When we talk about secured loans for poor credit holders, two notions must be cleared out – “secured loans” and “poor credit”. Secured loans are loans where are put down as collateral for the loan. Poor credit holders are individuals who had difficulties repaying loans in the past or just were unable to make repayments on time. In some cases poor credit history is supposed to mean that the borrower couldn’t have paid the loan in full by the pre-agreed date. There are specialized institutions in the UK that were set up to control and record credit history. Each borrower’s failure to make repayment is recorded in special documents (for example, in the Act of bad credit history). The term “secured loans with poor credit” should be understood as secured loans given to borrowers with less than perfect credit history.
In fact, it would be quite challenging to get approved for a secured loan if you belong to the category of borrowers with bad credit history. In most cases lenders are unwilling to give secured loans to such borrowers because of the great risk assumed. However, your best strategy would be to provide different kinds of valuable security – it will give you an opportunity to get the loan faster and in a less stressing way. In this case, the collateral should be really valuable. It will serve as a kind of guarantee for lenders that if you turn out to be irresponsible borrower and stop making regular repayments, your house can be sold for a high price and the bank won’t lose anything.
If you are a bad credit scorer and want to take out a secured loan, you’d better contact online agencies to get to know all the ins and outs of your borrowing desicion. Such informative service is provided throughout the UK by a great number of companies. The purpose of the loan can vary and depends on the borrower’ needs. You can get the loan to make some house improvements, to pay for a vacation of your dream, or to become the owner of a new house or apartment ( in the last case your loan would be classified as bad credit homeowner loan), etc. Homeowners can be eligible for quite large sums of money ( up to £50000 for a period up to 15 years).
The mission of our company is to help people with a bad credit record who are looking for an affordable secured loan option. There are lenders who will agree to give them even unsecured loans. Still, secured loans are more attractive to borrowers with bad credit history due to long repayment terms (up to 25 years), relatively low interest (currently used 10.8%-11%) and a large loan amount (up to £100.000).
If you decide to arrange a loan through our company, you can expect the whole procedure to be completed as fast as possible. It will take you no more than two hours. It’s up to the borrower to decide what to spend the loan for.
However, there is still some risk involved. So, if you don’t want to become homeless or lose your lands due to foreclosure, try not to fail making regular repayments according to fixed agreement. If you succeed in making the repayments according to your loan agreement, you’ll have your credit history improved. Naturally, it’s better to be in the category of good credit scorers as it’ll help you get better credit with more attractive terms.