Introduction:When faced with a situation that has you stuck in bad credit history, it is very important that a chance is provided so that you can work upon it. You may need money for your requirements and that can be borrowed through bad credit loans. With bad credit cash loans, needs can be fulfilled and the credit history can also be improved. Bad credit is a situation created for a borrower if he has arrears, defaults, missed repayments or County Court Judgments to his name. All these factors lower the credit score of the borrower. A score lower than 580 on the FICO credit report means a bad credit of the borrower.
Bad credit cash loans can be divided into two parts, Secured bad credit cash loans and unsecured bad credit cash loans for people on benefit. To avail a secured bad credit cash loans you will have to place one of your properties as collateral against the lender. This can be any of your personal property like car, home, jewelry, important documents etc. Placing collateral helps you to obtain large amount of money at very low interest rate. Unsecured bad credit cash loans can be availed without placing any such security. Unsecured bad credit cash loans are risk free loans but the interest rate is high compared to secured bad credit cash loans. Also the loan amount that can be availed with unsecured bad credit cash loans on benefit is smaller.
Loan amount and repayment tenure:
The loan amount that can be availed with these loans ranges from ? 1000 - ? 75000. The amount depends upon various factors like value of collateral, repayment ability of the borrower etc. You can choose flexible repayment duration with bad credit cash loans that range from 1 - 25 years.
