subject: Bad Credit Loans: Bad History Can Be Healed [print this page] Bad credit is not good for a person if he/she is planning to take a loan. Bad credit rating can harm a persons reputation so that he /she might face some difficulties in availing a mortgage. Gaining financial assistance becomes tough if one has a bad credit rating. Bad credit loans prove to be the ideal loans for such situations.
Here are some of the pre requisites which one has to keep in mind before availing:
Applicant must attain the age of 18 years or above;
Applicant must be a domiciled of UK;
Applicant must possess a valid bank account in UK bank;
Applicant is doing a regular job ands earning a 1000 per month.
Search for the best financial help and these mortgages are best in all terms. One can use the sum for any of the family or personal use like electricity bills, debt consolidation, and examination fees, wedding, traveling, school fess and college fees, credit card dues, car repairing, medical bills, hospital bills, home renovation, purchasing of the car, a holiday trip, etc. The amount that one can avail from bad credit loans is on the basis that which forms one opts. These mortgages are in two forms: secured and unsecured.
In secured bad credit loans one can avail the bigger amount and the interest rate is too low. It has an added benefit, one has longer repayment term. Borrower has to pit security to get the finance. One can avail the sum from here up to 75000 for a time period of 5 to 25 years.
Things are totally different in an unsecured form of bad credit loans. A borrower can be a non homeowner or a homeowner in it. Borrower can get the cash without pledging the security for it. That is why one finds the interest rate higher. These mortgages offer the sum of 25000 for 1 to 10 years.
It would be nothing new if said that a person who is a bad credit holder can apply for bad credit loans easily. CCJs, IVA, arrears, foreclosures, defaults, bankruptcy, late payments, insolvency, missed payments, etc. are some of the bad credit records for which these mortgages have been designed.
by: William Hooker
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