Very Bad Credit Loan-change Your Credit Fate

By: Johnty Flemming
Introduction

Every one has their own dreams and to make their dreams come true mostly we need money. So the people with economic crisis go for loans to fulfill their needs. But sometimes because of some unavoidable reasons we are unable to cope up properly with the loans taken. And then we rewarded with the bad credit tag. And these situations become worst when a person is having poor credit history due to unpaid debts, CCJ'S, bankruptcy etc. But it should not force you from stop dreaming. Very bad credit loans are there to give you a chance again to fulfill your dreams.

Understanding them

Credit score is decided by the loan lending companies, which track your history of loans and their repayments, assets and your ability to repay loans. Lagging in the followings may earn you a bad credit score - defaults in repayments, arrears, CCJ' s, declaration of bankruptcy etc.

There are two kinds of very bad credit loans

Secured and Unsecured lones. Very bad credit secured loans demand collateral. They have low rates as compared to unsecured ones. But the later one does not demand you to put any security. You can borrow amount ranging ?5000 to ?150000 with a repayment period of 5-25 years, you can get even more amount by keeping high valued assets as collateral. The typical variable rate is 9.5%APR, but normally rate varies in range 10-27% and it depends on your credit and assets inversely.

Very bad credit loan: availability and eligibility

There are many number of very bad credit loan lenders who offer you this facility. Contact one of them whose terms and conditions satisfy the most. Be careful about the hidden terms in it which may be beneficial for you for this you also contact to the broker who tell you clarify all the point in it. If you are aged above 18 and living in U.K. then you are eligible to have this facility.

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