Generally, individuals suffering from bad credit could not find any financial assistance as no lender want to take any risk about the repayment of the loan amount. But with the stiff competition existing in the market there are very many options available for the borrowers. Loans for bad credit are especially designed for the people with poor credit history.
Bad credit status can occur due to several reasons like- -constant late payments, trouble with collecting payments, missed repayments, arrears, defaults, CCJs, IVA, exceeding the credit limit on your credit card, too many credit cards with large balances, experienced repossession, divorce and bankruptcy. Loan for bad credit is the only option to improve their bad credit status.
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Loans for bad credit can be of two types that is secured and unsecured loans for bad credit. To avail secured loan for bad credit you need to pledge some of your valuable asset as a security against the loan to the lender. You can borrow the amount ranging in between £5000 to £75000 for the period of 5 to 25 years. These loans come with a low rate of interest and longer repayment period.
However to apply for unsecured loan for bad credit you don't need to risk your precious asset. You can borrow the amount ranging from £3000 to £25000 for the period of few months to 10 years. These loans carry a bit higher rate of interest.
You can easily and conveniently apply for this loan through online mode. You can find various reputed lenders with different quotes with a simple click of mouse. If you want to get the best deal at reasonable rate of interest search the internet well and compare the quotes efficiently as due to stiff competition the deals of different lenders may vary.
Fair Isaac Corporation Scale (FICO) has laid a scale ranging from 300 to 850 to calculate the credit score of a person. FICO scores 700 as excellent credit score whereas bad credit starts from 580 and below. It indicates that you are in trouble and needs to overcome this crisis situation as soon as possible.
A bad credit status can be improved if you learn to balance your income and expenditure, make repayments on time, try to limit your creditors and borrow to the limit which is easily affordable.
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