Bad Credit Loans Guide
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Bad Credit Loans
Personal loans granted to people with bad credit are often designed to ensure that that person can replay that loan on time and therefore rebuild their credit score, this means that often the amounts leant are small and over longer periods of time to increase the affordability of the loan.
There are two types of bad credit loan secured and unsecured.
Bad Credit Secured Loans are granted to those people who can offer collateral for the loan (ie they own a property which the lender can claim a right to if the person defaults (click here for more information on secured loans). Some times a Secured loan is often called a home equity loan however this is not to be confused with an Equity release loan.
Bad Credit Unsecured loans do not require that person to offer collateral and are therefore perfect for tenants, students and those living with their parents. Unsecured bad credit loans can be used for any purpose whether you want to buy a card go on holiday or even consolidate you existing debts into one manageable monthly payment.
If you feel that you have bad credit, secured loans may be easier to qualify for as they generally have lower acceptance criteria (i.e. they will lend to people with lower credit scores) and they will be paid off over a longer time period so the monthly payments will be lower.
Often if you have a poor credit score by taking out credit and repaying it all on time this will raise you credit score, however this takes time and you will have to be patient.
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