Bad credit loans are popular these days and have a vast market. They are loans that are made for people with a bad credit history and whenever you apply for a loan, your credit history is reviewed. They may be the only option for people who have a questionable credit history or those who have yet to establish a credit history. However, like any other type of loan they can be used for any purpose. Lenders have also become less than willing to give loans to those with a bad credit history because of the foreclosure rate being so high.
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Finding Loans
Finding secured bad credit loans is an easy job but making sure that you find the right deal isn't always that easy. Help is available online and on the high street for those that need poor credit loans and debt consolidation. One must be aware, although there are loans available, the interest rates will be high so you need to consider this when taking out the loan. There are two types of bad credit personal loans, secured and unsecured.
Secured Loans
Secured loans involve using something of significant value as collateral for the loan, usually your house and you can borrow up to 125% of the property value. Plus you can typically borrow from £5,000 to £250,000 with a repayment term of 5-25 years. To make things easier a lot of online loan finder services allow you to compare the market for secured loans. These show you the rates and terms for a large number of lenders to find the best deals. Using such services could save you hours of searching and wasted minutes hanging on the phone waiting to speak to a loan company.
Unsecured Loans
Unsecured bad credit loans, however, are among the most difficult to get. Unsecured loans are not secured against any property or collateral. They do get approved much faster as there is no evaluation of asset required. These types of loans are typically the best option for students, private renters, council tenants and people living in housing association properties. Unsecured personal loans for bad credit will carry a little more in the form of interest rate than secured personal loans.
Conclusion
Bad credit loans are offered with high interest rates and on inflexible repayment terms. By applying online for a loan you can save a lot of hassle, time and money. People are now increasingly using these loans to help them manage their debt problems. The demand for these loans has been fuelled by increased demand for credit by people who tend to buy with money they don't have i.e. credit card debt. Over the long term this can cost you £1,000's more in interest rates but if you do need to take out a loan then do your homework and you will save lots of time and money long term.
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