When you approach the lenders with an application of loan your credit score is a major concern to them. But it is not necessary that you always have an excellent credit rating. Sometimes arrears, defaults, county court judgments, bankruptcy, any failure on repayment of other borrowed finance or any debt settlement, utility bills etc land you into a fractured credit status. The lenders feel at risk to lend you in such situations. Then loans with bad credit appear as a life savior for you.
The nature
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These are relatively long term loans available in secured and unsecured formats. You have to offer an asset worth compensating the loan amount to the lender if you go for the secured loan. But you need no collateral in case of unsecured type of loan. As bad credit loans are especially for the bad credit people, so your credit score does not matter while you apply for these loans.
Amount and interest
The approved amount under loans with bad credit varies from £5000 to £10,000 In case of secured loan you may apply for an amount of 125% of the value of the security you are offering to the lender. The interest rate for these loans falls around 12% to 20% APR. The repayment span varies from 5 to 25 years depending upon the loan amount and your repayment capacity. Once you pay the installments regularly you may enjoy better settlement terms.
The availability and approval
To accelerate the procedures pertaining to loans with bad credit, lenders have come online. You may easily compare the terms and conditions of various lenders and select the most suitable one as per your requirements. Now you may apply to him through an online application form giving details of your requirement and credit status along with the information of the collateral if placed. You may expect the funds in your account within a few working days.
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