An expensive occasion like wedding requires a good amount of money to spend on. With a bad credit history, meeting the expenses through a loan may prove to be difficult as lenders see risks in dealing with such people. Hence, you shall have to search for bad credit wedding loans, which are carved out for people having multiple cases of late payments, arrears, defaults or CCJs in their name.
Prior to applying for the loan, check your credit report and ensure that it is free of any errors about the payments you made in the past. Interest rate and terms-conditions will be set only after the lenders go through the credit report. So, get free copies of the report to ensure that it has no inaccuracies.
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Bad credit wedding loans come in secured or unsecured options. For lower interest rates on any amount ranging from £5000 to £75000, the homeowners can pledge any asset for collateral depending on the loan amount. Apart from low rates, the repayment schedule also is easier in the range of 5 to 25 years, allowing you to reduce monthly outgoings. But an excessively longer duration will result in higher interest payments.
The unsecured loan option is ideal for tenants or non-homeowners or when you do not want to risk your property for the loan. This loan option does not require pledging of collateral. The loan ranges from £3000 to £25000 for its short-term repayment in a year to 10 years. But absence of collateral prompts higher interest rates.
Besides meeting number of expenses regarding wedding, a purpose of improving your credit rating is also solved as you make timely repayments towards the loan installments. Surely, you would like to keep a healthy record of credit in the coming years. To do so, maintain the repayment schedule. Another aspect that you must consider is to compare as many lenders as you can on their websites. It is necessary to avail the loan at competitive rates and at fewer additional fee charges. Only such a loan from online lenders will be suitable for your repayment capability and circumstances.
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