Ever heard about the Greek myth of Scylla and Charybdis? They were sea monsters who lived in close proximity. One was a huge six-headed beasts and the other sucked water and created gigantic whirlpools. Many sailors died trying to pass these two. Now you, as a person interested in borrowing a loan, could be facing such a twin problem. First, there is the Scylla of bad credit and second, the Charybdis of the demand of collateral. One makes lenders unwilling to take you on board. The other demand cannot be met either because you do not have any high value personal asset to speak of or because you don't want to risk it. Like the sailors had to cross those terrible hurdles, you have to sail through yours to avail financial aid for your personal purpose. But while they failed, you can succeed with the help of bad credit unsecured loans.
Bad credit unsecured loans are advanced to bad credit holders without the obligation to provide collateral. It does not matter whether you have arrears, defaults, late payments, low credit scores, CCJ, IVA, unpaid bills or bankruptcy registered in your credit record. Without risking any asset, you can easily acquire funds for debt consolidation, home improvement, weddings, education or medical treatments.
Bad credit unsecured loans are available for an amount between £1000 and £25000. How much you can borrow depends upon your repayment capacity, recent credit history and requirements. According to the amount borrowed, the repayment tenure may last for a period between 1 and 10 years.
Bad credit unsecured loans are considered a bit expensive due to the high interest rate. So, carefully compare loan quotes through online websites of lenders if you want to select lower rates. By choosing an option that you can easily afford, you will not only be going ahead with your plans but also start a journey towards credit improvement. By making your repayments on time, your credit will gradually repair on its own!
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