Gone are the days when lenders used to keep a safe distance from borrowers who had bad credit history. With more and more people being under debts, lenders have little option than to offer loans to these borrowers and earn business. Very bad credit loans are now common place in the loan market with all those people being approved whose past payment mistakes has been many.
When you have repeatedly made payment mistakes in the past, you have very bad credit with late payment, arrears, defaults, CCJs or IVA tags given to your name. Still, you can take a loan if you have successfully proved your ability for repaying the loan in time with a convincing repayment plan. You must take income and employment documents to the lender for convincing about safe return of the loan.
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In order to further ensure approval of very bad credit loans, you should pledge home or any less significant property as collateral depending on the borrowed amount. Collateral cuts lenders risks substantially and so the loan approval comes without credit hurdle. But secured loans are perfect options only for greater amount of loan as you would be paying interest at lower rate. Also you can repay the loan in 5 to 25 years.
In case you are tenant or non-homeowners with very bad credit, then unsecured loans are the options left, though homeowners also are eligible. Smaller amount would be approved for 5 to 15 years. Interest rate goes higher on the loan.
Before applying for the loan, check your credit report. Take it from a reputed credit rating agency and make sure that it is fully error free.
Ensure also that you have made a good comparison of the lenders as each has own interest rate. Take rate quotes of the lenders for beneficially comparing them. It is advisable to take very bad credit loans from online lenders for a competitive rate offer and for less costly loan. Make sure to repay the loan in time so that your credit score improves substantially and loan availing in future becomes lot easier.
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