Bad Credit Loans: Easy Cash Despite Poor Credit

by : Daren Jone

Bad credit loans are designed for those who are suffering from poor credit status and need money to borrow. These are also known as sub prime loans. They are available in different forms for different needs like auto loans, personal loans, credit card loans, debt consolidation loans, cash advance loans and many more.

Bad credit loans are available in two forms-secured and unsecured. Secured form of such loans are available for those who can place collateral. The loan amount will depend on the value of the collateral you are placing. If the loan amount is less than the value of the security placed, then the rate of interest can be lowered. The amount you can borrow through these loans varies from ?5000 to ?75000. The loan term is 5 years to 25 years. The interest rate is lower than the unsecured loans.

Unsecured bad credit loans do not need any collateral. But the rate of interest is higher than a secured loan. The loan amount you can bag through this loan varies from ?1000 to ?25000.The loan term within which you will have to repay the loan is 1 year to 10 years.

Bad credit loans are offered by online and offline lenders. Offline loans are time consuming. You will have to visit the offices and apply for the loan. Online loans are available through internet. You can visit the lenders' websites and compare all the quotes given by them .They just need your personal details and your bank details. In person details they will need to know your address, phone number, employment status, credit score, your need, bank account number and updated bank statements. When you have decided you can apply easily. In 24 hours or so the loan money is transferred to your account.