possible interest rates. Generally, the lenders charge a variable APR (Annual Percentage Rates) with secured bad credit loans.
In case of a variable rate of interest, the interest rates can go up and down with the base rates of the Bank of England. One thing should be kept in mind that the interest rates can't go up and down automatically. The interest rates can only vary, if it is clearly mentioned in the loan agreement. So, it is advisable to read the loan agreement carefully before availing a loan.
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