A bad credit is not a comfortable position to be in, especially when you are lacking in cash and intend to go for a loan. Availing normal loans may be tough nut to crack. If you have or are willing to pledge your collateral then loans for bad credit are the perfect recipe to solve your cash insufficiencies.
Bad credit history may be arise due to various reasons like- persistent late payments, trouble with collecting payments, missed repayments, writing bad cheques, arrears, defaults, CCJs, IVA, exceeding the credit limit on your credit card, charge offs ,too many credit cards with large balances, repossession, divorce and bankruptcy. A Bad credit loan can be an effective option for anyone suffering from bad credit to reestablish their questionable credit status.
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These loans can be availed in both the secured and unsecured form. Secured kind of loans requires the borrower to pledge any of his assets as collateral. The borrower can apply for a loan ranging from £5000-£75000 at low interest rates for a period of 5-25 years.
However, the unsecured loans for bad credit do not require the borrower to pledge any collateral. The borrower can apply for a loan ranging from £1000-£25000 for a period of 1 to 10 years. This loan carries a high interest rate, as there is no involvement of collateral. You should pay proper heed to the fact that any anomaly in repayments may lead to the seizure of your property in case you go for secured form of these loans. You are saved of this fear of endangered collateral with unsecured form of these loans. So it becomes imperative for you to weigh your options before choosing one among the two. Loans for bad credit are widely available online. A proper research can get you a good deal.
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