Personal loans for bad credit are loans which are devised for people having a bad credit rating. Generally loans are not provided to people having bad credit ratings, so that is where these loans come in. By bad credit record we mean that people who have in the past defaulted in making payments, have made late payments or whose conditions have not been honoured by the borrower.
Coming to such peoples rescue are these bad credit lenders who offer personal loan even if the borrower is a part owner of a property, or even if he has bad credit to the extent of missing a few payments on his current credit payments. They also help the borrower in restoring their credit ratings.
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Loan amount and interest charged:
If you are taking secured personal loans for bad credit then you can borrow up to 125 % of the value of your asset, which you have provided as collateral or up to £75,000. The amount may vary from lender to lender. Another factor influencing your borrowing is your income level and whether your income source is temporary or permanent.
As far is the interest rate is concerned it may again vary from lender to lender. It also depends on the profile of the borrower in terms of his credit score, source of income, age etc.
Duration of Payment:
The payment duration varies from 5 to 25 years with personal loans for bad credit. The borrower has two options:
First, is for short term loan for which the installment amount is usually higher, but the advantage is that the borrower can pay back in a short span of time. The interest rate is also lower in this.
Secondly, in the long duration the amount of installment is less and hence the monthly payment also becomes less.
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