Though secured loan is easier to avail for any borrower but in case of the borrower is labeled as having bad credit history, lenders turn extra cautious because of the risk involved in the loan offer. Considering that these people still need to borrow to meet necessary expenses, bad credit history secured loan is designed especially for them. The loan therefore is offered without hurdles. One can use bad credit history secured loan for different purposes like home improvements, buying vehicle, clearing medical bills, going to a holiday tour or even paying off debts.
Bad credit history means the borrower has repeatedly defaulted on payments and has faced CCJs or filed for bankruptcy which is represented in borrower's credit report and credit score. On FICO scale, credit score ranges from 300 to 850 with a score below 600 considered as the borrower is having bad credit history.
Despite your bad credit history you can easily avail bad credit history secured loan. The loan has to be secured through any of borrower's property like home, vehicle or jewelry placed with the lender as collateral. Once the lender has the collateral, bad credit history is not of big concern to the lenders as in case the borrower repeats the mistake of payment default, lender is free to sell the borrower's property to recover the loaned amount.
On the back of the collateral, lender can offer a bad credit history secured loan anywhere in the range of £5000 to £75000 for a repayment term of 5 to 30 years. The loan has this added attraction of lower interest rate which matters most for people with bad credit history. What is more, interest rate may get reduced than the average one if right loan package is extensively searched. One can get the loan at further lower interest rate if the borrowed amount is kept below the equity in the collateral. For availing greater loan higher equity collateral like home should be offered to the lender.
You can not do much about your bad credit history but before approaching to the lender get a copy of your credit report from a reputed agency and check it for errors and inaccuracies. Also pay off easy debts to assure lender that you are serious in clearing debts.
Better apply online for bad credit history secured loan. You will get numerous loan offers out of which you can pick up suitable one having competitive lower interest rate and easier terms-conditions. Online lenders take no loan processing fee which reduces loan availing cost.
Bad credit history secured loan improves your credit score and credit history also when paid off in time. So clear the monthly installments in time. The loan meets all your necessary expenses despite bad credit history, a big opportunity for any borrower.
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