Certainly, it becomes harder to locate a suitable loan, when there are multiple faults towards old payments mentioned in your name. in such a case, usually, there are not many options left other than searching for loans for bad credit, which are carved out especially for people, having late payments, arrears, defaults or CCJs against their names. These loans are given only when the lenders are satisfied about the repayment ability and intentions of the borrowers.
Instead of rushing to the lenders, therefore, it would be a wise step to first get copies of your credit report from the rating agencies, and see that there are no inaccuracies in it. As your FICO-rating has dipped, approval of the loan will be easier after you have made timely payments towards old loans for few months before applying for the loan.
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Loans for bad credit usually require you to pledge any of your properties like home and vehicle for collateral. Such a secured loan comes at low rate of interest as well, as the lender has little risks. After valuation of the property, such a loan can provide you £5000 to £75000, for 5 to 30 years. However, borrow smaller amount, so that you can repay it early.
If you are a tenant or non-homeowner, then such a loan can also be availed in unsecured option, without giving anything for collateral. Homeowners also are eligible for these loans. However, only smaller amount of loan ranging from £5000 to £25000 will be approved for short period of six months to 15 years, depending on your repayment capability and requirements. Interest rate on these loans goes higher.
To get loans for bad credit at competitive rate of interest and fewer extra charges, apply for the rate quotes of the lenders. Compare them extensively and go through the terms-conditions for a suitable deal.
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