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Loans for Poor Credit: Time to Shrug Off Bad Credit Tag

An introduction:
Poor credit tag is something which can be inflicted due to some unavoidable circumstances. Such people think that now it is difficult for them to get financial help and look for some magic to occur to solve their miseries. They can afford to cheer up as loans for poor credit have been fabricated to help you out. These loans are made to help out such peoples who need some money to solve their needs. People suffering from CCJ’s, IVA, bankruptcy and arrears can easily get these loans. The loan amount can be used for any purpose and lender has no intervention in it.

Various facts and figures:
 Now days the concept of loan market has shifted from credit score to present financial status of the borrower. So if you can satisfy the lender that you are financially strong enough to repay the debt in time, you can get loans for bad credit easily. In doing so, you will have to satisfy the below given prerequisites:

a) You must be a U.K. citizen.
b) You must be above 18 years of age.
c) You must have a paid job.
d) You may be asked to submit proof of your name, address and various details regarding your bad credit ratings.

As soon as all the prerequisites are satisfied, the loan is approved. The loan amount varies from £3000 to £ 1, 50,000 with a repayment period of 3 to 25 years. The typical interest rate is 7.2% APR to 16.8% APR which is bit higher than conventional loans. The high interest rate is due to your bad credit rating which induces a sense of insecurity in lenders.

Loans for bad credit are available in secure and unsecured forms; secured being cheaper than unsecured loans. Timely repayment is must if you don’t want to loose the collateral in case of secured loans and increase your interest rate.

Summary
Loans for bad credit provide financial help to people suffering with poor credit. The loan is approved seeing your repaying capacity so you must have a paid job. These loans are available in secured and unsecured formats and timely repayment is must.


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