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You may ask why companies offer bad debt loans to you, even though you have a bad credit rating?
In the past few years, loan companies have come to realise that more and more people
are having credit problems. Therefore the choice of bad credit loans has increased dramatically,
while interest rates and other charges, such as arrangement and valuation fees,
have fallen. This means that people, who would in the past have been unable to get a bad credit loan.
Find a bad debt loan, and see what APR you are offered.
If you choose a secured loan, then the equity in your home
will provide security to the lender in the event that you don't make the repayments.
Remember that the APR on secured loans will be lower, but you must be sure that you
can make the payments, otherwise your house could be at risk.
However, if you choose an unsecured bad credit loan,
interest rates will be higher, to reflect the greater risk that the lender is taking.
The amount you can borrow will vary, depending on a number of factors,
including the amount of equity in your property, your employment status and your
financial circumstances.