The foremost concern of a person having a bad credit status who wants to avail a loan is the interest rate. Bad credit loans in general carry very high interest rate. It is difficult to find a lender offering bad credit loans at low interest rate but it's not impossible. Bad credit loans offered at competitive interest rate are known as cheap bad credit loans.
Information
As the name suggests, cheap bad credit loans are meant for people suffering from bad credit status. A person can be tagged as a bad creditor due to arrears, defaults, CCJ's, IVA, bankruptcy etc.
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These loans are available in both secured and unsecured forms. Secured cheap bad credit loans can be availed by placing a property as collateral with the lender. This can be any personal property like car, home, bank account etc. on the other hand; no such security is needed in order to avail unsecured kind of loans.
Amount and Interest
The loan amount that can be availed with secured bad credit loans ranges from £ 5000 to £ 75000 with repayment duration of 5 - 25 years. Lenders charge low interest rate because collateral is involved. With unsecured kind loans you can avail an amount ranging from £ 1000 - £ 2500 for a period of up to 10 years. The interest rate is high but can easily be minimized with good research.
Usage
You can use these loans for home renovation, vacation, wedding, paying urgent bills like electricity bills, and paying debts and so on. You can use it to get rid of your bad credit status by paying the loan installments regularly and on due time.
Application
The best way to apply for such loans is through the World Wide Web. This way you can easily find hundreds of lenders offering bad credit loans at competitive interest rate. You can compare between them and choose the one that suits you the best.
SUMMARY
Cheap bad credit loans are meant for people suffering from bad credit status who want to avail money at low interest rate. The key for this loan is finding a lender offering bad credit loan at competitive interest rate. That can easily be done by using Internet. It can be availed by both homeowners and non-homeowners.
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