Getting Personal Secured Loans With Bad Credit

By: Johnty Flemming

You are a bad creditor and are tired of being refused any loan. Are you feeling embarrassed when your loan request is rejected because of your poor credit history? Well here is a solution for all those bad credit people who are facing financial problems and are unable to get loan- Bad credit personal secured loans.

Brief review

Bad credit personal secured loans are sanctioned when one keeps hisher property as collateral to achieve this loan. This loan is applicable to all home-owners and persons who possess any home, land etc on his name. The applicant will get an amount whose value is 125% the value of the collateral kept. The applicant can borrow an amount up to ?75,000 but this value will vary from lender to lender. The applicant also has to fulfill some requirements set by the lender. The lender will see the borrower's income level; will check whether the borrower's job is permanent or temporary etc.

Rate of interest and repayments

The rate charged here is less because of the presence of collateral. The normal rate is 10.9% APR but it may vary between 7.9% and 19.9% APR. The repayment tenure ranges between 5 years to 25 years. The repayment has to be done monthly. Any defaults in repayment can land the borrower in trouble since the lender can sell the kept collateral to get back his money. If the repayments are done at correct time then it will help the borrower's credit score to improve which will be helpful in future.

Advantages of bad credit personal unsecured loans

&bullLarge amount of money sanctioned as loan

&bullLess rate of interest charged

&bullLonger repayment tenure

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