You are tagged as a bad credit borrower when you fail to repay the loans within the stipulated time period. But that does not mean you do not have any chance of deriving financial assistance. As a matter of fact, the financial market is full of lenders offering very bad credit loans to bad credit borrowers like you. These loans have been specially devised to assist those applicants who are having problems related to CCJs, IVA, arrears, defaults etc.
When you are accredited as a very bad credit borrower, it means that your credit score is way below than the accepted level. Generally a credit score below 580 is perceived to be risky for the lender and a further low credit score, you are considered ineligible for any financial assistance. But with these loans, things certainly seem to have improved. Moreover the loans are of great help as it assists you to rebuild and reinstate your financial freedom.
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These loans are made available to you in the regular format of secured and unsecured loans. Secured option of the loans is protected against an asset i.e. to derive the loans you will have to offer one of your assets as collateral. Owing to the presence of collateral, you will be able to derive the loans at comparatively low interest rate. By opting for the secured from of the loans, you will be able to enjoy benefits like bigger amount and large repayment duration.
Unsecured option of the loans can be derived without pledging any collateral. Interest rate levied is high and has to be repaid within a period of 6months- 10 years.
Before applying for the loans, you must check your credit report to ensure that it is free from any error. If possible, try to pay off some amount of debts so as to improve the credit record. By doing so, you will be able to derive the loans at competitive rates. Moreover by undertaking a proper research using the online services will help you choose the best low rate deal.
Very bad credit loans, surely provide you a chance to redeem your financial standing. In fact by regularly paying the installments, you can improve the credit score, which in turn allows you to enjoy future finances at low rates.
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