Poor Credit Loans & Simple Support

by : Tom Dikkin

It is generally well known that applicants who are having a history of poor credit are not approved any financial help. These borrowers in fact have to undergo a lot of stress while availing the finances. However the situations can be tackled now as availing finances becomes easy with
. These loans in particular are tailor made to suit the conditions of the borrowers who are having problems related to CCJs, IVA, arrears, defaults etc.

These loans offer the monetary support without any regard to the credit histories of the borrower. The amount offered under these loans can be used for a number of purposes. It can be used for reconstruction of home, paying for a holiday package, purchasing a car, wedding etc. Moreover the amount can also be used to resolve the credit issues, so as to improve the credit score.

Borrower can obtain these loans in two forms of secured and unsecured loans. The secured form of the loans can be availed only by attaching any valuable asset such as home, real estate etc as collateral. Under this option, borrower can obtain a bigger amount as it is based on the equity value present in the collateral. Due to the presence of an asset, the interest rate too is comparatively low. The repayment term is long and stretches for a period of 5- 25 years.

On the contrary, unsecured form of the loans can be obtained without placing any asset as collateral. Under this loan option, borrower can obtain amount in the range of ?1000-?25000 for a short term period of 6 months- 10 years. The interest rates are comparatively high as the amount is approved without any security. However a proper research of the market will enable the borrower to avail this loan option with competitive rates.

In case the borrower uses the online application method, then he will be able to access the loans with cheap rates. The processing of the loan amount is fast and involves less paper work as compared to traditional modes

Poor credit loans make it extremely easy for a borrower to raise finances in spite of their credit status. By ensuring timely repayment of the amount, borrower has the chance to resolve the credit issues and improve the credit rating.