With bad credit record it becomes really tough to get easy and fast approval of a loan as lenders may either charge higher interest rate or simply deny approving your loan. Bad credit loans are especially formulated for those people who have adverse credit history or poor financial condition. These loans have helped rid of such suicidal problems.
Persistent late payments, writing bad checks, exceeding the credit limit on your credit card, missed repayments, charge offs ,too many credit cards with large balances, experienced repossession, divorce, arrears, defaults, CCJs, IVA or bankruptcy can be a number of reasons that may lead a borrower to the bad credit situation.
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.
The credit score generally ranges form 300-850. The score is marked based on your credit history records like late payments, amount of loan, time period of the loan, residence history, negative credit information and the repayment history. A bad credit loan is extended to the borrowers who have a credit score of 580 or less.
The borrower can get these loans in two different types. They may be in form of secured or unsecured bad credit loans. In secured bad credit loans, the borrower can apply for an amount that ranges from £5000-£75000 for a repayment term of 5 to 25 years. While, the unsecured bad credit loans allow the borrowers to attain an amount ranging from £1000-£25000 for a period of 6 months to 10 years. The amount attained through bad credit loans can be used for wedding, debt consolidation, education, home improvement or health expenses.
A bad creditor can improve his score by paying off the bills on time, keeping the borrowed amount under 35% of the credit limit, reducing the number of creditors and avoiding new debts. The improved credit score and the bad credit loan can together help a borrower rebuild his financial image.
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