Are your loan request often turned down by the lenders whenever you apply for a bank loan because of bad credit ratings against your name? Well, here is a solution for all those people who are facing bad credit rating problems ,to improve their personal life and get a chance to improve his credit score-Poor credit personal loans.
Brief
These loans are tailor made for personal suffering from CCJ’s, IVA’s, arrears, bankruptcy and all other relevant problems responsible for the infliction of poor credit. This loan can be acquired as secured loans or unsecured loans. Personal loans in secured loan format demand any collateral to be kept against the money we borrow. The secured loan will help us to get an amount of 125% value of the collateral kept. The rate of interest will reduce because of the security against the loan taken but this loan will take time to sanction as there will be property documents verification. Poor credit personal loans in unsecured form loan don’t need any collateral. The rate of interest charged will be higher then the normal one but the loan sanctioned will be fast since no property documents verification has to be done.
Requirement from the applicant
• He or She should be above the age of 18 and should be a UK resident.
• Should be permanently employed and obtaining regular income
Rate of interest and repayments
The rate of interest is usually 10.9% APR but may vary between 7.9% APR to 19.9%APR. The interest rates with poor credit personal loans are variable and the repayment should be done monthly. The repayment tenure is between 5 years to 25 years. Timely repayments can help you to improve your credit score.
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