Sometimes due to inevitable situations people fail to pay loan installments and hence are tagged with bad credit status. Bad credit status used to deprive people of further loan opportunities but not anymore. Secured personal loans for bad credit are specially designed for bad creditors.
Information
Personal secured loan bad credit is meant for people suffering from bad credit status. If you are facing arrears, defaults, CCJ's, IVA, bankruptcy etc, you can avail secured bad credit loans. As the name suggests, secured bad credit loans are secured loans. You will have to place a property of yours as collateral with the lender. This can be any personal property like car, home, bank account, important papers etc.
Amount and Interest
Amount that can be availed with secured personal loans for bad credit can be ? 5000 to ? 75000. The loan amount depends upon various factors like credit status, repayment ability and bank details of the borrower. Repayment duration of secured personal loans for bad credit is very flexible. You can avail it for a period of 5 -25 years. Choose longer period for repayment if you want to keep your monthly installments small but remember this way you will have to pay the interest rate for longer duration.
USAGE
You can use the money to fulfill all their personal needs. You can go for a vacation, buy a car, renovate your home, pay your debts, use the money for debt consolidation etc. With secured bad credit loans you can also get rid of your bad credit status by regular payment of loan installments.
Application
Applying for bad credit secured loan is very easy. You can either choose to apply via online method or you can also apply by visiting physical lenders. To apply you just need to fill up an application form providing your personal details and details of the loan you want to avail.
