Do you have bad credit? There is no reason to feel ashamed if this is the case, in today's tough financial market, with the housing bubble burst and jobs hard to come by, a lot of people have seen mediocre or even good credit ratings drop like rocks to the bottom of the ocean. Whether you are in the hole because of late payments, defaults on loans, arrears, CCJs, whatever, there are still opportunities available to you in terms of loans that can get you back on track.
Bad Credit Loans
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No matter the reason you have for seeking a loan, if you have bad credit, it is important to look for those lenders and the types of loans made for people in similar situations as yours. Called unsecured bad credit loans, these types of cash infusions can be used for whatever you need, home repairs, paying bills, college tuition, debt consolidation, etc. In fact, taking these unsecured loans can actually improve your credit score in the long run, since paying it back responsibly will reflect well on you when you are looking for money in the future.
Unsecured v. Secured Loans
Unlike secured loans which require the borrower to offer a home or car or something of physical value up as collateral, unsecured loans are not tied to possessions. This, obviously, leads to risks on the part of the lender since there is nothing to guarantee that he can recuperate his loss should someone default on a loan. This means that often lenders will charge a higher interest rate on these loans.
However, as the borrower, your risk is reduced because there is nothing to lose should you fall into a situation where you cannot pay the loan back.
Payments and Obligations
If you have bad credit, there are places that may lend you upwards of £25,000 but it is best to start with a smaller amount so that you can make sure that you can meet the payment each month. An additional benefit to taking small amounts of money is that through responsible repayment you will increase your credit score and qualify for even lower interest rates in the future.
The payments for unsecured loans can span anywhere from 5 years to 15 years depending on the amount that your borrow and how much you are willing or able to repay each month. Taking small loans with short repayment terms is your best bet for strengthening your credit rating over time. In fact, this is a popular trick that many people who were negatively affected by the recent recession have employed to help improve their bad credit.
Know Your Risks
Taking any loan, no matter your credit rating or financial situation is a risk. Remember that as important as improving your credit score is, taking a loan that you cannot repay will hurt you 100 times more in the long run. Make sure that you are aware of your credit score, other payment obligations and the terms of any loan that you take. Online lenders are often the best place to turn if you are looking for an unsecured loan and have bad credit. Make sure you do background research and choose a lender who gives you the best rates and works with you in a positive manner.
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