Bad credit scorers are no more a taboo in the financial market. Earlier the lenders used to keep a great distance from people with bad credit history. But nowadays many people have come under this category. Very bad credit loans have come up to help these types of people. The ones who fall in the list of bad credit with late payment, arrears, defaults, CCJs or IVA can now avail the Very Bad Credit Loan.
Such people can also get the loan for variety of purposes like renovation of home, buying a car, planning a wedding party, going to a holiday tour or for debt consolidation.
You can get the very bad credit loan once you have convinced the lender of your repaying ability. The loan gets approved once the lender has verified the borrower's repaying ability through documents related to past employment record, annual income and bank statements etc.
Very bad credit loans are broadly divided into two categories, secured and unsecured. If you are ready to pledge your asset as collateral, you can opt for secured loan option. You can get a loan amount ranging from ? 5000 and ? 75000 with a repayment term of 5- 25 years. While unsecured option is for those who do not want to keep anything as collateral. Unsecured options advance the amount ranging between ? 1000 and ?25000 for a repayment term of 6 months- 10 years.
With very bad credit loans, borrowers can even improve their credit rating by repaying the installments in time.
Many lenders are available in the financial market. You can even apply for online processing which is very fast and convenient. You can easily get the quotes which you can compare. And then you can choose the best option for yourself.
Very bad credit loans are made for those borrowers who have a low credit rating and are usually refused loans from elsewhere. With these loans bad credit scorers can also fulfill their day to day requirements.
