If you have been shopping around for a loan recently you will know that cheap loans are tough to find. You may be casting your thoughts back a few short years to the golden age when lenders were practically falling over themselves to give you money. How times have changed!
Nowadays it takes a good or even a gleaming credit report to convince a lender you are a safe bet. If on the other hand you have a dodgy financial record, caused by breaches of contract, bankruptcy or a CCJ, a good loan deal will be harder to find than the Loch Ness Monster.
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There is, however, a way that even people with a poor track record can borrow money. The answer is a Bad Credit Loan.
What is a bad credit loan?
These loans are much like any other loan in that you borrow money and pay it back over a specified term (usually by making monthly repayments.) Where this type of loan differs from other loans, however, is the interest level at which you repay the amount borrowed.
This form of lending is usually found online where lenders who specialise in poor credit loans will advertise. In addition to the Internet, loan companies advertise in the press and on television. High street banks tend to shy away from these loans, especially in present economic conditions.
Unsecured bad credit loans
Lending money to someone with a patchy credit history with cases of late or missed payments for example, does not make lenders sleep easy at night. In order for them to feel more secure about lending you money, they will impose high interest rates, which makes you a risk worth taking. Interest rates (or APR) on these loans are very high and 25% for an unsecured loan is not uncommon.
With interest rates such as that, it may be worth investigating other means of borrowing, such as an overdraft, a rich uncle or even a credit card.
If possible, try delaying your loan application until your credit rating has improved. You can learn how to whip your credit file into shape here.
Secured bad credit loans
Taking out a secured loan could significantly reduce the APR on a loan depending on some key factors, including:how much you wish to borrow, the value of the asset you are securing against the loan, and your credit score as evaluate by the lender.
Even in an unsecured loan application the lender will view your poor credit history seriously.
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