If you have bad credit you have a serious Achilles' heel to deal with. Getting a loan is tough task because your history of bad debt makes lender consider you as a highly risky customer. But as the proverbial dog has its day, so will those who have bad credit. With the arrival of bad credit personal loans, you no longer have to fear being denied financial assistance.
Factors which contribute to bad credit are:-
* Arrears or missed payments
* Defaults
* County Court Judgments
* IVAs
* Bankruptcy/ Insolvency
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Any of these is enough to make a person's credit record appear negative and create trouble while applying for conventional loans. Not so with bad credit personal loans. They do not shun those who have one or more of the above cases in their credit record. So, you can now easily find financial backing for your personal purposes- holidays, outstanding bills, home improvement, auto financing, debt consolidation and so on.
But before you start approaching lenders, some reshaping has to be done. You should check out your credit score first. Since it contains statistical information regarding your payment history, balance, accounts and also public records like your CCJs and payment defaults, you should get it checked for any incorrect information. Loan lenders will want to take a look at it, so it is better to pay off small debts to improve it.
The task is not finished with getting your loan approved by a particular lender. Since this is a high risk loan, you can expect the interest rate to be high too. So you shouldn't jump at the first offer. Shop around the loan market instead for schemes that have reasonably lower rate and other soft terms like payback in easy monthly installments. Online research is a good option for collecting various quotes in a faster and cheaper way.
Bad credit personal loans are available for an amount up to £25000 and a repayment term up to 10 years. If you need a bigger amount, you can go for secured option which will offer a higher amount for a longer repayment period. For that, you will be required to pledge a high value asset like your home.
While considering a bad credit personal loan, it is important to ascertain that the overall repayment amount is within your repayment capability. Inability to pay will worsen your already troubled credit history. Successful repayment on the other hand will help you repair your credit. Hence, a bad credit loan could turn out to be a small blessing in disguise by helping you build up good credit.
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