There are many people who have a troublesome bad credit history, meaning that they have many cases of late payments in their name or they have cases of defaults or CCJs. This is risky history for the lenders. The credit score of such people is very low. Really bad credit loans are meant to serve such borrowers as they are usually turned down from elsewhere. You can use these loans for varied purposes like home improvements, purchasing a car, going to a distant place on holidays, paying off old debts and others.
With severely damaged credit history, the applicants can borrow money under these loans in secured or unsecured option. The secured option is easier as you will be approved an amount ranging from £3000 to £75000 for a duration of 5 to 25 years against your property like home and vehicle that is taken as collateral. A comparatively lower interest rate can also be availed.
The unsecured really bad credit loans are given to the non-homeowners like tenants and students as well as to the homeowners without taking any collateral from them. But only £3000 or below to £25000 is accessible for one to 10 years. The rate of interest is kept on higher side due to lack of collateral.
But take a copy of your credit report first and make it free of the errors regarding your past payments. Try to erase the credit marks by paying off old debts so that the new loan is available at comparatively lower rates.
The online source of really bad credit loans can be explored for finding out a suitable offer. The online lenders are known for their competitive rates and can make your repayment less burdensome. If you want to improve the credit history, the loan can serve you as an opportunity. So, pay each of the loan installments without delay and within months your credit score will go upward.
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