Bad Credit Personal Loans—Fix Your Credit and Meet Your Needs

Mickey | Financial Services | Wednesday, January 5th, 2011

Are you finding it difficult to meet your needs and expenses because of lack of funds? Is your history of bad credit keeping you away from making a loan? Are you concerned that you won’t be able to deal with an emergency or unexpected situation wherein money is needed? Stop worrying as there are loans for people with bad credit that allow you to get the money you need even if you have poor credit ratings. Many lenders offer bad credit loans and you can find one with a reasonable interest rate.

Bad credit loans can be secured or unsecured. Secured personal loans require collateral such as a house, car, or jewelry while unsecured personal loans do not. Unsecured loans have higher interest rates since there is no collateral involved. Don’t worry though as the rates are still manageable since the competition in the lending business is tough and lenders cannot afford to charge exorbitant interest rates.

If you have different credit problems like payment defaults, late payments, foreclosures, and insolvency, these are most likely to give you a poor credit rating. Getting a personal loan for bad credit will enable you to get the money you need and improve your credit score at the same time.

Unsecured personal loans typically take a shorter period of time before they get approved. The reason for this is there are no property documents to verify, making the process much faster. However, the loan amount is smaller compared to what you would get from a secured loan. The loan amount usually ranges from about £100 to £1500. The repayment period is also shorter and lenders will allot about 2 weeks to a month for loan payment. Make sure that you make timely payments on your loan. This will get reflected on your credit history and will definitely help improve your credit score.

Online loan application is easy and simple. All you have to do is fill out an application form online. When you get an unsecured loan online, you will find the money in your bank account in just a few hours.

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