Loan for bad debtors- it is not an illusion but it is a reality. These days, loans are also offered for those people, who are suffering from bad debt. It is an opportunity for them to solve their debt difficulties.
As a bad debtor, one can be involved in the following cases,
CCJs (Country court judgement)
Arrears
Defaults & late payments
Bankruptcy
IVAs
Generally, these people have bad credit score. Here we need to know what credit score is. Mainly credit score is the estimation of a persons credit worthiness. Normally, credit scores that are above 580 consider as good credit score. But, if it is below 580, then it is labeled as bad credit score.
However, it is a common belief among bad debtors that they can not opt for any loans. But it is completely wrong. Some loans are also made for people with bad debt and these loans are easily available in loan market nowadays. A Borrower can borrow the loan both in secured and unsecured form and get the amount ranged from ₤5000 to ₤75000. Although before providing these loans, lenders will check the borrowers credit score and repayment capacity.
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