An introduction:
Bad credit is a situation when your image in loan market becomes of a natural defaulter and you are taken as a risk when it comes to money. In such unfavorable situation when you need some extra cash to solve your financial problems then you find it very difficult to get a loan. Now loans for bad credit provide loans to people suffering from various bad credit issues. The lender sees your currant level of income and repaying capacity rather than sticking with your credit score. If you have a good paid job or ban balance than you can get these loams very easily.
Some facts and figures:
Loans for bad credit are available for people suffering with CCJ's, IVA, bankruptcy, arrears, default payments. In order to avail these loans you have to search he loan market well. This is because these loans carry high interest rate and to get a cheap a loan you should search well. There are few prerequisites to be satisfied:
a) You must be a U.K. citizen.
b) You must be above 18 years of age.
c) You must have a paid job.
d) You may be asked to submit proof of your name, address and various details regarding your bad credit ratings.
These loans can be secured or unsecured completely depending on your wish. As you can guess, secured loans are cheaper than unsecured loans but you always have risk of loosing your collateral in case of failure in timely repayment of the debt. Loans for bad credit offer approve loan amount ranging from £3000 to £ 1, 50,000 with a repayment period of 3 to 25 years. The typical interest rate is 7.2% APR to 16.8% APR. You must repay the debt well in time to check any increment in the interest rate and thus improve your credit rating also.
Jennifer Morva has been associated with Loans. Having completed his Masters in Finance from Lancaster University, he undertook to provide useful advice through his articles. To find Bad credit loans, Bad credit personal loans visit http://www.badcreditpersonalloans.org.uk |
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