Unsecured Loans for Bad Credit
Unsecured loans don’t require any forms of asset security so there is no fear that you will not lose your house or vehicle if you are unable to keep up with your payments. An instant decision will be made to give you a loan or not based on your income and how your past credit has been maintained. The commonly used name for unsecured loans is personal loans. Unsecured loans are the most typically selected loan type by customers although do typically carry a slightly higher interest rate than secured loans but a much cheaper alternative then payday loans. You can also take unsecured loans over a term of up to ten years, which can assist in making your repayments even lower each month.
At Bad Credit Loans we strive to make the process of finding the lowest rate loan easy. When you apply you’ll be sent to a loan portal with a wide selection of great low rate bad credit loans that are available to you. So if you want to find a low rate unsecured bad credit loan, apply with us today.
Unsecured Loans for Bad Credit
We at Bad Credit Loans are specialists in unsecured loans for bad credit. These unsecured loans can be used for any purpose. They are mainly used as financial aids to help people with their personal expenses. We offer to find low rate unsecured loans for both the short term and the long term, depending on what you need. The advantage of getting an unsecured loan is that you won’t have to pledge any of your possessions as a guarantee to secure the loan. So this is the best option for people in financial troubles but have no assets to secure a loan. If you’d like to see what low rate unsecured loans we could find you please apply online with us today.
What is a bad credit loan?
Even with a good credit history, finding a lender that will provide you with a suitable loan is becoming increasingly difficult. For people with a poor credit score it’s almost impossible to secure a bank loan. If you have a bad credit score, the banks will consider you to be too much of a risk to lend money to. So if you’re in an urgent need of cash, but you have a bad credit score, what are your options? Well, there are new lenders appearing that offer bad credit loans. In the UK there is now a wider range of unsecured loans for people with bad credit, but choosing the right lender can be difficult.
Secured or Unsecured Bad Credit Loans
Most lenders will prefer to offer secured loans instead of unsecured loans. With secured loans you’ll need to offer some sort of asset to secure the money that you have borrowed. In most common form, when taking out a secured loan, a house is used as collateral - these are also known as homeowner loans. Unsecured loans for bad credit are different and offer a massive risk to lenders. The interest is usually higher on an unsecured bad credit loan because of the significant risk that the lender takes. It’s important that you are careful with short term loans. It’s also increasingly important that you weigh up your options when selecting a loan.
Get the Lowest Interest Rates
As previously mentioned, the interest on a bad credit loan is likely to be higher than normal loans. It’s important that you use unsecured loan searching services like ours to get a good rate on an unsecured bad credit loan. All lenders perform some kind of credit check. However, if you apply with us, we can give you a few low rate loan options without performing a credit check. We can also find the best rate lender for your current circumstances.
"Bad Credit Loans has been a great help for me as a single mum struggling to keep my head above the water."
Loretta from Swansea
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