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The Different Types of Bad Credit Loans
Bad credit loans are a good option for people who may have difficulty obtaining finance because they have previously got into payment arrears, or had CCJs or defaults. There are a number of bad credit loans lenders that now offer this type of finance but you may be confused by the financial jargon that is used to describe borrowing that is specifically for this sector of the market.
Some of the terms that refer to borrowing aimed at this market sector are: bad credit loans with no credit check and bad credit loans with an instant decision. The former is a useful option as it means that people do not have to worry about getting turned down because of past financial difficulties. The latter also often implies that stringent checks are not likely to be carried out.
Another type of borrowing that you may see advertised is bad credit loans with no fees. With this type of finance the borrower will still have to pay interest on the amount borrowed. However, there will be no set up fees or additional charges levied such as administration fees. Therefore, these can often prove beneficial.
In describing the various types of products that are on offer, we will begin by looking at unsecured bad credit loans. If you do not wish to secure your property against the amount you have borrowed then unsecured loans for bad credit are a good choice. However, the interest charged on them tends to be higher than that charged on secured forms of borrowing.
Amongst the types of unsecured bad credit loans are those requiring a guarantor. In this instance the guarantor is usually a trusted family member or friend who guarantees to take over the repayments on your behalf if you fail to meet them. Guarantors are usually required for people who haven’t had a chance to build up a credit record, for example, parents often act as guarantor for their adult children.
Another type of unsecured finance is when the repayments are collected from the home. These are known as home collection loans. The amount granted is usually low (generally between £100 and £500). A representative from the lending company calls at the home on a regular basis to collect the repayments, which is normally around once a week or once a fortnight.There are also various types of secured finance available for people with a poor credit history. Borrowing can be secured against the home, car or other property. Additionally, payday loans rely on the borrower earning a regular income and the amount granted is paid back as soon as the borrower’s salary is paid into his account.
Even a visit to the pawnbrokers is a form of secured finance. The borrower takes his goods to the pawnbroker who lends him a sum of money based on the perceived value of the goods. The person then returns at some point in the future and pays back the sum of money with interest in return for his goods, which have acted as security against the sum of money that was borrowed.
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