Poor Credit Loans: Get Hassle Free Access to Finances

By: Turk Malloy

Imagine that your loan application form has been rejected on the grounds that you have a poor credit history. This means that you cannot access any financial assistance to meet some of your demands. in fact this can worsen your financial standing. Thankfully now lenders in the financial market are offering Poor Credit Loans whose main priority is to offer finances to individuals who have a history of credit problems.

The name itself is sufficient enough to suggest that these loans are meant for individuals who are having a history of credit problems such as county court judgments, IVA, arrears, defaults etc. The reasons can be sudden illness, loss of employment, transfer etc. In such a scenario, lenders do not prefer to assist the borrowers by offering further monetary assistance, citing risk factors involved.

But these loans offer a certain degree of flexibility to the borrowers by offering finances. This is why these loans are offered in secured and unsecured form. Secured forms of the loans are meant for those borrowers who do not have any issue to offer any asset as collateral. The amount offered is mainly based on the equity value of collateral which can be a maximum of up to ?75,000. The amount is offered at a comparatively low rate of interest.

Whereas, unsecured form of the loans can be accessed without the need of attaching any collateral. Amount obtained is very much limited and falls in the range of ?1000-?25000. However, the interest rates will be slightly higher than the secured option.

The classification is done so that borrowers can choose the amount based on the need and repayment capability of the borrower. With the obtained amount, borrower can fulfill various needs like home improvement, purchasing car, wedding expenses and even consolidating debts. By repaying the entire loan amount, borrower can improve the credit score. This allows the borrower to avail future finances at comparatively low rates.

Poor credit loans can be sourced from various lenders like banks, financial institutions as well as from online lenders. However, it is the online lenders who offer low interest rates and flexible repayment option to the borrowers.

These loans not only offer finance to fulfill needs, but also offer a chance to strengthen the financial condition.

Credit Loans
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