One of the chief reasons for the rising numbers of borrowers with credit problems can be attributed to the easy availability of loans. Of course with the rising prices of essential commodities, a fixed monthly income is not sufficient enough to support the various needs. So these people have to rely on loans. But when these loans multiply and they are not able to repay the entire amount incurred, bad credit occurs. This condition makes these borrowers come under the category of high risk borrowers and availing loans to fulfill further needs becomes an up hill task. However with the introduction of bad credit loans, it has ushered in a ray of hope for the borrowers.
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Bad credit loans are carved out for borrowers who do not are having problems related to CCJs, IVA, loan defaults, arrears etc against their name. The loan is provided so that these borrowers can attend their various demands like home improvement, wedding, paying medical bills, college education fees, vacation or paying off the debts.
These loans are classified in to secured and unsecured form for the convenience of the borrower. A borrower who does not have any problem to pledge any valuable asset can opt for the secured form. This loan option offers greater amount which can be repaid in a period which is extendable up to 25 years. The loan amount sanctioned is also based on the equity value of collateral.
Unsecured options of these loans are approved without any involvement of collateral. This amount is available for a shorter period and is required to be paid back within 6 months-10 years.
Although the interest rate varies from lender to lender, they charge a considerably high rate. This is because lenders are undertaking a huge risk by offering loans to the bad credit borrowers. However, the secured option is offered to the borrower at comparatively low rates. But before opting for the loans, it is preferable to compare the quotes of various lenders. This can be done with the help of online application.
Bad credit loans offer finances to strengthen the financial condition of the borrower which is in a battered position. So basically it serves two purposes for the borrower which is very beneficial in deed.
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