A loan is well within your reach even if you have a bad credit history. Yes, plenty of lenders are in fact queuing up to provide a loan to you, though you shall have to meet some conditions. These lenders are providing bad credit loans to all those who carry tags like late payments, arrears, payment defaults, CCJs or IVAs with their credit rating being low.
Such borrowers can make use of the loan for any purpose including renovation of home, meeting expenses towards wedding and holidaying, opting for debt consolidation or buying a car.
You can borrow an amount under them as per your requirements and circumstances. These can be availed under secured or unsecured options. Secured loans are easier to get against your property like home or any valued asset. Lenders have little risks and so they can approve them without much fuss over bad credit. They can even reduce the interest rate on greater borrowed amount. These loans can be returned in 5 to 25 years as suits to your ability to repay.
Unsecured loans carry further higher rate of interest for bad credit people. But these are fully risk free options as lenders take nothing in providing the funds. Only smaller amount of up to £25000 will be approved depending on your income. Repayment duration ranges 5 to 15 years.
Take a copy of your credit report from credit rating agencies. Check the report for any errors and ensure that all the payments you made in the past are recorded in it. You should also know your credit score beforehand.
Prefer taking bad credit loans from online lenders. They offer them at competitive rates and their additional fees are fewer. But first apply for rate quotes of the lenders in order to have a vast look at the rates offered on the loans for your circumstances. Go through the terms-conditions of the lenders carefully before signing a deal. Ensure timely repayments of the installments so that your credit rating improves substantially in few years.
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