In the last years, the advent of the economic crisis has been felt a lot and certainly, unemployment and job instability of many families has caused many financial difficulties. It could bring the credit system to a high number of bad payers, maybe without work or with a not provable income, and the difficulties of applying for a loan rose dramatically. However, if you are in these situations do not despair because you can find a loan with the right information. In fact, many lenders have been adapted to the situation.
Thus “Bad Credit Loans” were born in the UK in the year 2005 and the only disadvantage to the borrower is a higher interest rate, to protect the lender who is exposed to this risk.
Secured Bad Credit Loans
In secured bad credit loans, it requires a provable income, the signature of a guarantee or the mortgage on immovable, resulting so in a lower interest rate. Another option is the “pawn”, the cession of an object of value in exchange for money; usually, the loan released has the same value of the good or just a bit more. One can avail from £20,000 to £60,000 through this option.
Unsecured Bad Credits
Unsecured bad credit loans are a concrete opportunity and you can obtain a loan till to £20,000 with no guarantees to give. Of course you will have a higher interest rate because the risk that the lender is taking on is more; however, they are protected by the judicial sphere in case of insolvency.
If you are after a small loan to be approved very quickly then you can try with a “payday loan”. It has been created for those who urgently need money to meet a necessary and perhaps unexpected payment. Payday loans can be to a maximum of £1,000.
Bad payers, as you can see nothing is impossible thanks to bad credit loans!