Looking for external source of finance? Are unable to get any financial assistance due to your poor credit scores? Hold on because there is something for you too! Bad debt loans are the option customized for those having severe debt problems. Facing bad credit such as CCJs, IVA, bankruptcy, arrears and defaults then bad debt loans are the financial assistance for you.
The loan amount can be acquired to solve numerous purposes like consolidating existing debts, paying wedding expenses, renovating home, planning vacation, educational purpose and buying car.
You can apply for secured and unsecured bad debt loans. To obtain secured bad debt loans you need to pledge your valuable asset as security. Your house, automobile, stock and valuable documents are all acceptable. Borrower can borrow an amount ranging from £5,000-£75,000. The repayment term extends from 5-25 years.
In case if you can not meet the collateral clause then you can obtain unsecured loans. They offer small loans amount ranging from £1,000-£25,000 for a term of 1-10 years. Unsecured loans can be applied by tenants and non homeowners. A borrower can borrow an amount which suits his requirements and can be easily paid back.
Bad credit borrowers are considered risky by lenders. And to minimize the risk of lending these are offered at relatively higher rate of interest. But if you shop around the loan market then you can probably find a great deal at lower rates.
Bad debt loans can be applied through banks and online also. Online process is hassle free and very convenient as you just have to fill a simple online form. Also you can search for great deals and can easily find one.
Bad creditors can repair their tarnished credit records easily if they make repayments on time. No more defaults and regular payments will surely help them in improving their impaired credit.
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