Having a bad credit record is not about luck. It is about the way you control your financial status. If you cannot cut down your unnecessary expenses and cannot control taking excessive debts then there is no way out rather than developing a bad credit score. Therefore, in stead of blaming yourself later on, you should always keep on trying to maintain a balanced financial state. Now that you have developed a bad credit record, the problem seems to arise when you ask for a loan. Most often you will meet lenders who will either turn you down or will charge higher interest rates. But among such lenders some other too are there who will help you with the required support. Bad credit loans are such loans which will help you in your bad financial days without making you feel burdened.
These loans are open for bad credit histories like:
o Late payment
o Skipping of installments
o County Court Judgments
As bad credit loans are available in secured and unsecured forms, you will have no problems in matching it up with your particular situations. The secured loans are good to be taken up for its lower interest rates. Moreover, these will provide you a bigger amount with a longer repayment term. The loan amount in it ranges from £5,000 to £75,000 for a period of 5 to 25 years. These are collateral based loans and therefore, for getting it you must place your valuable assets as collateral.
In the unsecured loans the collateral has no role to play. Borrowers are never asked to pledge security in it and therefore, the offered amount is small. It ranges from £1,000 to £25,000 with 1 to 10 years of repayment term. As the rate of interest in it is high you can opt for any other loan which is suitable.
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