All You Want To Know About Poor Credit Loans

by Anton Gabriel - Date: 2007-02-16 - Word Count: 320 Share This!

Poor credit or bad credit is the phase which can come in anyone's life. Gone are the days when the people with poor credit history were looked down by the lenders. The times have changed and so is the perception of many lenders. Nowadays getting loans is not difficult for a borrower having poor credit. Poor credit loans are special available for all those borrowers having less than perfect credit history.

Poor credit loans are the loans for specially designed loan type for those people who have the history of a bad credit. Any credit score below 600 is considered as a bad credit score by the lenders and therefore they should apply for poor credit history loans. The poor credit history can be because of CCJs (County Court Judgments), arrears, late payments, bankruptcy, IVAs (Individual Voluntary Agreements) etc. In case the borrower is unable to provide the collateral with the loan amount then go for unsecured poor credit loans.

The loan amount approved as poor credit loans varies with borrower's repayment ability, income status, and the exact reason for non repayment of the previous debts etc. The general loan amount available under a poor credit loans ranges from 15,000 to 25,000 with the repayment tenure of 5 to 10 years depending upon the lender policies.

The first thing which every lender looks in for before approving a loan is the credit history. Since the borrower is under debt so giving loans to such a borrower is a risk and hence the borrower is required to place a security against the loan amount. In case the borrower does not repay the loan amount on time than lender can legally dissolve the security to get back the money he owned.

Getting loans for borrowers having poor credit history is like a boom. In case of any of the financial shortage the borrower can avail poor credit loans to get rid of all his financial troubles.

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Anton Gabriel is the author of this article. He aims to inform common people of the several issues involved in bad credit loans and mortgages through his articles. To find uk Poor credit loans, poor credit history loans, online poor credit loans, cheap poor credit loans, poor credit history loans, poor credit personal loans, poor credit secured loans visit

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