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The Different Types of Bad Credit Loans

Bad credit loans are a good option for those who may have difficulty obtaining financing because they have previously missed payments, or have a CCJ or default. There are many bad credit lenders out there that offer this type of financing, but you may be confused by the financial terms used to describe borrowing specifically for this sector of the market.

Some lending terms for this market segment are: bad credit loans without credit check and bad credit loans with instant decision. The former is a useful option because it means people don’t have to worry about being rejected because of past financial hardships. The latter usually also means that rigorous checks are less likely.

Another type of borrowing that you may see advertised is a no-cost bad credit loan. With this type of financing, the borrower still pays interest on the amount borrowed. However, there are no setup fees or additional fees such as administration fees. As such, these can often prove beneficial.

In describing the various types of products on offer, we’ll start with unsecured bad credit loans. An unsecured loan for bad credit is a good option if you don’t want to use the amount you borrowed to secure your property. However, the interest charged on them is often higher than that charged on secured forms of borrowing.

Among the types of unsecured bad credit loans, some require a guarantor. In this case, the guarantor is usually a trusted family member or friend who promises to take over the repayment on your behalf should you fail to meet with them. People who don’t have the opportunity to build a credit history often need a guarantor, for example, parents often act as guarantors for their adult children.

Another type of unsecured financing is to collect repayments from the home. These are known as home collection loans. The amount awarded is usually low (usually between £100 and £500). A loan company representative will make regular visits to collect repayments, usually weekly or bi-weekly. Various types of secured financing are also available to those with poor credit histories. Borrowing can be secured against a house, car, or other property. Also, payday loans rely on the borrower’s regular income and once the borrower’s salary is paid into his account, the disbursed amount is repaid.

Even visiting a pawnbroker is a secured form of financing. The borrower hands over the goods to the pawnbroker, who lends him a sum of money based on the perceived value of the goods. The person then returns at some point in the future and repays the money plus interest in exchange for his goods, which serve as security for the funds borrowed.

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