Earlier the people with bad credit history were refused for loans, but now they are also granted the loans for any purpose that they need it for. This has been made possible with the help of bad credit loans.
The bad credit loans have been designed to serve the needs of all those who are suffering from bad credit history or no credit history troubles. People with a FICO score of 580 or less are considered as bad creditors. This low score may be due to persistent late payments, missed repayments, arrears, defaults, CCJs, IVA, exceeding the credit limit on your credit card, experienced repossession, divorce or bankruptcy.
A bad credit loan is formulated for those people who are going through bad credit records and feel the requirement of urgent money. These loans can be availed by those borrowers who are above 18 years of age and have a regular source of income.
These loans can be endowed in both the secured and unsecured form. Secured bad credit loans require the borrower to pledge 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 bad credit loans do not require the borrower to pledge any collateral. The borrower can apply for a loan ranging from £1000-£25000 for a period of 6months to 10 years.
Improving ones credit history is not impossible. A bad creditor can improve his score by paying off the bills on time and reducing the number of creditors. In addition to this a borrower must make an effort to keep the borrowed amount under 35% of the credit limit, and avoid taking new debts. Thus, the bad credit loan along with its imperative features and benefits helps a borrower rebuild his financial image.
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