Facing bad credit problems is no longer an uncommon happening. Persons facing bad credit history find problems during financial dealings especially in finding low interest loans. The loan market has developed special loan schemes for such people namely bad credit secured loan.
Bad credit borrowers have bad credit score in their credit reports. They have a score less them 580 which is considered as bad credit. Organizations like FICO, Equarian, Transunion and Equifax are engaged in preparing credit report of borrowers. They consider issues like defaults, arrears, missed payments, CCJs of the borrowers while calculating the credit score.
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Bad credit secured loan requires pledging collateral for getting a loan. The collateral can be a home, car, real estate or any other valuable asset. To get low interest rates the equity of the property should be considerable high. Lenders face less risk of non payment due to the collateral attached and so they can offer low rates inspite of bad credit.
The amount approved in bad credit secured loan ranges from £5000-£75000 which depends on the equity of the collateral pledged. The repayment term of the loan ranges from 5 to 25 years. Thus from this loan borrowers can get larger amounts for longer repayment periods.
By taking bad credit secured loan, borrowers can improve their credit score. Their credit rating will rise on timely repayment of loan installments. This loan thus gives borrowers a new opportunity to build their reputation in the loan market.
Borrowers can fulfill any financial requirement with this loan. Home improvements, car purchase, wedding expenditures, educational expenses, debt consolidation are some of the needs that bad credit secured loan meets.
Bad credit secured loan thus has double benefit for the borrower. Apart from meeting needs, this loan creates a platform for them to improve their credit history.
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