Loans For People With Defaults:
Financial Solution For Bad Creditors
Losing the creditability in loan market is an unwanted thing but happens mainly due to some unavoidable situation. As soon as bad credit tag gets stuck to your image whole world starts
taking you as a natural defaulter and marks you as a high risk factor. In such situation you may think that getting some extra monetary help in need is near to impossible. But with changing times, loan market is now guided by a new philosophy where your current repaying capacity is given priority over your credit score.Loan for people with defaults is such a scheme which provides you financial help despite of your bad credit if you have a good salaried job. People suffering from various bad credit factors such as IVA, CCJ’s, bankruptcy, due payments etc.
can get these loans if they satisfy 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.
Once all the prerequisites are fulfilled, the loan amount comes in your hand within no time. Your current repaying capacity decides the loan amount and also the repayment period. 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.
Loans for people with defaults are available in two forms namely secured and unsecured. Secured loans needs collateral to be kept and hence are cheaper than unsecured loans where no security is kept. In secured loans you always have a risk of loosing collateral in case of failure in timely repayment. With timely repayment you can easily repay the debt and check the interest rate to climb up and also improve your credit rating.
By: Jelson Rawling
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