Bad credit can be the cause of much disappointment in your life. That is why you should strive to your level best to avoid having them in your credit report. However, if this has already happened, then you must be finding it tough to get loans and such financial help approved. And although there are loans specially provided for bad credit holders, the high interest rate usually acts as a deterrent. But if you can make provisions for collateral, then you could avail a loan which cost less than the average bad credit loans. It is called a bad credit secured loan.
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Bad credit secured loan can be obtained by pledging a valuable asset as collateral. It can be your house, real estate or car. All bad debt cases are accepted, whether it is one or more of the following:
* Arrears or missed payments
* Defaults or non-payments
* Late payments
* Unpaid credit card, store card or utility bills
* Low credit score ( below 580 for FICO)
* CCJ
* IVA
* Bankruptcy
Bad credit secured loans may be used to finance a variety of purposes. Some of the common ventures for which people take these loans are home renovation, debt consolidation, medical procedures, education fees, auto financing, wedding expenses and major holiday trips.
Depending upon your repayment capability, the market value of your assets and your recent credit history, you will be approved for an amount in the range of £5000 to-£100000. The repayment term will be decided according to how much you are borrowing. It could last for a period between 5 and 30 years. For these loans, you will be able to repay in the form of small monthly installments.
Bad credit secured loans can be a real blessing to you. In spite of your low credit worthiness, they provide you low-cost funds so that you are not left out. Even your credit will have improved considerably by the time you finish your timely repayment.
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