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Poor Credit Personal Loans: Monetary Wings to Your Dreams

Poor credit personal loans are the amount given to the persons having poor credit history .A poor credit may be inflicted if you have not been regular with the payments of the prior loans or we have CCJs pending etc. Personal loan implies that we are given a freehand in spending of the amount.

Poor credit personal loans are available in two forms viz. secured and unsecured loans.

Secured loans: Bad credit personal loans in secured loan format demand any collateral like house be placed against the amount we intend to borrow. Generally the amount granted under this scheme allows us to borrow an amount worth 125% of the property. However the sense of security of their amount drives the lenders to reduce the interest rates.

Unsecured loans: A bad credit unsecured personal loan is where you don’t offer any property as collateral. As there is no property evaluation being involved the loans are pretty fast to avail. The interest rate charged may be a fraction higher than the normal one. This is done in order to sustain confidence among lenders of the recovery of their amount.

So the advantages and disadvantages of both the formats must be intensively weighed in order to get what will be an affordable and suitable loan.

The interest rate offered on poor credit personal loans is somewhere between 7.9%APR to 19.9% APR. It solely depends on the magnitude of our poor credit ratings. The highest rates are for the customers with severe credit problems. It is usually around 10.9% APR. Ample knowledge and thorough research can help us get the best deal available in the market. Surfing the internet may prove quite beneficial as we may get the requisite information and more over we can compare rates of different lenders and chalk out the best one. 

Poor credit personal loans are there for us to utilize the amount in the way we want them to be spent. As it is meant to be for the borrower’s personal use, and the lenders do not have any knowledge of the expenditure whatsoever. We can also judiciously use the amount to get rid of the long running financial irregularities also.

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