Personal loans for bad credit

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Personal loans for bad credit

10th August 2009

Many times in our lives, we are trying to acquire some of the items which we desire to own, but because of certain difficulties we have refrained. Sometimes we apply for bank loans for this purpose to make our lives more comfortable, but what if we incur poor creditor scores. Well, so now its a lot easier for indivduals with bad credit due to personal loans with bad credit.

Personal loans for bad credit can eliminate the cash deficit in all those with poor credit, which may include persons suffering from debt, CCJ 's, IVA etc. This will allow you to get a loan of up to 75000. There are two forms of such loans - secured and unsecured loans. A candidate must meet some basic requirements, then the creditor can be eligible for this loan.

Secured and unsecured personal loans

In a secured loan, the applicant must keep collateral for the amount taken. Since he or she has maintained security, the rates will be lower. With an unsecured loan it is not necessary for the preservation of any collateral for the loan. The process in this case is fairly quick, since there will not be any property and related documents to verify. The stakes will be higher than the secured loan, however.

The interest rate and maturity

The interest rate is charged is between 7.9% per annum up to 19.9% per annum. The usual figure being 10.9% per annum. In addition, the interest rate depends on the borrower's credit rating and type of loan; whether secured or unsecured. Repayment may be monthly or as mutually agreed between the applicant and the lender. Repayment term length ranges from 5 years to 25 years.

Posted in Personal loans

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