Getting a loan with a bad credit record was not as easier as it is today. Thanks to the instant bad credit loans as this has played a vital role in bringing a huge change in the loan market. Earlier on people were either turned down by the lenders or were charged higher interest rates. This made many people afraid of going for loans. But now anyone can face their financial problems easily with the help of these newly implemented loans.
These loans are for all, whether you are homeowner or a non homeowner. For the homeowners the secured loans have been designed. Here you will have to keep your valuable property as collateral and as an advantage you will get to enjoy lower interest rates in it. Such loans usually offer an amount ranging from £5,000 to £75,000 for a period of 5 to 25 years.
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In the unsecured loans no collateral is required and without placing anything you can draw an amount ranging form £1,000 to £25,000 for 1 to 10 years. The rate of interest of these loans is generally higher but do not create any problem for the borrower. This is because the borrower has the freedom of choosing any loan from the loans market that asks lower interest rates.
As it is made especially for the bad credit holder, there is nothing to worry about for such borrowers. No question of turning down arises here, no matter however poor the credit score of the borrower is. All credit records like those mentioned here are being allowed in these loans-
* County Court Judgments
* Late payment
* Skipping of installments
* Arrears
* Bankruptcy
* Defaults
This is like a golden chance for the bad credit holders that with the help of the instant bad credit loans they will be able to attain a good credit score. If the monthly installments are made in time and the borrower does not skip any then he will easily be able to gain a good credit status.
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