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Monday, October 14, 2013

Finding Bad Credit Personal Loans

Personal loans can be of great aid if you are experiencing huge tax bill, car repair bill, or another large expense. However most of the times a history of bad credit can intervene in the process of availing personal loans. Bad credit history can be due to mistakes like default arrears, CCJ (County Court Judgments), IVA (Individual Voluntary Arrangements), bankruptcy, late payments etc.

Bad credit personal loans are offered with two options. The first one is the secured form which lets you access a loan amount ranging between £5,000-£75,000 with a reimbursement period of up to twenty years. These loans are offered against collateral submissions and if you are able to pledge collateral of higher equity then you can borrow greater loan amounts.

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The second type of personal loans is unsecured loans designed for people who are not property owners or can not pledge any collateral submissions. These types of loan can avail you of loan amount in the range £1,000-£25,000 with a reimbursement period of up to ten years. However the interest rates levied on unsecured loans is higher.

In order to determine whether you can qualify for bad credit loans or not, you need to complete an online application form. The form generally requires you to fill your full name, address, income, and other pertinent financial information.

Usually, it is observed that money lenders show most interest towards secured personal loans for people with bad credit due to them having to secure the loan with a high value asset. With the added interest in offering secured loans you can often find better deals by comparing the market.

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