Types of bad credit loans in the UK
Have you already applied for a loan? Do you have a bad credit history? Don’t you have enough collateral to keep aside for taking a loan? Well, it is then time to check out Guarantor Loans!
For people with a poor credit history, it is very difficult to get a proper loan from the banks. Since they do not have fixed collateral to submit, the safety of the return of money becomes extremely difficult. It is here that people overcome their obstacles and look around for the other financing options that are available despite poor credit score.
Types of bad credit loan available:
Putting all your worries aside, UKAware Loans comes in to make sure that your access to financing opportunities is easy and assured. With our help you can surely get the best of loans at lowest and worst of credit score. Our speciality rests in Guarantor Loans, but we are known for providing other loan options as well.
- Personal loans:
These are unsecured loans that range up to £12,500. With a representative rate of 50% and repayment time period of 1 to 5 years, it is one of the best unsecured loans. With no requirement of collateral, this is truly one of the best options in case of bad credit.
- Logbook loans:
This is another important loan option that calls for vehicle as collateral. Depending on the type and condition of the vehicle, around £500 to £25,000 can be borrowed. The rate of interest can also range around 30% to 50%. The repayment period can range from 3 months to 2 years. In this case poor credit account is also acceptable.
- Doorstep loans:
This is a very important loan option as it provides cash amount up to £2,500 with a repayment period of 14 to 52 weeks. It has fixed weekly repayment system, and does not need a bank account as well.
- Guarantor loans:
This is another set of loans that can be obtained without collateral. This is an unsecured category of loan where a guarantor needs to stand for paying back the loan. There are no additional features associated with this loan option and no additional fees are required from any side. With an interest rate of 39% to 50%, the amount can range from £500 to £10,000. The repayment time can also range from 18 months to 10 years.
- Instalment loans:
This is another set of loans with credit limit of £2000. Though this type of loan is available in only exceptional cases; however, there is fast pay out option available which makes this whole process faster. Instalment can be repaid within 3 to 24 months.
Details of guarantor loans:
Apart from details that are mentioned beforehand, there are other aspects associated with this loan.
- For this loan option, any person can be a guarantor. There is no fixed range that is associated with the bank account of the guarantor.
- In case of this loan, there is no necessity to have an impeccable credit history. People with bad credit history can also apply for this.
So, you can be assured that with UKAware Loans, you will get the best deals associated with guarantor loans.