Poor Credit Financial Loans

By: Johnty Flemming

Due to imprudent spending habits and irregularities in repayment the number of people having a bad credit status is increasing day by day. Lenders are bound to advance loans to people suffering from bad credit status. Personal bad credit loans is also one such loan that is advanced to people having adverse credit history.
Information
Bad credit personal loans as the name suggests are designed for people suffering from bad credit status. A person is called a bad creditor if he is suffering from arrears, defaults, CCJ, IVA, bankruptcy etc. Anyone having a FICO credit score of less than 600 points is called as a bad creditor.
These loans are available in both secured and unsecured format.

To avail secured loans for bad credit you will have to place one of your properties as collateral with the lender. On the other hand these loans can be availed without any security.
Amount and interest
The amount that can be borrowed with such loans depends upon the type of loan you want to avail. The loan amount that can be borrowed with secured bad credit loans ranges from ? 5000 - ? 75000 with repayment duration of 5 - 25 years. The interest rate is very modest ranging between 5% APR to 7 % APR. It depends upon the value of collateral placed as security against the loan amount. With such loans you can easily smaller amount to the tune of ? 25000. The repayment duration ranges from 1 - 10 years. Annual APR of unsecured bad credit loans is slightly higher because lenders take risk by advancing loan without any security.
Application
There are various lending firms, financial institutions and banks that offer bad credit personal loan. You can either choose to apply via the traditional method by visiting lenders personally or you can also apply through online method.
Summary
Bad credit personal loans are not only means of obtaining money but a person can also get rid of his bad credit status by paying the loan installments regularly and on due time.

Personal Loans
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