Unsecured Personal Loans Poor Credit Rating. Click on the loan links to open in a new window.
Get Unsecured Personal Loans Poor Credit Rating
Unsecured credit means finance which is given without the need to put up anything you own against the amount borrowed as security.
This means that the loan lender does not have the automatic right to seize your property against any outstanding amounts if you default on the repayments.
For this reason, mainstream lenders are often more reluctant to grant this type of finance if you have a poor payment history, as they want to ensure they are definitely going to be repaid for the loan advance.
Unsecured Personal Loans Poor Credit Rating can also be referred to as personal loans. If these types of loans are provided specifically for people with a poor payment history or low credit score, you may hear them referred to as unsecured personal loans with bad credit or simply unsecured loans with bad credit.
Unsecured Personal Loans Advantages and Disadvantages
An advantage with unsecured finance is that applications are quicker to process than applications for secured loans. This means that you can receive the cash much faster.
However, unsecured finance is usually more expensive in terms of the interest rate charged. In addition, the amount that you will be able to borrow is likely to be lower than for people with a healthy financial standing. This is because lenders will usually view you as a high risk.
Although you might be concerned about additional charges that lenders may levy because of your poor payment history, it is possible to acquire bad credit loans with no fees at all and we will be happy to help you with this.
It is also worth noting that although charges in general are higher than those with mainstream lenders, we are still very competitive in terms of finance for people with a poor payment history looking for unsecured loans bad credit direct lenders.
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