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Those borrowers who made repeated faults in repayments are considered as having problems for lenders in case such borrowers apply for a new loan. So all those people whose credit report mentions that they made late payments in the past, had arrears or defaulted on payments or those who have cases of County Court Judgments are tagged as bad credit hence lenders see them risky borrowers. In providing problem loans to such people the lenders take certain precautions.
First of all the lenders want to have deep look at the bad credit borrower’s present capability to repay the loan. Documents of income, real ability to repay the loan, bank statements, employment record and job stability and other documents are thoroughly checked by the lenders.
The lender will then ask the borrower to pledge property like home, vehicle, and jewelry as collateral, which cuts lender’s risks substantially. The loan amount will be decided on collateral value and repaying ability of the borrower. One can borrow up to £75000 as
Problem Loans if collateral allows for. The loan can be repaid as per your circumstances in 5 to 25 years. You can use the loan amount for any purpose like home improvements, buying a car, going to a holiday tour, wedding or debt consolidation.
But in case you do not own property as you are a tenant or non-homeowner or you do not want to risk an asset, then you can opt for unsecured problem loans. You would be charged interest at higher rate which will be higher than the rate on unsecured loans to good credit borrowers. Smaller amount ranging up to £25000 can be borrowed depending on your income. The repaying duration is kept shorter in the range of 5 to 15 years.
To combat higher interest rate, compare problem loans lenders extensively and prefer taking the loan from online lenders who have competitive rate offers. Take a copy of your credit report before applying for the loan and check the report for any inaccuracy. Ensure that you repay the loan in time so that shortly your credit score moves up substantially and taking loan in future becomes at lot easier.
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