Earlier it used to be pretty difficult for a person having bad credit to avail any loan. But growing competition and higher earning potential has transformed the scenario now, lenders are willingly taking risks by providing loans to people having bad credit history at slightly higher interest rates. Adverse credit history loan is a type of loan offered to people having bad credit history due to various reasons like ccj`s, arrears, insolvency, non repayments etc.
BASIC INFO ON ADVERSE CREDIT HISTORY LOANS:
Adverse credit history loans are accessible in various forms like personal loans, secured loans and unsecured loans. If you want to avail secured adverse credit history loan you need to put one of your assets as collateral with the lender. As there is security for lenders interest rates of secured adverse credit history loan is lower. On the other hand to avail an unsecured adverse credit history loan you don’t need to place any security against the loan amount. Interest rates of unsecured loans are higher compared to secured loans; this is to negate the risk.
To avail an unsecured loan one has to show his/her income proof. One can avail an amount ranging from £3000 to £1, 50,000 depending upon repayment ability and value of collateral. The repayment duration is from 3 to 25 years. As the loan is advanced to a bad credit holder, interest rate is a bit higher starting from 7.2% APR to 16.8% APR, but normally rates applied ranges from 8.4% APR to 8.9%APR. Adverse credit history loans can be availed for any reason be it personal or professional.
APPLYING FOR ADVERSE CREDIT HISTORY LOANS:
To apply you can visit banks and financial institutions offering adverse credit history loans. Alternatively you can also search on Internet for lenders. This way you can easily get details of hundreds of lenders offering adverse credit history loans and then you can choose the one that offers it at lowest interest rates.
ADVANTAGES OF ADVERSE CREDIT HISTORY LOANS:
There are numerous advantages of adverse credit history loans. It’s a boon for people having bad credit score. You can apply for adverse credit history loans for any of your need like for buying a new car, debt consolidation, vacation, business expansion, starting new venture etc.
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