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Bad Credit Personal Loans – Flipping Dreams Into Reality

Written By jeremy hunk on Sunday, June 15, 2008 | 11:45 PM

When it comes to loans, there's hardly any problem more difficult to handle than bad credit. The implication of bad credit is that your personal credit history is decisive in availing a personal loan. Bad credit defines you as a high-risk borrower and as likely to default in loan repayment. This may seem unfair, but bad credit Personal Loans can bail you out of this situation.

Why Bad Credit Personal Loans

Bad Credit Personal Loans are specifically made to suit people who have case(s) of late payments, arrears, payment defaults, CCJs or IVA’s to their history and therefore are refused loans from elsewhere. For them, the loan market place is full of lenders who are more than willing to provide bad credit personal loans. Using this, borrowers are able to meet variety of purposes like home improvements, wedding, holiday tour, debt consolidation or buying a car.

Variants

Bad credit people can borrow money under personal loans in secured or unsecured options. Secured personal loans require bad credit borrowers to pledge any valued property as collateral. These loans are offered against home, vehicle, jewelry, valued papers, etc. All you have to do is to place collateral in accordance of borrowed amount.

Specifications

Usually secured bad credit personal loans range from £5000 to £75000. Your repaying ability and credit history will determine as to how much you would be approved for. But even a greater amount can easily be repaid. Lenders approve 5 to 30 years of repaying duration for the loan. So, you can choose to repay as suits to your financial ability. Moreover, there are source of lower rate loans which further makes the loan easier to repay.

Unsecured Bad Credit Personal Loans are meant for tenants or non-homeowners as these loans are approved without collateral. Homeowners also are eligible for the loan. But interest rate on these loans goes higher. Loan amount ranges from £5000 to £25000 with a shorter repaying duration of 5 to 15 years.
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