Bad credit is a state where a person while he took a loan previously failed to make repayments properly or was not able to make the total repayments. Hence the credit rating agencies of the UK have given him a score which is less then the acceptable limits. A credit score is used by many creditors as a source of evaluating the financial credit worthiness of a borrower. A person with bad credit may have one of the following profiles.
CCJs
IVAs
Defaults
Arrears
People with late payments, or
People who have previously filled for bankruptcy
Traditionally it has been difficult for people with these profiles to get a loan but considering the increasing requirements that people are having these days loans are made available to every person as long as the criteria is fulfilled.
The best option for people with bad credit in terms of loan is that of bad credit secured loans. Bad credit secured loans are designed specifically for people with bad credit. All the borrowers are required to do is provide a security to serve as collateral to the creditors and a copy of your credit score. If a borrower does not know what his credit score...
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