Poor Credit Loans - Option for Availing New Finance

By: Micle Steav
In spite the glaring fact that you carry high risks for the lenders because of tags such as late payments, CCJs, payment defaults and arrears in your names, a new loan can always be found for your circumstances. This is mainly owing to ever growing competition in the loan business. However, you will qualify for poor credit loans, as these are especially carved out for people like you and given on certain conditions. You should ensure that you do not repeat the mistakes.

These loans can be availed for any purpose like home improvements, purchasing a new or used car, paying off old loans, ensuring payments for wedding and holiday tour etc. depending on your requirements; you can find these loans in secured or unsecured options.

The secured are aimed at homeowners for easier approval of an amount in the range of ?5000 to ?75000 for its repayment in 5 to 25 years. But you will have to put any property for collateral, value of which will determine the loan amount. Interest rate is usually low on such a loan.

Tenants can find the unsecured loan option, without collateral. But, even homeowners are eligible if they do not want to put the property at stake. The loan ranges from ?1000 to ?25000 and it can be repaid in six months to 10 years. However, interest rate will be kept on higher side.

Get your credit report from the reputed agencies and ask them to correct any mistakes in it before the lenders get hold of it. To find poor credit loans at competitive rates, first apply for the rate quotes for comparing them. Usually, it is through online mode that you will get the loan at lower rates and fewer extra costs. Ensure that the loan repayment is made on time, so that your rating is improved in the coming years.

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