If you have had a bad credit history and you need loan, where should you approach? You can approach the banks but the credit ratings are the most important part of the loan approval process at such institutions. What you need is an institution that does not focus on your past but on your present so that your future is helped. You need to apply for the bad credit history secured loans.
What are these loans? As you can see, the term includes two parts: bad credit history and secured loan. This means secured loans for people who have had a bad credit history. Secured loans involve some sort of guarantee that can be any valuable asset, such as your home. You can avail these loans from banks also but that will take ages if your credit score is bad.
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The bad credit history secured loans offered by lenders do not care pretty much about your credit score. Instead, they offer you a chance to rebuild your credit score. How? As you pay your installments on time, your credit ratings improve automatically. Bad credit loans are a better method to regain the lost credit ratings.
If you approach a local banker for these loans, you get loan of some value that is pretty low than the actual value of your asset. On the other hand, if you approach online lending companies, you can get loans of much higher value. This loan amount can be more than 100 per cent value of the asset. The interest is not very different in case of bad or poor credit. The rate of interest is applied flat so that each installment comes to an equal amount.
For bad credit history secured loans, you can avail a longer repayment period as compared to unsecured loans. While you have to repay the entire loan amount in maximum of three years in case of unsecured loans, you can get anything between 5 and 10 years for repayment of the loan, making it easier for you to manage your monthly budget.
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