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Bad Credit Unsecured Loans
Defined as follows:
Bad credit unsecured loans are loans that are specifically created for people with a bad or adverse credit history without the need to secure against property.
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Bad Credit Loans
UNSECURED
£50-£500
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Bad Credit Loans
UNSECURED
£750-£6000
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Bad Credit Loans
UNSECURED
£200-£15000
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Bad Credit Loans
UNSECURED
£250-£25000
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If you have a less than perfect credit history, then obtaining a loan from a mainstream lender can prove difficult especially in the current economic climate. A bad credit history is mostly a result of the borrower not being able to meet repayments on a debt including an overdraft, credit card bills, a personal loan or even a mortgage at some time in the past. Consequently they get a bad credit history meaning that they have been identified as someone to whom it is more risky to lend money to.
There are many lenders that offer specifically designed loans for people with adverse credit histories, many of which will consider such a loan without security (see unsecured loans). Anyone can apply for a bad credit loan but your age and employment status will be taken into account before any application can be processed. The minimum requirements are that you are over 18 and employed.
Not all lenders offer these types of unsecured loans and you will find that generally bad credit loans have a higher APR. There are licensed lenders, sometimes called sub-prime lenders who will lend to people who are unable to get credit from a high street bank or building society.
Be aware that without any security this sort of bad credit loan can represent a significant risk to the lender - as such if they do agree to lend and your credit history is very poor you may find interest rates or APR to be very high. If you are a home owner or have an asset that you are able to use as security you may well be able to negotiate a greatly improved deal.
TIPS
Unsecured bad credit loans are designed to offer flexible borrowing opportunities to those who have previously been turned down for credit due to CCJs, arrears or simply having a poor credit history due to missed or late payments.
Suitable for home-owners and tennants
Where can I get a Bad Credit Unsecured Loan and is it right for me ?
When looking to take out a bad credit loan, regardless of your financial circumstances it is important to shop around and to be wary of lenders charging very high interest rates.
Most bad credit loans are provided by brokers who have access to many loan plans enabling them to find the lowest rate that fits your personal circumstances. Those with a better credit history are likely to be eligible for a lower interest rate than those with a poor credit history as statistically they are more likely to meet repayments throughout the loan term.
The majority of bad credit lenders place little restriction on what the borrowed funds can be used for so whether you want to consolidate your existing commitments into a more manageable monthly amount or buy a new car, you should be able to do so. Additionally, some lenders offer features such as optional repayment holidays and low or no early repayment charges but, as ever, check the small print and terms carefully.
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Bad Credit Loans
UNSECURED
£50-£500
| |
|
Bad Credit Loans
UNSECURED
£750-£6000
| |
|
Bad Credit Loans
UNSECURED
£200-£15000
| |
|
Bad Credit Loans
UNSECURED
£250-£25000
| |
|
Unsecured Loans
