If you live in the United Kingdom and find yourself in need of money but lacking in credit, you might want to consider applying for a bad credit loan UK. These loans often are offered in a variety of different ways, from secured loans to unsecured loans, and may be used to cover a variety of expenses.
You may have to do a little bit of searching before you find a lender who's willing to offer you a bad credit loan UK, but with this extra work comes the payoff of both getting the money that you need and working to repair your damaged credit rating.
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Secured, Unsecured... what does it all mean?
When searching for a bad credit loan UK, you might find different terms coming up quite often. Secured loans, unsecured loans, personal loans... it can all seem quite confusing if you don't know what these terms stand for.
Below are some definitions that will come in handy when looking for a loan:
Personal loans
All that the term personal loan means is that you, as an individual, are taking out the loan as opposed to a business loan or loan for another legal entity. The loan is going to be in your name, and will be used for the purposes that you describe in your loan application.
Secured loans
A secured loan is one in which the finance company or lender requires some form of security deposit in the form of collateral. Collateral is some piece of property (often an automobile or real estate) that is offered to prove to the lender that you intend to repay the loan.
Should you default on the loan, the lender is legally entitled to take possession of the collateral item and sell it to cover the cost of the loan.
Unsecured loans
An unsecured loan is one that does not require any form of collateral... and is therefore not as likely to be offered when searching for a bad credit loan UK.
Instead of offering up collateral, you'll be required to pay a higher interest rate for an unsecured loan; while you'll be paying more, you won't have to worry about losing your house or automobile should you not be able to repay the loan.
Finding a bad credit loan
To find the bad credit loan UK that's right for you, you might have to do a little bit of shopping around. Check with local finance companies and other lenders to see what sorts of loans they offer, and look for ads in the tabloids and other papers. You might also check the internet for online loan lenders.
After finding the best loan offer for your situation, try to control the amount that you borrow, only get what you absolutely need, instead of the most that you can. After all, you're going to have to pay it back and don't want to get in over your head.
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