Most of us would be aware of loans and their different kinds. But, do you know that even borrowers can be classified on the basis of their past performance in the financial market. Yes, borrowers might have good credit history, bad credit history and a corresponding credit score as well. If you are a first time borrower with no credit card transactions then you don't have any credit history and, hence, no credit score.
If you have been refused credit, it might be due to your previous credit record; you might have defaulted in the past or you might be a bankrupt or any county court judgement might have been issued against you. All or any of these grounds are enough to put you in a category of bad credit borrowers. If you have any of these disqualifications, lenders would not sanction you loans with market valued interest rates. Rather, they will give you only bad credit loans.
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Bad credit loans have strict terms and conditions. Lenders allow only a limited amount of loan depending on your individual circumstances. You are also not given any flexibility in repayment - the tenure is short and the interest rate is high. Bad credit loans can be secured as well as unsecured. The fact that you are a homeowner ready to give your home as security to the lender may earn you some concessions. But, if you want unsecured bad credit loans, never expect any leniency from your lender. These loans are the most difficult loans to get.
While sanctioning bad credit loans, lenders depend on the services of an underwriter. Underwriters assess the risk involved in giving loans to the potential borrowers. For this purpose, they consider various factors like credit report, monthly income and the type of loan required by the borrower. The risk assessment thus made is compared with the borrower's previous repayment record to determine the likelihood of timely repayments by the borrower. Accordingly, the rate of interest is charged from such borrowers.
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