So what if your credit is bad, many people out there have this same bad credit problem and the number is increasing day by day. Nothing to worry about as you can take bad debt loans in case you need extra cash. These loans are especially designed to help the people having a bad credit score fulfill their dreams. Be it settling old loans or any other needs of the borrower. It is very simple to get these loans as the procedure is not at all complicated.
Bad debt loans can also be divided into secured and unsecured kind. The secured ones will be requiring collateral whereas the unsecured loans will not need any collateral. Also one can avail larger amount at relatively lower rates with secured form of these loans. However, while failing to repay may endanger the collateral in case you opt for secured kind of loans this is not there in unsecured loans.
The borrowing amount is in between £10000 and £25000. Interest rate is a bit high owing to the poor credit record which turns the lenders apprehensive. The repayment period is of two types; long term that is from 10 to 25 years and short term which is from 3 to 5 years.
Once the lender has got an application for the loan he transfers it to the borrower's account within 24 hours of the approval. Such transactions are fast because the lender does not conduct credit verification on the applicant.
The borrowers are advised to do a thorough market check in the market while searching for appropriate bad debt loan as different lenders are bound to offer different rates of interest. And the borrower should opt the most suited plan for himself.
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