A bad credit unsecured loan is a boon for the people who have a poor credit history. A bad credit history could be anything like arrears, defaults, bankruptcies, County Court Judgements etc.
The best part with a bad credit unsecured personal loan is that you don’t have to put your property at risk. So, the tenants will have a very good opportunity to avail finances without bothering about the threat of repossession.
The interest rate depends upon your credit score. The highest possible interest rates may be charged for the people having severe credit problems. Apart from this, if you have opted for a variable APR, then your interest rates may vary according to the base rates by the Bank of England, throughout the loan tenure.
But, the interest rates may not go up and down automatically. It can only vary if it is properly mentioned in the loan agreement that it can go up and down according to the base rates by the Bank of England.
There is a chance that you can improve your credit score as well with this a bad credit loan. If you repay the loan amount with thin the stipulated time frame, you can improve your credit record. This may help you in availing loans easily in the future.
There are various private lenders in the UK, who offers an http://www.easy-loans-shop.co.uk