Many people are at one time or another faced with financial crisis which could lead to you having bad credit. Having bad credit can cause many setbacks and make life difficult for you. This can be even more tedious when you want to get a loan for various purposes. Luckily, there are bad credit loans available to you even if your credit score is less than perfect. This type of loan comes in two options. You can choose to have a secured loan or an unsecured one.
The secured option usually involves that you have some form of collateral which is usually a house. The lender has to assess the value of your house, your credit score and your total debt. The lender also feels secure because they know that should you default, they can claim your asset. It is also advantageous to the borrower to use the secured bad credit loan since they get lower interest rates and more flexible terms of repayment. In addition, the lender will also be willing to give you larger amounts which have a longer repayment period, making it easier to manage the monthly installments.
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With the unsecured ones, there is no asset that is put up as security so the risk is on the lender's side. Due to this, the interest rate for this particular option is higher and the repayment period is shorter. If you do not want to put the slightest risk on your property and you can make the monthly repayments promptly, then you can go for this option.
It is advisable that you learn to repay your bad credit loans promptly since they will help improve your credit score which will essentially lead to a healthier financial situation.
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