Bad Credit Unsecured Loans
When searching for loans bad credit unsecured loans are very often the most popular. This is because of the ever increasing instances of people with bad credit ratings for whatever reason.
In the UK today an estimated 1 in 5 people have bad credit, so don't worry you're not alone. In turn this increase has brought about a rise in bad credit loan companies, and has encouraged lenders to offer a wider selection of competitive deals on both bad credit secured loans and bad credit unsecured loans. It is generally easier to get a lower rate if you are a homeowner, as you can then get a secured loan. However, unfortunately in exchange for a lower rate, you have to offer your home as security to the lender which means that your home may be repossessed if you fail to keep up with repayments. This is why, for a higher rate, most people opt for unsecured loans if their credit allows, because they do not have to put their homes at risk.
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Bad Credit Unsecured Loan Options
Unsecured loans tend to have fixed interest rates, where as secured loans often offer a variable rate, meaning payments could potentially go up during the term and it might eventually cost you more as well as take you longer to repay it than originally thought - another reason why they are not as popular as unsecured loans.
However, if you are applying for bad credit unsecured loans, you may not have a choice. Lenders often see you as a risky borrower, and may require that you own your home as a guarantee so that they can recoup their losses if you default on the unsecured loan
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