What does bad credit actually imply? Well, it is a situation where you have not complied with the terms and conditions of the loan agreement regarding repayment of the loan. Bad credit generally takes place when you have a County Court Judgement (CCJ) against you or you have defaulted in the repayment of loan or you have some arrears or pending instalments. Bad credit can also be a result of bankruptcy.
Now, what happens if a person who is suffering from bad credit record wants to take a loan? Such a person is usually in the records of credit reference agencies either because he has a CCJ against him or he may have missed some repayments. Such a person is put into a separate category of borrowers called "Borrowers with Bad Credit". A borrower having a bad credit record can apply for Bad credit loans.
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There are many lenders who provide bad credit secured loans as well as bad credit unsecured loans. Lenders do not give a regular loan to the borrower who has a bad credit record because he has earlier defaulted and there is a probability that he may do it again. Such a borrower is also charged a higher rate of interest.
However, the interest rate and the loan amount depend on the gravity of your bad credit history. If you are a homeowner you can assure the lender by providing your home as a security against the loan amount, then you can get competitive bad credit secured loans deal. It becomes difficult to get bad credit loans if you are a tenant.
Bad credit secured loans help you in borrowing money despite your imperfect credit history. You can also use this opportunity to improve your credit record. If you pay your instalments regularly, the credit reference agencies will surely take a note of it and update your credit record for the better.
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