Those people, whose credit history has multiple blemishes like late payments, arrears, defaults, CCJs etc, may find unsecured loans a little harder to get. This is because of the risks involved in the deal.
However, if you can assure the lenders that you are in a good financial position of repaying the loan installments on time, the loan approval my come without much delay. Your documents of earnings and employments along with bank statements are crucial for the loan approval. You must also be ready to make high interest payments.
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It is advisable to apply for these loans with an improved FICO rating. Currently your rating is low because of payment faults. You can improve it by clearing some easier debts. Prior to approaching a lender, make sure that you have checked your credit report. Ensure that there are no errors in it. The lenders will go through the report, before considering you for the loan.
Bad credit unsecured loans are of smaller amounts. Depending on your earnings and overall repayment capability, you can borrow anywhere from £1000 to £25000, without putting your property at stake, the loan comes for a repayment duration of up to 15 years or few weeks. You can make use of the loan amount for home improvements, car purchasing, debt consolidation, wedding, holiday tour etc. However, before applying for these loans, you must know that the lenders charge interest at higher rate, for covering the risks.
Apply for rate quotes of the lenders, who provide bad credit unsecured loans. You can find a loan at competitive rate on comparing the lenders. You should compare the additional fees of the lenders to find a suitable deal. Make sure that you repay the loan installments on time. This way, your rating will improve in few years.
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