Credit score plays a very important role in ones life when he needs to take loan. This credit score acts as a yardstick, which decides the interest rate and amount of the loan. People having bad credit history find many difficulties while obtaining the loan. When circumstances are such that it needs money then evaluation of your credit card does take place. There are many reasons which affect your credit history badly such as CCJ's, IVA's, Defaults, Arrears, filing for bankruptcy and late payment.
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What to do in those situations? Secured personal loans bad credit help people suffering with bad credit in those situations when financial crisis has crept in your life. The loan amount taken from such loans is used entirely for personal needs and desires. You are totally free to channelize the amount for debt consolidation, business improvement, home renovation, purchasing vehicle, going for an exotic holiday or any of our dream projects.
Amount and interest
Secured personal loans bad credit offer you an amount ranging from £ 3000 to £ 75,000. This loan demands collateral as a guarantee for the repayment of the money. The maximum amount of the loan which can be borrowed depends upon the property you are going to put as collateral.
The interest rate on the loan varies from 5% to 15%. The repayment is generally from 5 to 25 years through the monthly installment. Secured personal loans bad credit loans provide an opportunity bad credit holder people to improve their credit being regular in repayment.
Eligibility and availability
The basic necessity to apply for such loans is that your age must be above 18 and you should belong to U.K. i.e. you have U.K. citizenship. You can find numerous lenders offering you secured personal loans bad credit such as financial institutions, financial organization etc. So choose one of them and apply for the loan. You can also take the help from the broker who can familiarize you with the hidden terms which may be beneficial for you.
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